Business law question
The stocks in First Rate Hotel, Inc., a corporation, was divided
equally between the Miller and the Anderson families. For a number
of years, as result of a family fued, the Millers and the Andersons
were unable to work together in the management of the corporation.
Because of this, meetings of shareholders or directors have not
been held for seven years. The profit from the operation for the
last seven years have not been touched, and last year the hotel
operated at a loss for the first time. The corporation is on the
border of becoming insolvent because of the lack of management, and
the hotel properties is in need of renovation. The owners of half
the stock brought an action in equity to bring the corporation to
an end. Will they succeed? Please explain.