Terry and Perry Gorrell formed a corporation with Eddy and Betty O’Keefe in 1989. Terry and Perry own 50% of the outstanding stock and Eddy and Betty own 50% of the outstanding stock. Terry, Perry, Eddy, and Betty are all members of the board of directors, and they are officers of the corporation as follows:
Terry—President
Eddy—Vice-President
Betty—Secretary
Perry—Treasurer
Today, Terry and Perry cannot stand Eddy and Betty, and the feeling is mutual. They have not been able to agree on anything for the past year. The operations of the corporation are at a standstill because of their personal attitudes toward each other. What could you recommend so this corporation could become functional again?
