(September 15, 2018) Jeff Long and Charlie Bridgmon recently represented the shareholder of a local company against claims he was not the sole shareholder. The corporation at issue was formed by the shareholder’s father more than 60 years ago. Prior to the father’s death, he and his son entered into an agreement through which the son became the sole shareholder. The personal representative of the father’s estate baselessly contended that the agreement was not effective and sought to recover more than $2,000,000.00 from the son. Jeff and Charlie filed an action to have the agreement declared valid. After a four-day trial involving the personal representative and the father’s two daughters, the trial court agreed with Jeff and Charlie that the agreement had effectively made their client the sole shareholder of the corporation.
This was the second attempt by the personal representative and the two daughters to attack Jeff and Charlie’s client as being the sole shareholder of the company. Jeff and Charlie successfully defeated each attempt, and their client remains the sole shareholder of the company.
Bray & Long, PLLC’s experienced business litigators know and understand how to prosecute and defend complex business litigation matters, including, but not limited to, shareholder disputes, terms of purchase agreements, and claims for compensation by employees.