[Download] "Suburban Motors Grafton v. Gordon B." by Court of Appeals of Wisconsin * Book PDF Kindle ePub Free
eBook details
- Title: Suburban Motors Grafton v. Gordon B.
- Author : Court of Appeals of Wisconsin
- Release Date : January 17, 1986
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 64 KB
Description
NETTESHEIM, J. The estate of John G. Lange appeals from an order and judgment of the circuit court which imposed a constructive trust upon certain real estate owned by Lange's estate. The order was premised upon the trial court's Conclusion that Lange, as a member of the board of directors of Suburban Motors of Grafton, Inc. (Suburban), had breached his fiduciary duty to Suburban by failing to exercise a corporate opportunity: namely, Lange failed to exercise an option that he had granted to Suburban for the purchase of the real estate upon which Suburban conducted its motor vehicle dealership business. The order ran only to the benefit of Allen Knepfel, a former Suburban stockholder, who had previously been ordered joined as a party by the trial court on its own motion. The court concluded that, as between Knepfel and Wayne Houpt, the sole Suburban shareholder at the time of trial, Knepfel was the only party with clean hands and thus the only party entitled to relief. 1 We conclude the evidence in this case fails to demonstrate a basis for relief under the doctrine of corporate opportunity. Therefore we reverse. 2