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40-6. Duties of Majority Shareholders. Bill McCom was the president and chief executive officer of McCona Ranch & Livestock Co. He and his brother Ron
40-6. Duties of Majority Shareholders. Bill McCom was the president and chief executive officer of McCona Ranch & Livestock Co. He and his brother Ron each owned 36.7 percent of the stock. Ron had been removed from the board of directors on their father's death, however, and was not authorized to work for the firm. Their mother, Gertrude, owned the rest of the stock, which was to pass to Bill on her death. The corporation paid Gertrude's personal expenses in an amount that represented about 75 percent of the net corporate income. Bill received regular salary increases. The corporation did not issue a dividend. Was Ron the victim of a freeze-out? Discuss. [McCann v. McCann, 152 Idaho 809,27) P.3d 824 (2012)] (See Duties and Liabilities of Shareholders.) An Ducinac
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