RV Central, Inc.
v.
Stanley Vander Plaats
Appellant
RV Central, Inc.
Appellee
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:
Summary
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.
