Assets and opportunities to hoteltron systems

Reference no: EM13249756

Slobov and Kolac, the founders of Sloko Electric Incorporated, each owned half of the corporation's shares and served as its only officers. Kolac brought a shareholder's derivative suit in a New York state court against Slobov, alleging that he had diverted Sloko assets and opportunities to Hoteltron Systems, a corporation wholly owned by Slobov. The court held that Slobov had wrongfully diverted the funds. On the issue of damages, Kolac argued that they should be awarded to him personally so that Slobov, as a shareholder in Sloko, would not be able to share in the proceeds of the award. How should the court rule? Discuss fully.

Reference no: EM13249756

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