Professional Corporations; Takeover Attempt; Injunction
The Firm represented a doctor who owned a successful medical practice 50/50 with his partner. However, when "Dr. A's" professional license was suspended by the State of Georgia, he was notified by the other 50% shareholder that "you are no longer a valid shareholder in the corporation, the corporation will be dissolved, and the corporate assets will be distributed as I see fit." "Dr. A" was referred to the Firm by his corporate attorney. The Firm immediately filed suit and obtained an injunction preventing the other shareholder from taking any such action concerning the corporation and from liquidating any of its assets or paying out any funds without written consent of the Client. Later, after getting the Client's license to practice medicine reinstated, the Firm was then able to obtain 100% ownership of the corporation for the Client.