Section 12.56(c) of Business Corporation Act provides remedies to shareholders of closely held nonpublic corporations when the shareholders are deadlocked and it has been shown that the corporation will be irreparably harmed by the continuation of the deadlock. The nonexclusivity provisions of section 12.56(c) of the Act gave trial court discretionary authority to order Plaintiff Mabel to sell her shares to Plaintiff Oasis as an alternative equitable remedy to dissolution of the closely held corporation, and court did not abuse its discretion in doing so. Plaintiff Oasis was not granted standing to seek relief under section 12.56 of the Act. No plain error as to Plaintiff Mabel's contentions that court failed to conduct an evidentiary trial on Bello's 3rd-party counterclaim, or that court made factual findings based on arguments by Bello's counsel. (REYES and LAMPKIN, concurring.)
Illinois Appellate Court
Civil Court
Corporations