Minnelusa Co. v. Andrikopoulos

We granted certiorari to review the court of appeals decision in Andrikopoulos v. Min-nelusa Co., 911 P.2d 663 (Colo.App.1995), to determine whether a corporation may use a Florida statute, which prohibits insolvent corporations from repurchasing their own shares, to release it from obligations contained in a stock repurchase agreement. The court of appeals held that neither the corporation nor one. of its principal shareholders had standing to raise the statute as a defense. We affirm the court of appeals on different grounds.

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The Minnelusa Company (Minnelusa) is a Florida corporation that…