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What is Turner vs. Lorenzo Shipping Case Summary about?

The case involved a dispute over the valuation of shares owned by petitioners (Turners) in respondent Lorenzo Shipping Corp. after the corporation amended its articles of incorporation to remove the stockholders’ pre-emptive rights. [1] An appraisal committee valued the shares at PHP 2.54 per share but respondent refused payment, arguing it had no unrestricted retained earnings as required by law. [2] The court ruled the corporation correctly refused payment as it undisputedly had a deficit in retained earn

Author

Charmae Maravilla

Language

EN