Summary
At issue is breach of fiduciary duty by the defendant for ordering a buy-out of the plaintiff's shares based on their corporation's value more than one year prior to the date of judgment.
See Also
Distinction Between 50% and Minority Shareholder Immaterial
This is an appeal from the United States District Court for the Southern District of Texas, in which appellant Dan Hill sought to overrule the District Court's ruling that he should buy out appellee James Hollis' 50% interest in First Financial USA Inc. (FFUSA).
Distinction Between 'Equal' and 'Minority' Immaterial
This is an appeal from the United States District Court for the Southern District of Texas, in which appellant Dan Hill sought to overrule the District Court's ruling that he should buy out appellee James Hollis' 50% interest in First Financial USA Inc. (FFUSA).
Valuation Date Is the Date of Filing
The 5th Circuit determined that, under Nevada corporate law, shareholders in a closely held company financial services company have a fiduciary duty to each other.