Summary
The Illinois Court of Appeals, Fifth District concluded that a shareholder in a private company seeking to avoid dissolution under section 12.56 of the Business Corporation Act of 1983 (Act) (805 ILCS5/12.56 (West 2002)) by making an election to repurchas ...
Christina C. Midkuff, M.D. v. Tina M.F. Gingrich, M.D., et al.
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Purchase Price May Be Stated as a Formula When Electing to Purchase Closely Held Stock to Avoid Corporate Dissolution
The Illinois Court of Appeals, 5th District, concluded that a shareholder in a private company seeking to avoid dissolution under section 12.56 of the Business Corporation Act of 1983 (Act) (805 ILCS5/12.56 (West 2002)) by making an election to repurchase the shares under 12.56 (f) may state the repurchase price as a formula or as a dollar amount.