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Shares of dissolved corporation is matter to be handled by trial court, COA rules

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A dispute between two brothers over corporate shares left from the dissolution of the family business got a rehearing by the Indiana Court of Appeals, but no reversal.

In July 2013, Timothy Enders had appealed the trial court’s granting of the petition by his recently deceased brother, Randall Enders, to dissolve Enders & Longway Builders Inc., the business the brothers had inherited from their father.

At that time, the Court of Appeals concluded the buy-sell agreement that limited the transfer of corporate shares had been terminated when the corporation was dissolved one day before Randall’s death.

Timothy petitioned for a rehearing on the grounds that the Court of Appeals had ruled the shares were not jointly owned with rights of survivorship at the time Randall died.

However, at the rehearing of Timothy S. Enders and Enders & Longway Builders, Inc. v. Debra Sue Enders as Personal Representative of the Estate of Randall Enders, 71A03-1211-PL-494, the COA stated it had not made any determinations about the shares certificates.

The Court of Appeals asserted it only ruled that the trial court properly dissolved the corporation. Therefore, the issue of the shares certificates is something to be resolved by the trial court during the closing of corporate affairs and distribution of corporate assets.

Writing for the court, Judge Michael Barnes stated, the COA stands by its previous opinion.


 

 

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  1. Well, maybe it's because they are unelected, and, they have a tendency to strike down laws by elected officials from all over the country. When you have been taught that "Democracy" is something almost sacred, then, you will have a tendency to frown on such imperious conduct. Lawyers get acculturated in law school into thinking that this is the very essence of high minded government, but to people who are more heavily than King George ever did, they may not like it. Thanks for the information.

  2. I pd for a bankruptcy years ago with Mr Stiles and just this week received a garnishment from my pay! He never filed it even though he told me he would! Don't let this guy practice law ever again!!!

  3. Excellent initiative on the part of the AG. Thankfully someone takes action against predators taking advantage of people who have already been through the wringer. Well done!

  4. Conour will never turn these funds over to his defrauded clients. He tearfully told the court, and his daughters dutifully pledged in interviews, that his first priority is to repay every dime of the money he stole from his clients. Judge Young bought it, much to the chagrin of Conour’s victims. Why would Conour need the $2,262 anyway? Taxpayers are now supporting him, paying for his housing, utilities, food, healthcare, and clothing. If Conour puts the money anywhere but in the restitution fund, he’s proved, once again, what a con artist he continues to be and that he has never had any intention of repaying his clients. Judge Young will be proven wrong... again; Conour has no remorse and the Judge is one of the many conned.

  5. Pass Legislation to require guilty defendants to pay for the costs of lab work, etc as part of court costs...

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