Don Long vs. Ralph & Edna Langley

This a lawsuit between the two stockholders of Gene Langley Ford, Inc., an automobile dealership. The issues involve the percentage of ownership owned by the two stockholders and whether the defendant paid himself an excessive salary for managing the business. The Chancellor held that the plaintiff owns forty-nine (49%) of the stock and the defendant owns fifty-one percent (51%). He further held that the defendant's salary was not excessive. We reverse the Chancellor's decision regarding the ownership of the stock and hold that each party owns fifty percent (50%). We affirm the Chancellor's decision that the defendant's salary was reasonable.