Question
In Case 20.4, Jones v. H.F. Ahmanson & Co. (1996), the court ruled that the majority shareholders who transferred their shares to a holding corporation,
In Case 20.4, Jones v. H.F. Ahmanson & Co. (1996), the court ruled that the majority shareholders who transferred their shares to a holding corporation, then took it public without allowing the minority to exchange their shares, breached their fiduciary duty to the minority shareholders. What did the court award to the minority shareholders in the way of damages?
A. The court awarded damages that would place the minority shareholders in a position at least as favorable as the position the majority shareholders had created for themselves.
B. The court awarded the majority shareholders' shares to the minority shareholders.
C. The court restored the company to its former nonpublic status and granted the issuance of enough shares given to minority shareholders to collectively make them a majority shareholder.
D. The court instructed the company to create a number of new board seats to represent minority shareholders equal to the number of board members representing majority shareholders.
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