Noel v. Pizza Management, Inc.

The opinion of the court was delivered by

Six, J.:

This case arises in a corporate setting and includes allegations of breach of fiduciary duty, breach of a third-party beneficiary contract, and fraud in the initial distribution of stock. The litigation is fueled by the tension resulting from Pizza Management, Inc.’s (PMI) failed attempt in 1986 to go public. PMI, a defendant, was a closely held Texas corporation and a franchisee of numerous Pizza Hut restaurants. The other defendant is Arturo G. Torres, PMTs president, chief executive officer, and majority shareholder, owning about 60 percent…