Opinion ID: 2607318
Heading Depth: 3
Heading Rank: 1

Heading: Transfer of the Stock

Text: Vondra offered to purchase the estate's shares in Carroll-Vondra, Inc. for $400,000 on or about May 4, 1990. Paula alleges that Donna discussed the offer with her, and told her that she believed it was fair in light of the fact that the Brown's Hill Quarry was running out, and that the quarry business was doing poorly, largely due to insufficient demand in the Fairbanks area. Donna filed a motion for superior court approval of the sale of the estate's stock holdings on August 21, 1990. She also filed an affidavit stating that she was not seeking an appraisal because she believed Vondra's offer to be reasonable and because she wished to avoid the administrative costs of an appraisal. She served Paula with a copy of the motion and affidavit. Paula did not oppose the motion for approval of the stock sale. The superior court approved the sale on September 22, 1990, and the sale closed in November, 1990. Subsequently, Paula visited the Brown's Hill Quarry in September, 1991, and observed an operation far more active than she anticipated. She later testified, however, that she did not know the boundaries of the Carroll-Vondra corporation's property when she visited the quarry. On March 5, 1992, Paula moved the superior court to set aside the stock sale.