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ADVANCED COMMUNICATION DESIGN v. FOLLETT

No. C1-99-778.

615 N.W.2d 285 (2000)

ADVANCED COMMUNICATION DESIGN, INC., d/b/a ACD, Inc., petitioner, Appellant, v. Brian FOLLETT, Respondent, John Doe, et al., Defendants. Brian Follett, third-party plaintiff, Respondent, v. Marco Scibora, third-party defendant, Appellant.

Supreme Court of Minnesota.

Rehearing Denied August 29, 2000.

Attorney(s) appearing for the Case

Joanne H. Turner, Mackall, Crounse & Moore, PLC, Minneapolis, for appellant.

Ruth S. Marcot, Felhaber, Larson, Fenlon & Vogt, P.A., St. Paul, for respondent.

Heard, considered and decided by the court en banc.

OPINION

STRINGER, Justice.

We granted review to consider whether, in a court-ordered buy-out of a minority shareholder pursuant to Minn.Stat. § 302A.751 (1998), a marketability discount should be applied to the value of the shares, and whether in a closely held corporation a minority shareholder with only nonvoting shares owes a fiduciary duty to the corporation or its other shareholders.

Appellant...

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