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To Know A Veil, Douglas C. Michael
To Know A Veil, Douglas C. Michael
Law Faculty Scholarly Articles
Lawyers, judges, law students, and law professors have a love-hate relationship with the doctrine of “piercing the corporate veil”—the idea that shareholders might sometimes be personally liable for the debts of the corporation. It is the subject covered more than all others in courses on corporation law. It is widely litigated, being the subject of thousands of opinions. Yet, for all this attention, it is routinely vilified by the experts. Most commentators recognize that it is jurisprudence without substance.
This Article is an attempt to form a basis for rigorous analysis of virtually every veil-piercing case and to rid the …
Shareholder Oppression In Close Corporations: The Unanswered Question Of Perspective, Douglas K. Moll
Shareholder Oppression In Close Corporations: The Unanswered Question Of Perspective, Douglas K. Moll
Vanderbilt Law Review
The doctrine of shareholder oppression protects the close corporation minority stockholder from the improper exercise of majority control.! Nevertheless, when a close corporation minority shareholder asserts that the majority shareholder has acted "oppressively" towards him, the minority's chance of success may very well depend on the perspective from which shareholder oppression is viewed. Consider the following two decisions:
In Priebe v. O'Malley, the controlling shareholders of a close corporation terminated the employment of Myron Priebe, a minority shareholder, for "unsatisfactory" work performance.! Priebe sued, asserting that the termination amounted to oppressive conduct! The trial court noted that "Priebe was not …