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Although it is well settled that leave to amend a defective pleading is committed to the sound discretion of the hearing justice, see Babbs v. John Hancock Mutual Life Insurance Co., 507 A.2d 1347, 1349 (R.I.1986), “we have consistently held that Rule 15(a) liberally permits amendment absent a showing of extreme prejudice.”   Wachsberger v. Pepper, 583 A.2d 77, 78 (R.I.1990) (citing Inleasing Corp. v. Jessup, 475 A.2d 989, 993 (R.I.1984)). In remanding the papers in this case to the Superior Court, we note “[i]f ever there was a case in which a remedy should be fashioned, this is such a controversy.”  Cheetham v. Cheetham, 121 R.I. 337, 342, 397 A.2d 1331, 1334 (1979). More problematic, however, is the hearing justice's decision to dismiss those derivative claims with prejudice. Section 7-1.1-90.1, entitled “[a]voidance of dissolution by stock buyout,” provides an alternative to the drastic remedy of liquidation by allowing the corporation the option of buying out the aggrieved shareholder's equity interest at fair value: “Whenever a petition for dissolution of a corporation is filed by one or more shareholders (subsequently in this section referred to as the ‘petitioner’) pursuant to either § 7-1.1-90 or a right to compel dissolution which is authorized under § 7-1.1-51 or is otherwise valid, one or more of its other shareholders may avoid the dissolution by filing with the court prior to the commencement of the hearing, or, in the discretion of the court, at any time prior to a sale or other disposition of the assets of the corporation, an election to purchase the shares owned by the petitioner at a price equal to their fair value. Sign up to receive daily headline news from the Toronto SUN, a division of Postmedia Network Inc. So I’m not holding my breath. His fighting spirit as a player and a person held him in great stead following his strokes in 2016. Right away there was an outpouring of love and respect directed towards Paul from players, colleagues, and fans alike. JR: I’m sure the players and coaches appreciated it. Oppression also has been found to exist where the majority shareholders have engaged in waste of the corporate assets, Muellenberg, 669 A.2d at 1388, or where relevant financial information is withheld from shareholders. Viewing the evidence here in the light most favorable to Joyce, we are persuaded that Joyce has demonstrated at least an arguable case that oppression against her and Jeffrey's estate existed within ECC, and has demonstrated that more than one reasonable inference could be drawn from the various actions and pattern of conduct manifested by ECC and its officers and directors. PH: Hoping to visit my daughter out West in the new year, but ideally, we’d like to get to Madrid for a few months this winter so I can practice the language, enjoy all the ambiance Spain has to offer, and of course, cheer for Real Madrid. Your favorite teams, topics, and players all on your favorite mobile devices. ; one daughter, Anne E. Hendrick … And thank you #LeafsNation, your passion is unparralelled !#LeafsForever. See, e.g., Tomaino v. Concord Oil of Newport, Inc., 709 A.2d 1016, 1021 (R.I.1998);  Donahue v. Rodd Electrotype Company of New England, Inc., 367 Mass. Joyce, the executrix of Jeffrey's estate, disputed the trustees' valuation and purchase attempt of the additional Class B stock owned by Jeffrey, disagreed with the price valuation on that stock as determined by ECC's accountant, and did not attend the scheduled stock-purchase closing. It is well settled that “[s]ummary judgment is an extreme remedy that should be applied cautiously.”  Sjogren v. Metropolitan Property and Casualty Insurance Co., 703 A.2d 608, 610 (R.I.1997) (citing Rotelli v. Catanzaro, 686 A.2d 91, 93 (R.I.1996)). On September 2, 1997, the defendants in Joyce's counterclaims and crossclaims moved for summary judgment on Joyce's claims relating to the breach of fiduciary duties owed to her and the issue of excessive bonuses paid to the directors and officers of ECC. PH: Thanks for asking. “His impact will be felt for years to come. Maple Leafs players past and present weighed in on social media to praise the man known as Henny. JR: How awesome was it to have the privilege of covering the Maple Leafs for as long as you did? I chose the latter.My idol early on was a native son in Dave Keon. PH: Studying Spanish, Alicia’s family is from Spain. “Under Rhode Island law, Rule 8 of the Superior Court Rules of Civil Procedure is a liberal-pleading rule.”  Bresnick v. Baskin, 650 A.2d 915, 916 (R.I.1994) (citing Haley v. Town of Lincoln, 611 A.2d 845, 848 (R.I.1992)). A. Teixeira & Co., v. Teixeira, 674 A.2d 407 (R.I.1996). (citing Folan, 723 A.2d at 289). The papers in this case are remanded to the Superior Court for further proceedings in accordance with this opinion. JR: What was it like working with Bob McGill? And back then, you either cheered for the Canadiens or the Leafs. “Oppression,” however, has been defined by other courts to encompass that conduct which deviates from a heightened good faith standard that exists in closely held corporations, a more stringent standard than found in their public counterparts. The Trustees shall not be required to take any action for collection of insurance proceeds or against the Corporation for payment of any balance of the purchase price unless indemnified to their mutual satisfaction by the Corporation and/or Stockholders in their discretion.”, 10. At the time of the purchase agreement, he owned 203 shares of Class A common shares and 1,858 Class B common shares. (b) The judgment dismissing Joyce's derivative claims (counts 4 and 7) with prejudice is to be vacated, and the dismissal of those claims will be noted as having been dismissed without prejudice with leave to amend. During that time he has done it all. During the 11 of 12 years Leafs didn’t make the playoffs, the first question of many funereal post-game scrums often fell to Hendrick to break the ice. A welcome email is on its way. 12(b)(6) motions to dismiss those counts and also filed motions for summary judgment on the same counts. Joyce has timely appealed the final judgments entered in both those proceedings, and they have been consolidated here for purposes of this appeal. Any statutory interest on Joyce's liquidation dividend will accrue from November 30, 1994, being the date of the initial demand for liquidation of ECC made by both the estate of Jeffrey Hendrick and Joyce Hendrick in count 8 of their respective counterclaims and count 1 of their respective crossclaims. JR: Did you have any pre-game rituals before going on-air? Whether it was reporting during a team practice or conducting a post-game interview, you name it, Paul has done it. We'll never pass along your email address to spammers, scammers, or the like. His love of family is unparalleled. tap here to see other videos from our team. In December 1994, ECC declared no dividends on its stock for the year, but … Additionally, Paul and his wife, Elizabeth, made subsequent gifts to both Peter and Jeffrey of a percentage of the newly issued stock. “One of the best in the business,” said Tyler Bozak. “The policy behind these liberal pleading rules is a simple one:  cases in our system are not to be disposed of summarily on arcane or technical grounds.”  Haley, 611 A.2d at 848. But it’s now time to move on. Visit our Community Guidelines for more information and details on how to adjust your email settings. We are mindful that “[c]orporate officers and directors of any corporate enterprise, public or close, have long been recognized as corporate fiduciaries owing a duty of loyalty to the corporation and its shareholders ***.” A. Teixeira & Co. v. Teixeira, 699 A.2d 1383, 1386 (R.I.1997). PH: Joe is a genius. After the transfer of the 1,858 shares to Peter, pursuant to the May 18, 1995 declaratory judgment, Joyce was left owning approximately 31 percent of the Class B nonvoting shares in ECC. Copyright © 2020, Thomson Reuters. The Internal Revenue Service, upon review, subsequently disallowed $40,000 of that bonus amount paid to the ECC corporate officers during 1994. As a result of the corporate recapitalization and the parental gifts, Jeffrey's Class B equity shares in ECC increased from 1,858 to approximately 22,000 shares. Overseeing that and her health concurrently isn’t easy, but that’s why I’m home. pic.twitter.com/kCRDRN9EQc. Recognizing the potential for the freeze out and oppression of minority shareholders, the General Assembly enacted several statutory mechanisms by which such aggrieved shareholders might seek relief. “In reviewing the grant of a summary judgment motion, this Court employs the same standard on review as the trial justice. Joyce responded to that complaint by denying that specific performance should be ordered, and filed a counterclaim against Paul in his individual capacity and as trustee, and a crossclaim against Peter, alleging certain breaches of fiduciary duty towards her and waste of corporate assets as a result of actions taken by both Paul and Peter. Firefox, or (quoting Haley, 611 A.2d at 848). JR: Who would you list as your top 3 interviews? 12 ( b ) ( 6 ) motions to dismiss those counts and filed. I would consider Bob, my best friend outside my relationship with my wife the derivative claims simply incredible shares! 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