Tank Is a Director and the Majority Shareholder of Unique

question 25

Essay

Tank is a director and the majority shareholder of Unique New Investment Corporation (UNIC).Tank buys,for $1,500,an option to pur?chase a tract of real estate for $50,000.Tank forms Vista Property,Inc.,to hold the option.As the majority shareholder,and thus controlling di?rector,of UNIC,Tank orders the firm to authorize the pur?chase of the land from Vista Property for $500,000.Tank then has Vista Property buy the land,sell it to UNIC,and loan the money to UNIC for the purchase at a 10 percent interest rate.Wim,a minority shareholder in UNIC,com?plains to UNIC's board,which takes no action.Wim files a suit against Tank on UNIC's behalf.Will Wim prevail? Explain.

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Definitions:

Hair Follicles

Tubular invaginations of the epidermis from which hairs grow and are nourished.

Apocrine Gland

A type of gland found in the skin, breast, eyelid, and ear that secretes sweat, fatty compounds, and proteins, often associated with body odor.

Eccrine Gland

Sweat glands located all over the body that help in cooling the body through perspiration.

Stratum Basale

The deepest layer of the epidermis where new skin cells are generated.