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IN RE NORTHLAKE FOODS, INC.

No. 12-15603 Non-Argument Calendar.

715 F.3d 1251 (2013)

In re NORTHLAKE FOODS, INC. a.k.a. North Lake Foods, Inc., Debtor. David H. Crumpton, Plaintiff-Appellant, v. Richard Stephens, Defendant-Appellee.

United States Court of Appeals, Eleventh Circuit.

May 6, 2013.

Attorney(s) appearing for the Case

Paul Gerard Durdaller , John Kevin Rezac , Taylor, English, Duma, LLP, Atlanta, GA, Roberta A. Colton , Stephanie Crane Lieb , Trenam Kemker , Tampa, FL, for Plaintiff-Appellant.

Robert Matthew Martin , McKenna, Long & Aldridge, LLP, Atlanta, GA, Steven R. Wirth , Akerman, Senterfitt, LLP, Robert Zebro , Cope, Zebro & Crawford, PL, Clearwater, FL, for Defendant-Appellee.

Before TJOFLAT, MARTIN and JORDAN, Circuit Judges.

PER CURIAM:

I.

Northlake Foods, Inc. ("Northlake"), is a Georgia corporation that owned approximately 150 Waffle House restaurants in Georgia, Florida, and Virginia. On March 1, 1991, Richard Stephens, a shareholder of Northlake, executed a Shareholders Agreement. Section 5.01 of the agreement contained the following provision:

If the Corporation's income ever becomes taxable to the Shareholders, rather than to the Corporation, the Corporation shall...

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