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KING v. COULTER

No. 12472.

113 Ariz. 245 (1976)

550 P.2d 623

Charles J. KING, Barry A. Adamson and Low Cost Auto Parts, Inc., an Arizona Corporation, Petitioners, v. The Honorable Rufus C. COULTER, Judge of the Superior Court, Maricopa County, Respondent; Tim JACKSON, Real Party in Interest.

Supreme Court of Arizona, En Banc.

June 8, 1976.

Attorney(s) appearing for the Case

Kenneth L. Abrams, Phoenix, for petitioners.

Jack C. Cavness, Phoenix, for real party in interest.

HAYS, Justice.

We accepted this petition for special action to determine whether an Arizona corporation may be involuntarily dissolved in the absence of statutory authority.

Petitioners Charles J. King and Barry A. Adamson and respondent Tim Jackson were the sole directors and shareholders of Low Cost Auto Parts, Inc. ("Low Cost"). Respondent Jackson owns 40% of the common stock; petitioners King and Adamson own 40% and 20% of the shares of common stock, respectively...

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