Fawcett v. Heimbach
Minnesota Court of Appeals
591 N.W.2d 516 (1999)
- Written by Tammy Boggs, JD
Facts
In the summer of 1980, Robert Heimbach (defendant) and John Fawcett (plaintiff) contributed equally to purchase 8,000 shares of stock in Medical Graphics Corporation (MGC). At the time, MGC stock was worth $1.90 per share. In 1983, when the stock was worth between $11 and $12 per share, Heimbach sold half the shares without Fawcett’s knowledge or permission and put the remaining shares in a margin account in Heimbach’s own name. In 1986, Heimbach converted Fawcett’s shares on other occasions as part of a margin call when the shares were worth about $14.50 each. In 1994, when the MGC shares were worth $6.75 each, Fawcett discovered Heimbach’s conversion for the first time. In 1996, Fawcett sued Heimbach for conversion and other claims. The trial court found that Heimbach had converted Fawcett’s shares on three occasions and valued Fawcett’s damages based on the value of MGC stock at the time of each conversion. Heimbach appealed, arguing that the trial court erred in fixing damages based on the stock’s value at the time of conversion rather than after Fawcett became aware of the conversion.
Rule of Law
Issue
Holding and Reasoning (Halbrooks, J.)
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