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Corporations LLCs; capital contributions Mark Seidl and his brother, Alan Seidl, formed Seidls’ Mountain View Dairy, LLC, in 2002, and were its only members. Per the members’ operating agreement, Alan and Mark were required to maintain equal capital accounts. Any excess in one member’s capital account was treated as an obligation of the LLC to the member with the larger ...

Corporations Breach of fiduciary duty; insolvency The court is equally divided on the question of whether the decision of the court of appeals, Polsky v. Virnich, 2010 WI App 20, 323 Wis. 2d 811, 779 N.W.2d 712, should be affirmed or reversed. Justice David T. Prosser, Justice Patience Drake Roggensack and Justice Michael J. Gableman would affirm; Chief Justice Shirley ...

FOIA Personal privacy; corporations Corporations do not have “personal privacy” for the purposes of the exemption in 5 U.S.C. 552(b)(7)(C). AT&T argues that the word “personal” in Exemption 7(C) incorporates the statutory definition of “person,” which includes corporations, §551(2). But adjectives do not always reflect the meaning of corresponding nouns. “Person” is a defined term in the statute; “personal” is ...

Corporations Asset purchase agreements Where the defendant only purchased the assets of a division of another corporation, it is not liable for products produced by other divisions of that corporation. “As relevant to this appeal, the parties agreed the Assumed Liabilities consist only of ‘[a]ll liabilities … of [Generac] related to the Division arising in the ordinary course of business ...