Turner v Lorenzo Shipping

 Turner  Turner v. v. Lorenzo Shipping Corporation Corporation G.R. No. 157479 Facts: •

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etitioners hi!ip an" #!nora Turner $ere the o$ners o% 1&'1'&''' shares o%  stoc(s o% Respon"ent Lorenzo Shipping Corporation. etitioners vote" against the restriction o% pre)e*ptive right to ne$!+ issue" stoc(s& to ,e e-ecte" via the a*en"*ent o% the artic!es o% incorporation o%  the Respon" espon"ent ent Corpor Corporati ation on.. The+ The+ a!!ege a!!ege" " that that it is preu preu"i "icia cia!! to their their interests as shareho!"ers.  Thus& through through the e/ercise e/ercise o% their appraisa! right& the+ "e*an"e" the pa+*ent o% their shares at 0.072share 0.072share 30&09&7'.''. Respon"ent Respon"ent Corporation countere" that it $as an accepta,!e a*ount a!!eging that that&& the the F6 F6 o% etit etitio ione ners rs88 shar shares es ,e%o ,e%orre the the i*p! i*p!e* e*en enta tati tion on o% the the corporate action to "en+ pre)e*ptive right $as at '.412share 3414&1''.''. Respo espon" n"en entt Corp Corpor orat atio ion n %urt %urthe herr a!!e a!!ege ge" " that that the the corp corpor orat atio ion n ha" ha" no unrestricte" retaine" earnings at the ti*e the "e*an" $as *a"e. isagr isagree* ee*ent ent to stoc( stoc( va!uat va!uation ion !e" to the const constitu itutio tion n o% an appra appraisa isa!! co**ittee $hich va!ue" the shares in "ispute at 0.542share 30&55&'''.''. etitioners then as(e" %or pa+*ent at sai" va!ue p!us 0 interest per *onth %ro* the "ate o% origina! "e*an". Respon"ent Corporation& through a !etter& to!" etitioners that the+ cannot pa+ "ue to the a,sence o% ;R#& an" that the corporation ha" a "e