Alaska Plastics, Inc. v. Coppock
Alaska Supreme Court
621 P.2d 270 (Alaska 1980)
Relevant factsFree
Muir (plaintiff) inherited a one-sixth interest in API through her ex-husband's divorce settlement, but the other directors (defendants) excluded her from shareholder meetings, took director's fees and a salary without giving her a share, and used corporate funds for personal benefits, while repeatedly offering to buy her shares at a lowball price she refused. The trial court found a breach of fiduciary duty and ordered API to buy Muir's shares at fair value.
IssueFree
Whether a court-ordered corporate buyback of a minority shareholder's stock at fair value, based on a breach of fiduciary duty, is an appropriate remedy when the benefit the other shareholders received did not include a stock buyback.