Category

Shareholder Agreements
When family business owners are determined to force another owner out of the business, they tend to get sneaky and play loose with the rules –to the point that they end up jeopardizing the business itself. On this episode of Divided Dynasties, Mark Briol and Scott Benson delve into a specific case, McGrath v. MICO, to share the telltale signs...
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Shareholder agreements are common among owners of closely held corporations or LLCs. These agreements are generally enforceable under Minnesota law.[1] Frequently, such agreements include provisions governing the transfer of ownership interests. The interaction of certain combinations of common provisions governing the transfer of ownership interests can create unfortunate incentives that minority shareholder employees should be...
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In December 2014, Kim Lund, one of four siblings who shared beneficial ownership of Minnesota’s Lund grocery empire, filed a lawsuit against her brother Tres Lund (the CEO of the business entities), the entities themselves, two directors, and a co-trustee of one of Kim’s trusts. In the action Kim sought to divest her Lund business...
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