Corporate Derivative & Direct Claims – Officer & Director Removal – Accounting Demand — Share Buy-Back PlanTechnik v. WinWholesale Inc. Plaintiff alleges that defendant WinWholesale Inc. wanted a controlling interest in nominal defendant Charlotte Winnelson Co., obtained it through a voting agreement, fired plaintiff from his position as president of Charlotte Winnelson, and mismanaged the transition from plaintiff to his successor resulting in a loss in value to Charlotte Winnelson. While plaintiff says this was done in bad faith, except for the mismanagement assertion, what plaintiff describes is in fact routine conduct for directors engaged in fundamental business decision making.
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Published: January 26, 2012
Time posted: 9:49 am
Tags: Accounting Demand, Corporate, Derivative & Direct Claims, Officer & Director Removal, Share Buy-Back Plan