shareholder lawsuit

[Cross Hair]

Ohio.
The company I work for has three shareholders(owners). Original owner has 74%, another has 16% and I own 10%. The guy that has 16% was our VP until we fired him in July of 2006. He sued the company for 7Mil., lost on all causes except one. The court found in his favor that the majority shareholder had mis-used company money to pay for his home lawn care and land scaping. The 16% shareholder was awarded $27,000 total.
Here's my question. Am I entiltied to any monies as well. Don't shareholders need to be treated equally based on the percentage of ownership? The suit was filed against the company and the majority owner, I wasn't named.

 

[Beth3]

You need to talk to an attorney. A question such as yours is way out of the scope of a public bulletin board designed to give general information on the law.

 

[Cross Hair]

Beth3,
Going after such money is nothing I would do, the overall health of this company is more important to me than a quick buck. But I know the majority owner will follow the law. So my question was if he has to what amounts to repay money to one share holder is he obligated to pay all share holders? I really thought this was a pretty general question, I am new to this site so I don't know what level of help to expect.
Thanks, Don

 

[ecmst12]

You were not a party to the suit, I don't see how you have standing to receive anything. If he misused company funds then theoretically he should pay the company back, but that's not what the judgement said. The judgement said he has to pay the guy who sued him. I presume so anyway. For the company to force him to repay, I think the company would have to sue him.

 

[cbg]

if he has to what amounts to repay money to one share holder is he obligated to pay all share holders?

Unless the court SPECIFICALLY ordered him to repay all shareholders, no. He only has to pay what the court told him to pay.