TOO MUCH FUN
Too much fun, what’s that mean?
It’s like too much money, there’s no such thing
It’s like a girl too pretty with too much class
Being too lucky, a car too fast
No matter what they say, I’ve done
But I ain’t never had too much fun
By Daryle Singletary
The lyrics of country songs share the heart of personal stories in a way like no other music genre. In the chorus above from his song “Too Much Fun,” Daryle Singletary croons that there is no such thing as too much money. His chorus got me to thinking whether the concept of too much money has any role to play in the operation of private companies. Specifically, would a Texas court ever hold that the officers and directors of a private company had breached their fiduciary duty by retaining excessive earnings? Or, have Texas judges taken Daryle’s words too much to heart and concluded that there is no such thing as too much money when it comes to the amount of profits that a company can retain and choose not distribute to its owners?
Continue Reading Too Much Money: Can a Minority Shareholder Succeed on a Breach of Fiduciary Duty Claim Based on The Company’s Excessive Retained Earnings