Justice Thomas Whelan
Son Scott Wafer commenced this action claiming to be a 50 percent owner of defendants VSCE Inc. and Masters Reinsurance, and a 40 percent owner of Yankees Reinsurance. Father George Wager disputed Scott’s claims of ownership interest in Yankees. Scott argued George and his wife used corporate profits, distributions and assets for non-corporate purposes of VSCR, Masters and Yankees to their detriment. He sought injunctive relief enjoining defendants from looting or disposing of the corporate defendants’ profits and assets. The court noted injunctive relief was unwarranted if movant could be fully compensated by a monetary award, or other adequate remedy at law. Review of Scott’s submissions revealed no clear showing that in the absences of judicial restraint as to bank or trust accounts of the corporate defendants, he would be irreparably damaged as he can be fully recompensed for any loss. Thus, injunctive relief as to restraint of monies on deposit in banks or trust accounts. Yet, the court found a minimally sufficient showing of the three elements for injunctive relief regarding the capital stock shares of Vehicle Manufacturers Inc, limited to a restraint against their transfer, was warranted pending resolution of the ownership claims.
