Jeffrey Norman v. David Elkin

OPINION OF THE COURT

JORDAN, Circuit Judge

Jeffrey Norman and David Elkin were the only two shareholders of US Mobil-Comm Inc. (“USM”), a Delaware company that acquired and sold rights to radio frequencies. Norman held a minority interest and sought legal relief after he discovered that Elkin had transferred to another company the ownership of several frequencies purchased by USM, that Elkin had treated capital contributions as loans, and that El-kin had paid himself from USM funds without giving Norman any return on his minority investment. It was the beginning of a long and tortuous…