Searching over 5,500,000 cases.


searching
Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.

Drueke v. Bass

United States District Court, E.D. Wisconsin

October 13, 2017

PAUL C. DRUEKE, et al., Plaintiffs,
v.
ANDREW L. BASS, et al., Defendants.

          DECISION AND ORDER

          WILLIAM E. DUFFIN, U.S. MAGISTRATE JUDGE.

         INTRODUCTION

         On August 1, 2017, Paul C. Drueke and his wife Mary Jo Drueke filed this action against the directors of FirsTime Design Limited, a Wisconsin corporation in which they own stock. (ECF No. 1.) On August 25, 2017, the Druekes filed a motion for a preliminary injunction. (ECF No. 9.) At the same time, the Druekes filed a motion to expedite the briefing and hearing on their motion for a preliminary injunction. (ECF No. 8.)

         On September 6, 2017, the court held a telephonic conference to discuss the motion to expedite the briefing and hearing on the Druekes' motion for a preliminary injunction. (ECF No. 25.) After discussion with the parties, the court denied the Druekes' motion to expedite. The briefing on the motion for a preliminary injunction is now complete and the matter is ready for resolution. All parties have consented to the full jurisdiction of a magistrate judge. (ECF Nos. 7, 20, 24.)

         The Druekes ask the court to issue a preliminary injunction that:

1. declares that the Druekes own at least 10 percent of the FirsTime stock for the purpose of calling a special meeting of shareholders under Wis.Stat. § 180.0702;
2. prevents the defendants from requiring the Druekes to pay the costs of any such special shareholder meeting unless the Druekes prevail on each matter voted upon at the meeting;
3. enjoins the defendants from counting recently-issued shares for purposes of any vote at the meeting; and
4. enjoins the defendants against causing FirsTime to repurchase shares during this action.

(ECF No. 11 at 29.)

         FACTS

         FirsTime Design Limited is a Wisconsin corporation located in New Berlin, Wisconsin. Plaintiffs Paul and Mary Jo Drueke have been shareholders of FirsTime since 2005. Together they own or beneficially own 172, 687 shares. Up until June 30, 2017, FirsTime had issued 1, 502, 119 shares of common stock, meaning the Druekes owned more than ten percent of the company's common voting stock.

         Defendants Andrew Bass, Christopher Bering, and Jeffrey Cowie are the current members of FirsTime's Board of Directors. Bass has been a member of the Board since 2011, and Bering and Cowie have been Board members since 2013. Bering is also FirsTime's CEO. Until June 26, 2017, FirsTime's Board had a fourth member, Peter Wierenga, who was the Board's chairman.

         It is apparently undisputed that, although FirsTime experienced financial problems prior to 2012, from 2012 through 2016 it has been profitable. Its share price increased from ...


Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.