Problem
Control of the Corporation:
The Greenfield family, including the parents, three children, and two son-in-laws, have decided to form a closely held corporation for the purpose of opening a custom jewelry store. Robert and Judith Greenfield, the parents, are infusing a significant amount of their retirement savings to open the business and will have an 80% ownership interest, with each of the Greenfield children having a 5% interest, and each of the two sons-in-law having a 2.5% interest. Concerned about having a voice, the children and son-in-laws proposed that the company's charter provide for a supermajority vote of 90% on matters pertaining to the sale of the business or substantially all of its assets and the parents agreed to this provision and it was included. The family business is doing quite well and Robert and Judith decided it was time to retire and entered into an agreement to sell the business, which sale is set to close in four weeks. Can Robert and Judith sell the business?