An action in equity for dissolution of the corporation

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Reference no: EM131389485

The stock in Hotel Management, Inc., a hotel management corporation, was divided equally between two families. For several years the two families had been unable to agree on or cooperate in the management of the corporation.

As a result, no meeting of shareholders or directors had been held for five years. There had been no withdrawal of profits for five years, and last year the hotel operated at a loss.

Although the corporation was not insolvent, such a state was imminent because the business was poorly managed and its properties were in need of repair.

As a result, the owners of half the stock brought an action in equity for dissolution of the corporation. Will they succeed? Explain.

Reference no: EM131389485

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