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SCOTT v. EVINS

Civ. A. No. 91-G-1929-S.

802 F.Supp. 411 (1992)

H.M. SCOTT, Jr., as Trustee for Evins and Associates, Inc., and Affiliates Employee Stock Ownership Plan and Trust; Walter L. Barnett, as Trustee for Evins and Associates, Inc., and Affiliates Employee Stock Ownership Plan and Trust, Plaintiffs, v. John C. EVINS, an individual; Elizabeth H. Evins, an individual; Porter White and Yardley, Inc., a corporation, Defendants.

United States District Court, N.D. Alabama, S.D.

August 14, 1992.

Attorney(s) appearing for the Case

Lee R. Benton, Paul A. Liles, Richard F. Ogle, Schoel, Ogle, Benton, Gentle & Centeno, Birmingham, Ala., for plaintiffs.

Lewis W. Page, Jr., Lange, Simpson, Robinson & Somerville, Birmingham, Ala., for defendants John C. Evins and Elizabeth H. Evins.

Curtis O. Liles III, Tony G. Miller, and Michael D. Mulvaney, Maynard, Cooper, Frierson & Gale, P.A., Birmingham, Ala., for defendants Porter, White & Yardley.

MEMORANDUM OPINION

GUIN, Senior District Judge.

In 1985 John C. Evins decided to retire from participation in Evins & Associates, Inc. [hereinafter Evins] and to sell his stock in Evins to a proposed employee stock ownership plan. At that time, he and his wife Elizabeth owned 275,900 shares out of the 581,300 outstanding shares. Their combined shares represented 47.5 percent of the outstanding stock. His son, who was over the age of 21, owned an additional...

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