Congratulations to our attorneys Tom Patterson and Elise Yu! They recently won another victory in a shareholder dispute between a departing shareholder-employee and a company. Their client was a longtime stockholder-employee of a Chicago-based company. Following the end of the client’s employment, the company initiated the buyout of the client’s shares. But then, the company abruptly halted the process and absolutely refused to purchase their client’s stock. They filed a complaint alleging breach of the Illinois Business Corporation Act. They asked for declaratory judgment on the shareholder agreement.
After months of negotiations and withdrawal of a settlement, they successfully urged in a complaint for declatory judgement that a third appraiser appointed. The appraiser responded. The company purchased the client’s stock for more than 25% of the company’s highest settlement offer. Of course, their client was very pleased.
For further information or if you have a question about shareholder matters, please contact us at (312) 223-1699.