Shareholder's Fight Of $25M Pescor Sale Dismissed

Law360, Dallas (July 29, 2013, 7:34 PM EDT) -- A Texas appeals court said Thursday that majority shareholders of Pescor Plastics Inc. had no fiduciary duty to a former minority shareholder when they sold their company to Berry Plastics Corp. for $25 million and later signed a settlement agreement with the former minority owner.

The Second District Court of Appeals held that brothers Tim and Kevin Kilpatrick, who bought out their brother Kelly from his shares of Pescor in 1997 and then sold the company to Berry in 2001, did not owe the former minority...
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