Marcus Clegg & Mistretta P.A.

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In the first known judicial decision under Section 1434 of Maine's newly enacted Business Corporation Act, Cumberland County Superior Court Justice Roland Cole, after a trial before the Court without a jury, has ordered that a corporation in which MCM's client is a minority shareholder must be dissolved, unless the majority shareholders buy the minority shareholder out at the value for the corporation found by the Court, without a minority discount. The Court has also ordered the recharacterization of salaries drawn by the majority shareholders as improper dividends. The Court's order will result in a payment to MCM's client, the minority shareholder, of nearly $1,500,000.

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