What is the result in given contention

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Wilcox, CEO and chairman of the board of directors, owned 60 percent of the shares of Sterling Corporation. When the market price of Sterling's shares was $22 per share, Wilcox sold all of his shares in Sterling to Conrad for $29 per share.

The minority shareholders of Sterling brought suit against Wilcox to demand a portion of the amount Wilcox received in excess of the market price. What is the result?

Reference no: EM131389697

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