Purchase Price May Be Stated as a Formula When Electing to Purchase Closely Held Stock to Avoid Corporate Dissolution

Business Valuation Update BVLaw
Legal and Court Case Update
February 17, 2005
5411 Grocery Stores
judicial dissolution

Christina C. Midkuff, M.D. v. Tina M.F. Gingrich, M.D., et al.
No. 5-03-0059 (Ill. App. 2005)
US
State Court
Illinois
Court of Appeals
Elizabeth V. Heller, George E. Marifian, Mark C. Goldenberg, W. Stanley Faulkner, William J. Niehoff
Chapman

Summary

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.

See Also

Christina C. Midkuff, M.D. v. Tina M.F. Gingrich, M.D., et al.

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 ...