Minnesota Law Review
Disputes involving closely held businesses come in primarily two varieties. When, as is often the case, the business fails, creditors bring lawsuits seeking to pierce the corporate veil in an attempt to reach the assets of the business owners. 3 When the business does well, on the other hand, minority owners often accuse those in control of seeking ways to keep a bigger slice of the profit pie and of squeezing or freezing out minority owners. 4 These latter disputes are often categorized under the rubric of minority shareholder oppression; and attempts to deal with them by statute and judicial decision are as old as corporate law. 5 Moreover, they are not unique to business in the United States; rather, they are part of the fabric of modern business organization law on a global scale.
John H. Matheson and R. Kevin Maler, A Simple Statutory Solution to Minority Oppression in the Closely-Held Business, 91 Minn. L. Rev. 657 (2007), available at http://scholarship.law.umn.edu/faculty_articles/104.