Motion for summary judgment to be heard Friday in 2003 stock shares dispute
A six-year old dispute over stock shares in a tool and die company may be over Friday depending on how a motion for summary judgment is resolved.
Madison County Circuit Judge Barbara Crowder is slated to hear the motion at 9 a.m. June 19.
Defendant Jack Lenhardt is asking for summary judgment in a dispute with his former sister-in-law over stock shares she inherited after his brother's death. His motion was filed June 9.
According to the complaint, Plaintiff Mary Dian Castelli, formerly Mary Dian Lenhardt, inherited 60 shares of the Lenhardt Tool and Die Company on the death of her husband, Kenneth Lenhardt.
Kenneth Lenhardt, his brother Jack Lenhardt and Jean K. Webb entered into a stock purchase agreement in 1989.
The plaintiff argued that under agreement, should the shares pass to a spouse on the holder's death, the company and/or the other shareholders would be obligated to buy back the shares at 70 percent of their book value.
Kenneth Lenhardt died in 1998.
Castelli alleges that the company and Jack Lenhardt refused to buy back the shares.
The defendants have argued that they were not made aware that Castelli sought to sell back her shares until October 2007.
Castelli's suit asks for $250,000 and costs.
Castelli is represented by Robert Larson. Jack Lenhardt is represented by Clifford Emons. Lenhardt Tool and Die is represented by Richard Burke.
The case is Madison case number 03-L-721.