Corporations — cancellation of shares

Posted June 18, 2021 11:43 AM

Where minority shareholder waited more than 26 years after corporation cancelled his shares to sue, claim accrued when freezeout occurred, and suit was untimely. The 7th U.S. Circuit Court of Appeals affirmed a decision by Chief Judge Tanya Walton Pratt, Southern District of Indiana. In 1986, Richard Deibel, Larry Hoeg, and Roger Steffen founded Hy-Pro Corporation, a filtration business. Deibel was made president and received 2,500 shares, or 12.5% of the authorized stock. Deibel also guaranteed Hy-Pro’s payment of a $100 …

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