Tank Is a Director and the Majority Shareholder of Unique

Essay

Tank is a director and the majority shareholder of Unique New Investment Corporation (UNIC).Tank buys,for $1,500,an option to pur?chase a tract of real estate for $50,000.Tank forms Vista Property,Inc.,to hold the option.As the majority shareholder,and thus controlling di?rector,of UNIC,Tank orders the firm to authorize the pur?chase of the land from Vista Property for $500,000.Tank then has Vista Property buy the land,sell it to UNIC,and loan the money to UNIC for the purchase at a 10 percent interest rate.Wim,a minority shareholder in UNIC,com?plains to UNIC's board,which takes no action.Wim files a suit against Tank on UNIC's behalf.Will Wim prevail? Explain.