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Case No. 19-1812

RV Central, Inc.
Stanley Vander Plaats


RV Central, Inc.


Stanley Vander Plaats

Attorney for the Appellant

Daniel E. DeKoter

Attorney for the Appellee

Amanda J. Bahena

Court of Appeals

Court of Appeals Opinion

Opinion Number:
Date Published:
Jul 22, 2020

            Appeal from the Iowa District Court for O'Brien County, Carl J. Petersen, Judge.  AFFIRMED.  Considered by Bower, C.J., and Greer and Ahlers, JJ.  Opinion by Greer, J.  (14 pages)

            After a reverse stock split, RV Central, Inc. sued to determine the fair value of a dissenting shareholder’s shares of the corporation.  The district court found RV Central acted arbitrarily in omitting the value of crops on the land from its share valuation estimate, relied on a June 2018 appraisal to value the corporation’s land, and awarded attorney fees to the dissenting shareholder.  RV Central appeals.  The dissenting shareholder asks us to affirm the district court order and award appellate attorney fees.  OPINION HOLDS: We conclude (1) RV Central acted arbitrarily in omitting the crop value from its valuation estimate and affirm the award of attorney fees; (2) the district court’s use of the 2018 appraisal was appropriate; and (3) the dissenting shareholder is entitled to an award of costs and some of his attorney fees on appeal.

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