Rifkin v. Steele Platt
Colorado Court of Appeals
824 P.2d 32 (Colo. App. 1991)
Steele Platt and Fas-Wok, Inc. (defendants) sold their controlling interest in The Boiler Room to Robert Rifkin and others (plaintiffs). The plaintiffs brought suit, alleging that Platt had misappropriated funds from The Boiler Room when he was in charge and had generally breached his fiduciary duty to the corporation. The trial court found that Platt had breached his fiduciary duty and entered judgment in favor of the plaintiffs. The defendants appealed on the ground that Platt’s breach occurred before the plaintiffs’ purchase of The Boiler Room, citing Bangor Punta Operations, Inc. v. Bangor & Aroostook R.R., 417 U.S. 703 (1974). The parties agreed that any breach of duty occurred prior to the plaintiffs’ purchase of the controlling shares. However, the parties did not agree on whether the breach was reflected in the purchase price.
Rule of Law
Holding and Reasoning (Plank, J.)
What to do next…
Unlock this case brief with a free (no-commitment) trial membership of Quimbee.
You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 97,000 law students since 2011. Some law schools—such as Yale, Vanderbilt, Berkeley, and the University of Illinois—even subscribe directly to Quimbee for all their law students. Read our student testimonials.
Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.
Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students. Read more about Quimbee.
Here's why 176,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 14,000 briefs, keyed to 188 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.