Lostocco v. D'Eramo

Eldridge, Judge.

Alexander Lostocco, plaintiff-appellant, and Anthony R D’Eramo, defendant-appellee, formed as stockholders and investors a corporation, Performance Leasing, Inc. (“PLI”), and plaintiff operated it in Atlanta. Such day-to-day operations by the plaintiff included all accounting. Defendant lived in Cincinnati and had no involvement with the management or day-to-day operations of PLI. Defendant believed that the plaintiff was utilizing PLI for his individual interests rather than the company’s interests. Therefore, early in 1987, defendant took over PLI to liquidate it. Defendant…