12 May WILL DONALD PREVAIL?
Albert is a director and the majority shareholder of Burien Widgets Corporation. Albert buys, for $2,500, an option to purchase a tract of real estate for $70,000. Albert forms a new corporation, Alberts Investments, Inc., to hold the option. As the majority shareholder, and thus controlling director, of Burien Widgets, Albert orders Burien Widgets to authorize the purchase of the land from Alberts Investments for $500,000. Albert then has Alberts Investments buy the land and sell it to Burien Widgets, and loan the money to Burien Widgets for the purchase at a 20 percent interest rate. Donald, a minority shareholder in Burien Widgets, complains to Buriens board, which takes no action. Donald files a suit against Albert on Burien Widgets behalf. Will Donald prevail? Please fully explain your answer and support it with at least one exampleAlbert is a director and the majority shareholder of Burien Widgets Corporation. Albert buys, for $2,500, an option to purchase a tract of real estate for $70,000. Albert forms a new corporation, Alberts Investments, Inc., to hold the option. As the majority shareholder, and thus controlling director, of Burien Widgets, Albert orders Burien Widgets to authorize the purchase of the land from Alberts Investments for $500,000. Albert then has Alberts Investments buy the land and sell it to Burien Widgets, and loan the money to Burien Widgets for the purchase at a 20 percent interest rate. Donald, a minority shareholder in Burien Widgets, complains to Buriens board, which takes no action. Donald files a suit against Albert on Burien Widgets behalf. Will Donald prevail? Please fully explain your answer and support it with at least one example
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