Wayne L. Ryan Revocable Trust v. RyanAnnotate this Case
The Supreme Court affirmed the judgment of the lower court determining the fair value of certain shares to be purchased by a corporation to be $467 million and awarding the petitioning shareholder $256 million in prejudgment interest, holding that this appeal was without merit.
The successor president and chief executive officer (CEO) of Streck, Inc. implemented a sales process that failed to produce an offer acceptable to the majority shareholder, and the corporation was not sold. The majority shareholder sued Streck and its president and CEO, alleging breach of fiduciary duty and shareholder oppression. Streck opted to purchase the petitioning shareholder's shares and, after a trial, the court determined the fair value of the shares and awarded the petitioning shareholder prejudgment interest. The Supreme Court affirmed, holding that Streck's appeal was without merit.