Engaged in owning and operating chain of restaurants

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Reference no: EM132267499

Saxon, the president and director of a corporation engaged in owning and operating a chain of restaurants, was advised, on what seemed to be good authority, that a highway was to be constructed through the town of Portland, which would be a most desirable location for a new restaurant. Saxon presented the relevant facts to the board of directors of the corporation and recommended that the corporation build a restaurant in Portland at the location indicated. The board of directors agreed, and the new restaurant was constructed at significant cost. The plans for the highway were changed after the restaurant had been constructed, and the highway was built in a location different from the original plan. The restaurant was a total financial disaster. The shareholders brought an appropriate action against Saxon, charging that his proposal had caused the corporation a substantial loss. What is the result? Please explain.

Reference no: EM132267499

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