Question
Don Knotts, as President, Tim Conway, as Vice-President, and Harry Morgan form the Apple Dumpling Corporation. Morgan is an investor in the company and is
Don Knotts, as President, Tim Conway, as Vice-President, and Harry Morgan form the Apple Dumpling Corporation. Morgan is an investor in the company and is employed elsewhere. Each of them are equal shareholders in the company and have 100,000 shares. Apple, Inc. makes an offer to buy the company at $50.00 per share. Mr. Morgan wants to sell the company, but is outvoted by Mr. Conway and Mr. Knotts at a duly scheduled shareholder meeting. Mr. Morgan left the United States for a two-week African safari. Mr. Knotts and Mr. Conway schedule another shareholder meeting during which the shareholders authorize the payment of $1,000,000 to each officer of the company if the company is sold within two months. A notice regarding the second meeting was sent to Mr. Morgans house by regular mail and he did not receive it until he returned. A third meeting was scheduled where all shareholders approved the sale of the shares to Apple, Inc. at $55.00 per share. Mr. Morgan was not informed of the outcome of the second meeting. What rights does Mr. Morgan have, if any, against Mr. Knotts and Mr. Conway.
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