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Hagshenas v. Gaylord
Illinois Appellate Court
557 N.E.2d 316 (1990)
Bruce Hagshenas (plaintiff) owned half of Imperial Travel, Ltd. (Imperial). Robert and Virginia Gaylord (defendants) owned the other half. The parties’ relationship deteriorated, and Hagshenas resigned as a director and officer of Imperial. The next day, Hagshenas purchased a competing travel agency and hired all of Imperial’s staff, including its salespeople, for his new business. Although Hagshenas was no longer actively involved in Imperial’s operations, he used his status as a 50 percent owner to block Imperial from buying another agency. Hagshenas sued for dissolution of Imperial, and the Gaylords filed a counterclaim alleging that Hagshenas’s operation of a competing travel agency constituted a breach of fiduciary duty. The trial court ruled in favor of the Gaylords, and Hagshenas appealed.
Rule of Law
Holding and Reasoning (Dunn, J.)
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