The majority shareholder of jewelry outlets

Assignment Help Operation Management

Reference no: EM132115255

Jim Halter, the majority shareholder of J-Mart Jewelry Outlets, Inc., was aware that J-Mart was in financial trouble. Before J-Mart went out of business, Halter paid off his personal credit cards using corporate funds. There was specific evidence that the $6, 902.87 balance on Halter’s American Express personal account was paid by J-Mart, eight days before it ceased doing business. The check was marked “PAYMENT IN FULL – JIM’S PERSONAL”. There was also evidence that J-Mart, knowing that it would soon cease doing business, purchased a new Cadillac for Halter’s use. J-Mart then made three (3) payments on the vehicle before transferring it to Halter for $1.00 and allowing him to assume the remaining payments.

After J-Mart ceased operations, four (4) of its creditors brought suit against Halter in an attempt to recover amounts they were owed. The jury at the trial court level pierced the corporate veil and held Halter personally responsible for the debts. Halter appealed and the appellate court affirmed the ruling of the trial court.

Reference no: EM132115255

Questions Cloud

Contemporary management environment : In the contemporary management environment, mergers and acquisitions are hot topics; particularly as mergers and acquisitions are among the most commonly

Describe group and distinguish among organizational groups : Describe a Group and Distinguish Among Organizational Groups---Functional, Cross-Functional, Project, Virtual, and Interest-Friendship.

Consider how the psychology of pricing affects : Consider how the psychology of pricing affects you. Were you happy with the offer? Did you feel misled or cheated? Did you experience mixed emotions?

Difference between cash generation and profit-loss : Cash flow provides the consistency to pay expenses, invest in new opportunities and grow the business. Cash flow is the primary indicator to measure financial.

The majority shareholder of jewelry outlets : Jim Halter, the majority shareholder of J-Mart Jewelry Outlets, Inc., was aware that J-Mart was in financial trouble.

Different types of evaluation and management codes : Describing at least three different types of E/M Evaluation and Management codes available and the guidelines for each type.

How you would advise your current employer to use encryption : Discuss, in your own words using 250 words or more, the relationship between users and roles in databases.

Fiduciary duties to partnership by working second job : The attorney does not contribute her salary from teaching to partnership. Is that attorney violating her fiduciary duties to partnership by working second job?

Discuss about the topic of family decision making : Prepare and submit a paper on the topic of family decision making (Davis, 1970) by first reading Chapter Six on consumer behavior and Chapter 9 on segmentation.

User Account

All Pages