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Corporations — shareholder deadlocks — equitable remedies

Wisconsin Court of Appeals

Civil

Corporations — shareholder deadlocks — equitable remedies

This appeal by the Estate of James F. Sheppard represents another chapter in the litigation involving the Estate, Sheppard’s cousin William F. Specht, and two closely held corporations that Sheppard and Specht co-founded in 1972, Cousins Submarines, Inc. and Cousins Subs Systems, Inc., (collectively, “Cousins”). To address a shareholder deadlock, the circuit court ordered the Estate to sell its Cousins stock to Specht at fair market value as determined by an appraiser. We accord great deference to the circuit court’s equitable remedy, and thus affirm the order. This opinion will not be published.

2012AP1633 Estate of James F. Sheppard v. Specht

Dist II, Waukesha County, Mac Davis, J., Per Curiam

Attorneys: For Appellant: Graupner, Charles P., Milwaukee; McMorrow, Michael E., Mequon; Fleming, Miriam S., Milwaukee; Watters, Zachary John, Milwaukee; For Respondent: Laing, Dean P., Milwaukee;

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