CENTRAL INVESTMENTS, INC., APPELLANT,
v.
OLD SOUTHERN GOLF UTILITY CORP., A FLORIDA CORPORATION; PUBLIC UTILITIES CORPORATION, A FLORIDA CORPORATION; AND SUNRISE GOLF DEVELOPMENT CORPORATION, A FLORIDA CORPORATION, APPELLEES
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This case involves a shareholder's derivative action concerning contractual rights and allegations of fraud related to utility lines and corporate asset transfers. The appellate court affirmed the trial court's decision, finding no reversible error.
The appellate court found no reversible error in the trial court's judgment.
“Issues present in this appeal concern a stockholder's derivative action to enforce contractual rights and allegations of fraud.”
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Join FLexlaw to unlock all legal intelligenceAppellant claimed a one-third interest in utility lines based on a contract related to a land conveyance. Appellant also alleged that appellees fraudu…
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Issues present in this appeal concern a stockholder’s derivative action to enforce contractual rights and allegations of fraud.
Appellant claims a one-third interest in certain utility lines, based on a contract which was incidental to a conveyance of a large tract of land known as Sunrise Golf Village. Also, appellant claims that ap-pellees fraudulently transferred assets from one corporation to another effecting a deprivation of appellant’s minority stockholder interest in the corporation.
Appellees claim that appellant’s only interest was a one-third stock interest in the utility corporation and further contend that the transfer of assets was pursuant to sound business judgment.
We have reviewed the complicated and voluminous record, transcripts, briefs and argument of both parties and conclude that no reversible error has been shown.
Therefore, the final judgment of the trial court is affirmed.
Affirmed.
WALDEN, C. J., McCAIN, J., and TROWBRIDGE, C. PFEIFFER, Associate Judge, concur.