Jack W. Gibbons Et Al. v. Kyle Bennett Et Al.

This case involves the sale of a closely held corporation among family members and enforcement of the parties’ agreement relative thereto. The trial court determined, inter alia, that certain assets were the personal assets of the former corporate shareholders and did not pass with the sale of the corporation. The trial court also determined that the new sole shareholder of the corporation could not recover expenditures of corporate funds that were allegedly for the former shareholders’ personal use when they owned the corporation. The trial court further determined that although one of the former shareholders had violated a covenant not to compete contained in the parties’ sale agreement, the plaintiffs had failed to prove that such violation was the cause of the corporation’s lost profits following the sale. The plaintiffs timely appealed. Discerning no reversible error, we affirm the trial court’s judgment.