The state appeals court says the widow of a southern Indiana theme park president isn't required to sell shares in the facility to her late husband's brother.
The ruling issued Thursday upholds a county judge's finding that Lori Koch was the majority shareholder of the holding company that operates Holiday World & Splashin' Safari in Santa Claus. She took control of the shares upon the sudden death of her husband, park president Will Koch, in June 2010. The appeals court heard arguments in the case in early August.
Dan Koch had tried to buy his brother's shares in the park, but the appeals court ruled that his offer of $26.8 million violated terms of a 2002 agreement between the Koch brothers and their sister, Natalie. That agreement governed the sale of shares in the event of any of their deaths.
The Indiana Lawyer has a full story on this case.