A team of Novack and Macey attorneys led by Stephen Novack, Richard G. Douglass and Andrew P. Shelby recently secured a trial victory for two individual directors of a family owned business.
The clients were the defendants in a lawsuit brought by the minority owner of the business. The minority claimed that the individual directors had acted oppressively in conjunction with a planned sale of about 83% of the company’s stock to the company’s employee stock ownership plan or “ESOP” for over $100 million. The minority also sought to block the planned sale, claiming that it was unfair.
After a ten-day bench trial in Pekin, Illinois, the Circuit Court of Tazewell County sided with Novack and Macey’s clients on all counts. It concluded that they did not act oppressively in any respects and that the sale was fair and could proceed.