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ÿÿ35;AGMSY_11.1.1.1.1.1.1.1.%ä2¼A`‹Arial ÒÝ ƒR§z$ÝÓ  Óà  àòòÚ  Ú1Ú  ÚóóÔ€ôè$ò»»ÔÝ  ÝÔ_Ô€We€note€that€some€courts€in€our€sister€states€have€found€that€a€shareholderððs€right€to€inspect€the€records€ofÐ ° Ða€corporation€may,€under€some€circumstances,€extend€to€wholly„owned€subsidiaries€of€that€corporation.€But€aÐ qÁ Ðshareholderððs€right€to€inspect€the€records€of€a€subsidiary€will€only€be€found€when,€in€the€words€of€one€court,€ð ðtheÐ 2‚ Ðsubsidiary€is€in€fact€the€mere€alter€ego€of€the€parent€or€that€fraud€has€occurred.ðð€òòò òSouth€Side€Bank€v.€T.S.B.€Corpóó.,€419Ð óC ÐN.E.2d€477,€479€(Ill.Ct.App.€1981)ó ó.€òòSee€also€ò òState€ex€rel.€Brown€v.€III€Investments,€Inc.óó,€80€S.W.3d€855€(Mo.Ct.App.Ð ¸ Ð2002).€ó óAs€Appellees€correctly€note,€ð ð[t]here€is€not€even€an€allegation€in€Plaintiffsðð€petition,€much€less€any€proof€in€theÐ }Í Ðrecord,€to€support€a€conclusion€that€either€American€Metal€Sales,€Inc.€or€Southern€Steel€Supply€Metal€Sales,€Inc.€is€theÐ B ’ Ðalter€ego€or€instrumentality€of€F.€Perlman€&€Company,€Inc.ðð€Therefore,€we€need€not€consider€this€question. ÞÝ ƒR§z$ÝÓ  Óà  àòòÚ  Ú2Ú  ÚóóÔ€ôè$ò»»ÔÝ  ÝÔ_Ôà ` àThe€right€of€shareholders€to€inspect€corporate€minutes€and€accounting€records€isòòóó€contingent€upon€aÐ ° Ðshowing€of€good€faith€and€proper€purpose,€under€T.C.A.€48„26„102(c),€which€reads:Ð qÁ ÐÌà8  àà8` Ð Ð àA€shareholder€may€inspect€and€copy€the€records€described€in€subsection€(b)€onlyÐ óC Ðif:д` x` x Ðà8  àà8` Ð Ð àÐ ` x` x Ðà8  àà8` Ð Ð à(1)€The€shareholderððs€demand€is€made€in€good€faith€and€for€a€proper€purpose;Ð6 †` x` x Ðà8  àà8` Ð Ð à(2)€The€shareholder€describes€with€reasonable€particularity€the€shareholderððsÐ ÷ G Ðpurpose€and€the€records€the€shareholder€desires€to€inspect;€andи ` x` x Ðà8  àà8` Ð Ð à(3)€The€records€are€directly€connected€with€the€shareholderððs€purpose.Ðy É ` x` x ÐÌIt€is€uncontested€by€Appellees€that€the€Panitzes€had€good€faith€and€a€proper€purpose€in€seeking€the€records€at€issue€inÐ û K  Ðthis€dispute.3#37=CIQYag­­1.a.i.(1)(a)(i)1)a)Oi) #Ñ#€Ò2Xÿÿd#Ñ(|G2§z$¤¤Ý ƒ£ª!ÝÑ€.ÑÑ8€¹»»dd8ÑÑ ý ÑÓ  ÓÝ  Ýà  àòòÚ  Ú0Ú  ÚóóÔ€ôè$ò»»ÔD1Ï 6hö0ê:i¢×+00 d3|x(|3¶!$££Ý ƒ£ª!ÝÑ€.ÑÑ8€¹»»dd8ÑÑ ý ÑÓ  ÓÝ  ÝVVVV)ÿÿ!dxdx)!ÈÈÈÈdxdx( ±þ$’’ò òFigure€Ú  Ú1Ú  Úó ó^_X`YEþÿ<<CÿÿƒLevel 1Level 2Level 3Level 4Level 5(|3¶!$¢¢Ý ƒ£ª!ÝÑ€.ÑÑ8€¹»»dd8ÑÑ ý ÑÓ  ÓÝ  Ý($$””ò òÚ  Ú1Ú  Úó óX[Z&OLE 2.0 Box <=8ÿÿÿÿÿÿÿÿÿÿCÿÿ HKKKKÿU‹ÿÀÀÀ˜\\IB01S02\CLERKJACÈÈ,,,,ÈÈ0 PANITZ COAT.C.A.ChiapellaBearmanWexlerPanitzesinspect[ingMcKibben Izzy"AcknowledgementplantiffsHuddleston§ Pub.Actsitself— notGraggMoserTenn.Ct.AppGleavesWestmorelandChildress i]fManahansubstitut[eTelecommsT.S.B.Ill.Ct.AppMo.Ct.Appt]here i]nDefriece I]toverbroadentitled— i.e. W.S.Ý ƒ£ª!ÝÑ€.ÑÑ8€¹»»ddÈ8ÑÑ ý ÑÓ  ÓÝ  ÝÔ_ÔÑ  ÑÔ€¼¹»»»ÔÑ8€ˆXXdé»»d8ÑÑ  Ñà@ò ò ìàÔ‡î=†î»¼¹ÔIN€THE€COURT€OF€APPEALS€OF€TENNESSEEˆÐ ° Ðà@òò%ìàAT€JACKSONÔ#†¼¹»îî=† #ԈРÓ# ÐÓ  ÓJuly€20,€2004€SessionÐ öF ÐÔ‡XˆX»¼¹ÔÌò òÔ#†¼¹»XXˆð#ÔMONTE€PANITZ,€òòet€al.óó€v.€F.€PERLMAN€&€COMPANY,€INC.,€òòet€alóó.Ô‡XˆX»¼¹Ôó óÐ ï? ÐÌà@@½½ìàò òA€Direct€Appeal€from€the€Chancery€Court€for€Shelby€CountyÐ é 9 Ðà@@øøìàNo.€CH„03„0640„1€€€€€€The€Honorable€Walter€Evans,€ChancellorÐ Ó # ÐÌÌà@@ìì*ìàßA€V) °°` d€÷E<` AßÐ ‘á  ÐÌà@@TTìàNo.€W2003„01958„COA„R3„CV€„€Filed€October€4,€2004Ð ŠÚ  ÐÌßA€V) °°` dE<]` AßÐ ^®  Ðó óÌÓ  ÓÔ‡X;DXXXˆÔà  àShareholders€seek€to€inspect€certain€records€of€corporation€of€which€they€are€shareholders,Ð V¦  Ðas€well€as€records€of€two€other€corporations€(ð ðthe€subsidiariesðð):€a€second€corporation€which€is€theÐ ? Ðwholly„owned€subsidiary€of€the€corporation€in€which€Plaintiffs€hold€shares,€and€another€that€is€theÐ (x Ðwholly€owned„subsidiary€of€the€second€corporation.€Defendants€maintain€that€plaintiffs€do€not€haveÐ a Ðany€right€to€inspect€the€records€of€corporations€in€which€they€are€not€shareholders,€but€agreed€toÐ úJ Ðallow€inspection€of€limited€records€of€two€subsidiaries€as€a€courtesy,€contingent€upon€plaintiffsÐ ã3 Ðsigning€a€confidentiality€agreement.€Plaintiffs€maintain€that€they€have€an€unqualified€right€to€inspectÐ Ì Ðrecords€of€all€three€corporations€under€T.C.A.€48„26„102.€The€trial€court€found€that€theÐ µ Ðconfidentiality€agreement€was€reasonable€and€entered€an€order€requiring€defendants€to€produceÐ žî Ðcertain€records,€dating€back€to€1991,€for€inspection€and€copying.€It€further€held€that,€in€light€ofÐ ‡× Ðdefendantsðð€agreement€to€allow€limited€inspection€of€records€of€subsidiaries,€it€need€not€rule€on€issueÐ pÀ Ðof€whether€plaintiffs€were€entitled€to€inspect€records€of€subsidiaries.€We€affirm€as€modified€herein.Ð Y© ÐÔ#†XˆXXX;D¤#ÔÔ#†¼¹»XXˆ|#ÔÔ‡XˆX»¼¹ÔÌÓ˜ÓÌò òTenn.€R.€App.€P.€3;€Appeal€as€of€Right;€Judgment€of€the€Chancery€Court€Affirmed€asÐ d ÐModifiedó óÐ þN ÐÌòòÓ  ÓÔ#†¼¹»àXˆ¬ #ÔÔ‡XˆX.¼¹ÔW.€Frank€Crawford,€P.J.,€W.S.óó,€delivered€the€opinion€of€the€court,€in€which€òòDavid€R.€Farmer,Ð Ñ!!! ÐJ.óó€and€òòHolly€M.€Kirby,€J.óó,€joined.Ð º" " ÐÌJohn€Andre€Chiapella€of€Memphis€For€Appellants,€Monte€Panitz€and€Barry€PanitzÐ Œ$Ü$ ÐÌLeo€Bearman,€Jr.€and€Maurice€Wexler€of€Memphis€For€Appellees,€F.€Perlman€&€Company,€Inc.,Ð ^&®!& ÐAlan€Perlman,€Neil€Cohen,€Michael€Wexler,€Southern€Steel€Supply€Company,€Inc.€and€AmericanÐ G'—"' ÐMetal€Sales,€Inc.Ð 0(€#( ÐÓk ÓÌò òOPINIONó óÔ#†¼¹»XXˆš #ÔÔ‡XˆX»¼¹ÔÐ *R%* ÐÌòòóóÔ#†¼¹»XXˆ#ÔÔ‡XˆX»¼¹ÔÓ  ÓÑ€Q|2ÑÑ8€;DXXdéXXdé8Ñò òÓ  ÓI.€BACKGROUNDó óÐ Õ+%', Ðâ âÓíÓÐ ¿,(-ý½ Ðà  àAppellants,€Monte€Panitz€and€Barry€Panitz,€are€shareholders€of€F.€Perlman€&€CompanyÐ ° Ðâ â(ð ðPerlman€and€Co.ðð).€Perlman€&€Co.€is€the€sole€owner€of€Southern€Steel€Supply€Company,€Inc.Ð ™é Ð(ð ðSouthern€Steelðð),€and€Southern€Steel€is€the€sole€owner€of€American€Metal€Sales,€Inc.€(ð ðAmericanÐ ‚Ò ÐMetalðð).€Appellants€are€not€shareholders€of€Southern€Steel€or€American€Metal.Ð k» ÐÌà  àOn€May€20,€2002,€John€Andre€Chiapella,€attorney€for€the€Panitzes,€demanded,€by€letter,€ð ðtoÐ =  Ðinspect€the€records€of€the€corporation€and€its€subsidiaries€....€to€ascertain€whether€any€breach€ofÐ & v Ðfiduciary€duty€has€occurred€with€regard€to€the€directors€or€officers€of€the€corporation€or€itsÐ  _ Ðsubsidiaries.ðð€On€June€13,€Chiapella€followed€up€with€a€more€specific€letter,€demanding€to€inspect,Ð ø H Ðð ðto€the€extent€not€previously€inspected€on€July€5,€2002,ðð€the€following:Ð á 1  ÐÌà8  à1.€Charter€and€any€amendments€thereto€from€inception€of€said€corporations€toÐ ³  Ðpresent;Мì Ð Ð  Ðà8  àÐ Ð Ð  Ðà8  à2.€Bylaws€and€any€amendments€thereto€from€inception€of€said€corporations€toÐ n¾  Ðpresent;ÐW§ Ð Ð  Ðà8  àÐ Ð Ð  Ðà8  à3.€Any€and€all€minutes€from€inception€of€said€corporations€to€present;€andÐ)yÐ Ð  Ðà8  àÐ Ð Ð  Ðà8  à4.€Total€compensation€paid€to€each€and€every€officer€for€the€last€ten€(10)€years€fromÐ ûK Ðeach€of€the€foregoing€corporations.Ðä4Ð Ð  ÐÌChiapella€concluded€his€June€13€letter€by€stating€the€Plaintiffsðð€purposes€in€requesting€the€records:Ð ¶ ÐÌà8  àà ` àThe€purposes€for€which€the€inspection€of€records€are€hereby€demanded€areÐ ˆØ Ðto€aid€the€shareholders€in€their€determination€of€whether€the€business€of€eachÐ qÁ Ðcorporation€is€being€properly€conducted€and€whether€there€has€been€any€breach€ofÐ Zª Ðfiduciary€duty€by€any€director€or€officer€of€the€corporations.ÐC“Ð Ð  Ðà8  àÐ Ð Ð  Ðà8  àà ` àWe€are€in€the€process€of€hiring€a€forensic€auditor€to€assist€us€in€inspect[ing]Ð e Ðthe€financial€records€of€the€corporations.€Once€accomplished,€we€will€make€demandÐ þN Ðwith€respect€to€the€appropriate€financial€records.Ðç 7Ð Ð  ÐÌà  àIn€a€letter€to€Chiapella€dated€July€3,€2002,€Leo€Bearman,€Jr.,€attorney€for€Perlman€&€Co.Ð ¹" ! Ðagreed€to€allow,€ð ðas€a€courtesy€to€you,ðð€the€inspection€of€certain€of€the€records€requested€by€theÐ ¢#ò" ÐPanitzes,€while€maintaining€that€the€Panitzes,€not€being€shareholders€of€Southern€Steel€or€AmericanÐ ‹$Û# ÐMetal,€were€not€entitled€to€the€information€sought.€Specifically,€Perlman€&€Co.ððs€counsel€offeredÐ t%Ä $ Ðto€make€available€the€following€records€for€inspection:Ð ]&­!% ÐÌà8  à1.à0` Ð Ð àA€list€of€the€officers€and€members€of€the€Board€of€Directors€of€F.€Perlman€&Ð /(#' ÐCompany,€Inc.€dating€back€to€October€14,€1996€(enclosed).Ð)h$(` Ð ` Ð  Ðà8  àÐ Ð Ð  Ðà8  à2.à0` Ð Ð àA€list€of€the€officers€and€board€of€Directors€of€Southern€Steel€SupplyÐ ê*:&* ÐCompany,€Inc.€dating€back€to€June,€1994€(enclosed).ÐÓ+#'+` Ð ` Ð  Ðà8  àÐ Ð Ð  Ðà8  à3.à0` Ð Ð àA€list€of€the€officers€and€directors€of€American€Metal€Sales,€Inc.€dating€backÐ ™é Ðto€June,€1994€(enclosed).ЂÒ` Ð ` Ð  Ðà8  àÐ Ð Ð  Ðà8  à4.à0` Ð Ð àA.à0¸ ` Ð ` Ð àTo€the€extent€they€are€readily€available,€copies€of€the€minutes€ofÐ T¤ ÐSouthern€Steel€Supply€Company,€Inc.€and€American€Metal€Sales,€Inc.Ð =  Ðfrom€1991,€to€the€present.€You€may€review€these€in€my€office€at€yourÐ & v Ðconvenience.€We€have€already€supplied€copies€of€the€minutes€of€F.Ð  _ ÐPerlman€&€Company,€Inc.Ðø H¸ Ð ¸ Ð  Ðà8  àÐ Ð Ð  Ðà8  àà ` àB.à0¸ Ð Ð àA€list€of€the€total€compensation€by€way€of€salaries€and€bonuses€paidÐ Ê   Ðto€Frank€Perlman,€Joe€Williams,€Neil€Cohen,€Michael€Wexler,€GaryÐ ³  ÐMcKibben,€Alan€Perlman,€Barry€Panitz,€and€Monte€Panitz€from€1997Ð œì  Ðto€date.Ð…Õ ¸ Ð ¸ Ð  Ðà8  àÐ Ð Ð  Ðà8  àà ` àC.à0¸ Ð Ð àThe€information€listed€in€paragraphs€4.A.€and€4.B.€will€be€suppliedÐ W§  Ðto€you€after€you€and€your€clients€execute€a€ConfidentialityÐ @ ÐAgreement,€a€copy€of€which€I€enclose.€We€feel€that€individualÐ )y Ðcompensation,€as€well€as€the€content€of€all€corporate€minutes€areÐ b Ðindeed€confidential,€non„public,€proprietary€matters€and,€therefore,Ð ûK Ðbelieve€that€this€is€a€reasonable€request.Ðä4¸ Ð ¸ Ð  ÐÌThe€confidentiality€agreement€referenced€by€Bearman€in€item€4€C.€of€his€July€3,€2002€letter€readsÐ ¶ Ðas€follows:Ð Ÿï ÐÌà8  àYou€have€demanded€inspection€of€records€of€F.€Perlman€&€Company,€Inc.€(ð ðF.Ð qÁ ÐPerlmanðð)€on€behalf€of€your€clients,€Monte€Panitz,€Barry€Panitz€and€the€Estate€ofÐ Zª ÐIzzy€Panitz.€The€purpose€which€you€have€stated€for€demanding€the€inspection€ofÐ C“ Ðrecords€is€to€aid€your€clients€as€shareholders€of€F.€Perlman€in€a€determination€ofÐ ,| Ðwhether€the€business€of€F.€Perlman€and€its€subsidiaries€is€being€properly€conductedÐ e Ðand€whether€there€has€been€a€breach€of€fiduciary€duty€by€any€director€or€officer€ofÐ þN ÐF.€Perlman€or€its€subsidiaries.€The€records€which€you€have€requested€include€non„Ð ç 7 Ðpublic€information.€F.€Perlman€is€willing€to€provide€such€non„public€information€ifÐ Ð!   Ðit€receives€appropriate€assurances€of€confidentiality€and€that€the€information€willÐ ¹" ! Ðonly€be€used€by€either€you€or€your€clients€for€the€stated€purposes.Т#ò"Ð Ð  Ðà8  àÐ Ð Ð  Ðà8  àAccordingly,€the€terms€and€conditions€of€this€Confidentiality€Agreement€(theÐ t%Ä $ Ðð ðAgreementðð)€are€as€follows:Ð]&­!%Ð Ð  Ðà8  àÐ Ð Ð  Ðà8  à1.à ` àòòProvision€of€Confidential€Informationóó.€Pursuant€to€your€letters€of€May€20,Ð /(#' Ð2002€and€June€13,€2002,€you€have€requested€information€concerning€F.€Perlman€andÐ )h$( Ðits€subsidiaries€that€F.€Perlman€considers€non„public,€proprietary,€or€confidential€inÐ *Q%) Ðnature.€All€such€information,€whether€having€been€previously€provided,€presentlyÐ ê*:&* Ðprovided,€or€provided€in€the€future€is€hereby€collectively€referred€to€as€ð ðConfidentialÐ Ó+#'+ ÐInformationðð.€F.€Perlman€is€willing€to€disclose€and€provide€such€ConfidentialÐ ° ÐInformation€to€you€upon€the€terms€and€conditions€set€forth€in€this€letter.ЙéÐ Ð  Ðà8  àÐ Ð Ð  Ðà8  à2.à ` àòòAcknowledgment€of€Confidentialityóó.€You€and€your€clients€recognize€andÐ k» Ðacknowledge€the€non„public€and€proprietary€nature€of€the€Confidential€Information,Ð T¤ Ðand€that€damage€could€result€to€F.€Perlman€if€any€of€the€Confidential€Information€isÐ =  Ðdisclosed€to€a€third€party.€By€receiving€the€Confidential€Information€from€F.Ð & v ÐPerlman,€you€and€your€clients€agree€that€any€and€all€information€may€be€furnishedÐ  _ Ðto€you€by€F.€Perlmanððs€officers,€directors,€employees€or€legal,€accounting€or€otherÐ ø H Ðprofessional€representatives€will€be€used€solely€for€the€above€stated€purposes.Ðá 1 Ð Ð  Ðà8  àÐ Ð Ð  Ðà8  à3.à ` àòòUse€of€Confidential€Informationóó.€You€and€your€clients€agree€to€maintain€theÐ ³  Ðconfidentiality€of€the€Confidential€Information€and€not€to€disclose€such€to€anyÐ œì  Ðpersons€whatsoever,€excepting€only€(I)€persons€to€whom€such€disclosure€is€requiredÐ …Õ  Ðby€legal€process€(but€only€after€notifying€F.€Perlman€of€their€receipt€of€such€processÐ n¾  Ðand€giving€F.€Perlman€an€opportunity€to€seek€such€protection€and€protective€ordersÐ W§  Ðas€F.€Perlman€may€undertake€to€obtain);€(ii)€such€other€persons€to€whom€disclosureÐ @ Ðis€approved€in€writing€by€F.€Perlman;€(iii)€to€your€employees€and€agents€pursuant€toÐ )y Ðthe€above€stated€purposes€and€subject€to€the€same€terms€and€conditions;€and€(iv)€inÐ b Ðany€judicial€proceedings€alleging€a€claim€of€your€clients€against€F.€Perlman.ÐûKÐ Ð  Ðà8  àÐ Ð Ð  Ðà8  à4.à ` àòòOther€Provisionsóó.€This€Agreement€shall€be€binding€upon€you€and€your€clientsÐ Í Ðand€your€respective€successors,€and€assigns.€This€Agreement€may€be€amended€onlyÐ ¶ Ðby€a€writing€signed€by€the€parties€hereto.ПïÐ Ð  ÐÌà8  àThe€undersigned€agree€to€and€accept€the€above„stated€terms€and€conditions€as€of€thisÐ qÁ Ð_____€day€of€_____,€2002.ÐZªÐ Ð  ÐÌà  àà ` àà ¸ àà  àà h àà À àà  à_____________Ð ,| Ðà  àà ` àà ¸ àà  àà h àà À àà  àJOHN€ANDRE€CHIAPELLAÐ e Ðà0  àà0` (#(#àà0¸ ` (#` (#àà0¸ (#¸ (#àà0h(#(#àà0Àh(#h(#àà0À(#À(#àAttorney€for€Monte€Panitz,€Barry€Panitz€andÐ þN Ðthe€Estate€of€Izzy€PanitzÐç 7(#(# Ðà  àÌà  àà ` àà ¸ àà  àà h àà À àà  à_____________Ð ¹" ! Ðà  àà ` àà ¸ àà  àà h àà À àà  àMONTE€PANITZÐ ¢#ò" ÐÌÌà  àà ` àà ¸ àà  àà h àà À àà  à_____________Ð ]&­!% Ðà  àà ` àà ¸ àà  àà h àà À àà  àBARRY€PANITZÐ F'–"& ÐÌÌà  àà ` àà ¸ àà  àà h àà À àà  àTHE€ESTATE€OF€IZZY€PANITZÐ *Q%) Ðà  àà ` àà ¸ àà  àà h àà À àà  àBy:€_____________Ð ê*:&* Ðà  àà ` àà ¸ àà  àà h àà À àà  àTitle:€_____________ÓÓÐ Ó+#'+ ÐÓÞ:Óò òó óNeither€the€Panitzes€nor€Chiapella€signed€the€Confidentiality€Agreement.€On€April€4,€2003,€theÐ ° ÐPanitzes€filed€a€ð ðPetition€for€Order€Requiring€Defendants€to€Produce€Records€for€Inspection€andÐ ™é ÐCopying,ðð€naming€as€defendants,€F.€Perlman€&€Company,€Inc.,€Allan€Perlman,€Neil€Cohen,€MichaelÐ ‚Ò ÐWexler,€Southern€Steel€Supply€Company,€Inc.,€and€America€Metal€Sales,€Inc.€The€petition€alsoÐ k» Ðattaches€as€exhibits€the€above„referred€letters€dated€May€20,€2002,€June€13,€2002,€and€July€3,€2002,Ð T¤ Ðwith€a€copy€of€a€proposed€confidentiality€agreement€and€letters€dated€July€30,€2002€and€May€31,Ð =  Ð2002..€€The€petition€states,€in€relevant€part:Ð & v ÐÌà8  à8.à0` Ð Ð àThe€defendants€have€complied€in€part€with€plaintiffsðð€request€but€haveÐ ø H Ðrefused€to€furnish€records€of€[Southern€Steel€and€American€Metal]€and€haveÐ á 1  Ðrefused€to€produce€other€records€demanded€by€plantiffs€unless€plaintiffs€andÐ Ê   Ðtheir€attorney€sign€a€ð ðConfidentiality€Agreement.ððг ` Ð ` Ð  Ðà8  àÐ Ð Ð  Ðà8  à9.à0` Ð Ð àPlaintiffs€state€that€they€are€entitled€to€the€records€they€have€demanded,€andÐ …Õ  Ðthat€they€have€complied€with€T.C.A.€Section€48„26„102,€Subsection€c,€in€(1)Ð n¾  Ðthat€their€demand€is€made€in€good€faith€for€a€proper€purpose;€(2)€they€haveÐ W§  Ðdescribed€with€reasonable€particularity€their€purpose€and€the€records€theyÐ @ Ðdesire€to€inspect€and€(3)€the€records€are€directly€connected€with€theirÐ )y Ðpurpose.Ðb` Ð ` Ð  ÐÌà8  à10.à0` Ð Ð àThe€purposes€for€the€inspection€of€these€records€are€to€aid€plaintiffs€inÐ ä4 Ðdetermining€(1)€whether€the€business€of€each€corporation€is€being€properlyÐ Í Ðconducted,€(2)€whether€there€has€been€any€breach€of€fiduciary€duty€by€anyÐ ¶ ÐDirector€or€officer€of€each€corporation€and€(3)€the€value€of€plaintiffs€interestsÐ Ÿï Ðin€F.€Perlman€&€Company,€Inc.ЈØ` Ð ` Ð  Ðà8  àÐ Ð Ð  Ðà8  à11.à0` Ð Ð àPlaintiffs€have€no€other€adequate€or€specific€remedy€for€the€relief€hereinÐ Zª Ðsought€except€that€provided€in€T.C.A.€Sections€48„26„101€ð!ð€48„26„201.ÐC“` Ð ` Ð  ÐÌà8  àPREMISES€CONSIDERED,€PLAINTIFFS€PRAY:ÐeÐ Ð  ÐÌà8  à1.à0` Ð Ð àThat€a€copy€of€this€petition€be€served€upon€the€defendants,€and€that€the€CourtÐ ç 7 Ðenter€an€order€requiring€the€defendant€corporations,€through€their€President,Ð Ð!   ÐChairman€of€the€Board€of€Directors€and/or€Secretary„Treasurer,€to€produceÐ ¹" ! Ðthe€records€demanded€of€F.€Perlman€&€Company,€Inc.,€and€the€records€of€itsÐ ¢#ò" Ðtwo€wholly€owned€subsidiaries,€for€inspection€and€copying€by€plaintiffs,€theirÐ ‹$Û# Ðagents€and/or€attorney€as€provided€by€Sections€48„26„101€ð!ð€48„26„201.Ðt%Ä $` Ð ` Ð  ÐÌà  àOn€April€4,€2003,€a€Fiat€was€issued€ordering€that€the€Clerk€of€the€Court€issue€notice€toÐ F'–"& ÐPerlman€&€Co.,€Alan€Perlman,€Chairman€of€the€Board€of€Directors,€Neil€Cohen,€President,€andÐ /(#' ÐMichael€Wexler,€Secretary„Treasurer,€to€appear€in€court€on€Tuesday,€May€6,€2003,€for€a€hearing€onÐ )h$( Ðthe€petition€of€the€Panitzes€to€show€cause€why€they€should€not€produce€the€following€records€of€F.Ð *Q%) Ðâ âPerlman€&€Co.€and€its€wholly€owned€subsidiaries,€for€inspection€and€copying:Ð ê*:&* Ðà8  à1.à0` Ð Ð àCharter€and€any€amendments€thereto€from€the€inception€of€said€corporationsÐ ° Ðâ âto€the€present€less€charter€of€F.€Perlman€&€Company,€Inc.€as€of€June€3,€2002.Йé` Ð ` Ð  ÐÌà8  à2.à0` Ð Ð àBy„Laws€and€amendments€thereto€from€the€inception€of€said€corporations€toÐ k» Ðthe€present€less€by„laws€of€F.€Perlman€&€Company,€Inc.€as€of€June€3,€2002.ÐT¤` Ð ` Ð  ÐÌà8  à3.à0` Ð Ð àAny€and€all€minutes€from€the€inception€of€said€corporations€to€the€presentÐ & v Ðless€minutes€of€F.€Perlman€&€Company,€Inc.€for€the€period€February€18,€1991Ð  _ Ðthrough€December€6,€2001.Ðø H` Ð ` Ð  ÐÌà8  à4.à0` Ð Ð àTotal€compensation€paid€to€each€and€every€officer€for€the€last€10€years€fromÐ Ê   Ðeach€of€the€foregoing€corporations.г ` Ð ` Ð  ÐÌà  àThe€Appellees€filed€an€answer€on€April€16,€2003;€a€First€Amended€and€SupplementalÐ …Õ  ÐAnswer€on€April€29,€2003;€and€a€Second€Amended€and€Supplemental€Answer€on€May€6,€2003.Ð n¾  ÐÌà  àA€hearing€was€held€on€May€6,€2003.€On€June€27,€2003,€the€court€entered€an€Order€RequiringÐ @ ÐDefendants€to€Produce€Records€For€Inspection€and€Copying€Subject€to€Protective€Order.€The€orderÐ )y Ðreads,€in€relevant€part:Ð b ÐÌà8  àà ` àThe€Court,€it€not€being€necessary€to€do€so,€declines€to€decide€the€question€ofÐ ä4 Ðwhether€or€not€Plaintiffs,€who€are€not€shareholders€of€either€Southern€Steel€SupplyÐ Í ÐCompany,€Inc.€or€American€Metal€Sales,€Inc.,€are€entitled€to€demand€certain€recordsÐ ¶ Ðof€those€corporations.€However,€as€a€result€of€being€advised€of€the€previous€offerÐ Ÿï Ðmade€by€Defendantsðð€counsel€to€produce€certain€records€to€Plaintiffs€under€certainÐ ˆØ Ðconditions;ÐqÁÐ Ð  Ðà8  àÐ Ð Ð  Ðà8  àà ` àIT€IS€ORDERED,€ADJUDGED€AND€DECREED€that€Defendants€SouthernÐ C“ ÐSteel€Supply€Company,€Inc.€and€American€Metal€Sales,€Inc.€shall€make€available€toÐ ,| ÐPlaintiffs€for€inspection€and€copying,€to€the€extent€that€they€are€available,€copies€ofÐ e Ðthe€minutes€of€Southern€Steel€Supply€Company,€Inc.€and€American€Metal€Sales,€Inc.Ð þN Ðfrom€1991€to€the€present,€and€copies€of€the€charter€and€by„laws€of€the€twoÐ ç 7 Ðcorporations.€ÐÐ!  Ð Ð  Ðà8  àÐ Ð Ð  Ðà8  àà ` àIT€IS€FURTHER€ORDERED,€ADJUDGED,€AND€DECREED€thatÐ ¢#ò" ÐDefendants€F.€Perlman€&€Company,€Inc.,€Southern€Steel€Supply€Company,€Inc.€andÐ ‹$Û# ÐAmerican€Metal€Sales,€Inc.€shall€supply€to€Plaintiffs€a€list€of€the€total€compensationÐ t%Ä $ Ðby€way€of€salaries€and€bonuses€paid€to€Frank€Perlman,€Joe€Williams,€Neil€Cohen,Ð ]&­!% ÐMichael€Wexler,€Gary€McKibben,€Alan€Perlman,€Barry€Panitz€and€Monte€PanitzÐ F'–"& Ðfrom€1991€to€the€present,€to€the€extent€that€such€information€is€available.Ð/(#'Ð Ð  Ðà8  àÐ Ð Ð  Ðà8  àà ` àIT€IS€FURTHER€ORDERED,€ADJUDGED€AND€DECREED€that€the€saidÐ *Q%) ÐDefendants€shall€supply€the€information€set€out€above€on€condition€that€MonteÐ ê*:&* ÐPanitz,€Barry€Panitz€and€Barry€Panitz,€Trustee€of€the€Izzy€Panitz€Credit€Shelter€Trust,Ð Ó+#'+ Ðexecute€a€Confidentiality€Agreement€identical€to€that€affixed€to€the€petition€filed€inÐ ° Ðthis€matter€and€dated€July€3,€2002,€the€court€specifically€finding€that€saidÐ ™é ÐConfidentiality€Agreement€is€reasonable€and€that€its€execution€constitutes€a€conditionÐ ‚Ò Ðto€Plaintiffs€receiving€access€to€the€information€set€out€above.€Defendants€SouthernÐ k» ÐSteel€Company,€Inc.€and€American€Metal€Sales,€Inc.€shall€make€said€material€andÐ T¤ Ðinformation€available€to€Plaintiffs€within€thirty€days€of€the€delivery€to€counsel€forÐ =  ÐDefendants€of€the€fully€executed€Confidentiality€Agreement€approved€herein.Ð& vÐ Ð  ÐÌThe€Panitzes€filed€their€Notice€of€Appeal€on€July€28,€2003.Ð ø H ÐÌò òÓ  ÓII.€STANDARD€OF€REVIEWÐ Ê   ÐÌó óÓE[Óà  àOur€standard€of€review€in€this€non„jury€case€is€òòde€novoóó€upon€the€record€of€the€proceedingsÐ žî  Ðbelow€and€there€is€no€presumption€of€correctness€with€respect€to€the€trial€court's€conclusions€of€law.€Ð ‡×  Ðò òòòCampbell€v.€Florida€Steel€Corp.óó,€919€S.W.2d€26€(Tenn.€1996)€ó óand€Tenn.€R.€App.€P.€13(d).€€TheÐ pÀ  Ðtrial€court's€factual€findings€are,€however,€presumed€to€be€correct€and€we€must€affirm€such€findingsÐ \¬  Ðabsent€evidence€preponderating€to€the€contrary.€€òòò òUnion€Carbide€Corp.€v.€Huddlestonóó,€854€S.W.2dÐ E• Ð87€(Tenn.€1993)ó ó.Ð 1 ÐÌÔ‡X;DXXXˆÔò òÓ  ÓIII.€ISSUES€FOR€REVIEWó óÐ V ÐÓJ^ÓÌà8  àà8` Ð Ð à1.€€Whether€the€order€entered€June€27,€2003,€of€the€Chancery€CourtÐ Ù) Ðof€Shelby€County,€Tennessee€(ð ðChancery€Courtðð)€denying€theÐ Â ÐAppellants,€shareholders€and€members€of€the€board€of€directors€of€F.Ð «û ÐPerlman€&€Company,€Inc.€(ð ðPerlman€&€Companyðð)€the€right€toÐ ”ä Ðinspect€ò òòòALLóóó ó€the€minutes€and€by„laws€of€Perlman€&€Company€and€itsÐ }Í Ðsubsidiaries€and€allowing€the€Appellants€only€the€right€to€inspectÐ i¹ Ðsuch€records€for€the€period€commencing€after€1991€was€error.ÐR¢` x` x ÐÌà8  àà8` Ð Ð à2.€€Whether€the€Chancery€Court€erred€in€denying€the€Appellants€asÐ $t Ðdirectors€of€Perlman€&€Company€the€right€to€inspect€the€records€ofÐ  ] ÐPerlman€&€Company€and€its€subsidiaries.Ðö F` x` x ÐÌà8  àà8` Ð Ð à3.€€Whether€the€Confidentiality€Agreement€which€the€Chancery€CourtÐ È"! Ðrequired€the€Appellants€to€sign€prior€to€inspection€of€the€records€ofÐ ±#" ÐPerlman€&€Company€and€its€subsidiaries€was€a€reasonable€restrictionÐ š$ê# Ðpursuant€to€Tenn.€Code€Ann.€ðð€48„26„104(d).Ѓ%Ó $` x` x ÐÌà8  àà8` Ð Ð à4.€€Whether€the€Chancery€Court€in€its€order€of€June€27,€2003€erred€inÐ U'¥"& Ðallowing€the€Appellants€to€procure€records€only€to€the€extentÐ >(Ž#' Ðavailable€as€initially€determined€by€Appellees€without€stating€whatÐ ')w$( Ðrecords€were€not€available€and€the€reasons€for€such€unavailability.Ð*`%)` x` x Ðâ âÐ ù*I&* Ðà8  àà8` Ð Ð à5.€€Whether€the€refusal€of€the€Chancery€Court€to€make€Finding€ofÐ ° Ðâ âFacts€was€error.Йé` x` x ÐÌÓ  Óò òIV.€ANALYSISó óÐ k» ÐÓfÓÌòòò òó óóóà8  àà8` Ð Ð àIssue€1:€€Whether€the€order€entered€June€27,€2003,€of€the€ChanceryÐ > Ž ÐCourt€of€Shelby€County,€Tennessee€(ð ðChancery€Courtðð)€denying€theÐ ' w ÐAppellants,€shareholders€and€members€of€the€board€of€directors€of€F.Ð  ` ÐPerlman€&€Company,€Inc.€(ð ðPerlman€&€Companyðð)€the€right€toÐ ù I Ðinspect€ò òòòALLóóó ó€the€minutes€and€by„laws€of€Perlman€&€Company€and€itsÐ â 2  Ðsubsidiaries€and€allowing€the€Appellants€only€the€right€to€inspectÐ Î   Ðsuch€records€for€the€period€commencing€after€1991€was€error.з ` x` x ÐÌà  àThe€Panitzes€contend€that€they€are€entitled,€by€virtue€of€T.C.A.€48„26„101€and€T.C.A.€48„26„Ð ‰Ù  Ð102,€to€inspect€the€records€of€not€only€F.€Perlman€&€Co.,€but€also€American€Metal€and€SouthernÐ r  ÐSteel.€The€pertinent€statutes€read€as€follows:Ð [«  ÐÌà8  àò òð§ ð€48„26„101.€Required€records.Ð-}Ð Ð  Ðà8  àó óÐ Ð Ð  Ðà8  à(a)€A€corporation€shall€keep€as€permanent€records€minutes€of€all€meetings€of€itsÐ P Ðshareholders€and€board€of€directors,€a€record€of€all€actions€taken€by€the€shareholdersÐ é9 Ðor€board€of€directors€without€a€meeting,€and€a€record€of€all€actions€taken€by€aÐ Ò" Ðcommittee€of€the€board€of€directors€in€place€of€the€board€of€directors€on€behalf€of€theÐ »  Ðcorporation.ФôÐ Ð  Ðà8  àÐ Ð Ð  Ðà8  à(b)€A€corporation€shall€maintain€appropriate€accounting€records.ÐvÆÐ Ð  Ðà8  àÐ Ð Ð  Ðà8  à(c)€A€corporation€or€its€agent€shall€maintain€a€record€of€its€shareholders,€in€a€formÐ H˜ Ðthat€permits€preparation€of€a€list€of€the€names€and€addresses€of€all€shareholders,€inÐ 1 Ðalphabetical€order€by€class€and€series,€if€any,€of€shares€showing€the€number,€class,Ð j Ðand€series,€if€any,€of€shares€held€by€each€shareholder.Ð SÐ Ð  ÐÌà8  à(d)€A€corporation€shall€maintain€its€records€in€written€form€or€in€another€formÐ Õ!%  Ðcapable€of€conversion€into€written€form€within€a€reasonable€time.о"!Ð Ð  ÐÌà8  à(e)€A€corporation€shall€keep€a€copy€of€the€following€records€at€its€principal€office:Ð$à#Ð Ð  Ðà8  àÐ Ð Ð  Ðà8  àà8` Ð Ð à(1)€Its€charter€or€restated€charter€and€all€amendments€theretoÐ b&²!% Ðcurrently€in€effect;ÐK'›"&` x` x Ðà8  àà8` Ð Ð àÐ ` x` x Ðà8  àà8` Ð Ð à(2)€Its€bylaws€or€restated€bylaws€and€all€amendments€to€themÐ )m$( Ðcurrently€in€effect;Ð*V%)` x` x Ðâ âà8  àà8` Ð Ð àÐï*?&*` x` x Ðà8  àà8` Ð Ð à(3)€Resolutions€adopted€by€its€board€of€directors€creating€one€(1)€orÐ ° Ðâ âmore€classes€or€series€of€shares,€and€fixing€their€relative€rights,Ð ™é Ðpreferences,€and€limitations,€if€shares€issued€pursuant€to€thoseÐ ‚Ò Ðresolutions€are€outstanding;Ðk»` x` x Ðà8  àà8` Ð Ð àÐ ` x` x Ðà8  àà8` Ð Ð à(4)€The€minutes€of€all€shareholders'€meetings,€and€records€of€allÐ =  Ðaction€taken€by€shareholders€without€a€meeting,€for€the€past€three€(3)Ð & v Ðyears;Ð _` x` x Ðà8  àà8` Ð Ð àÐ ` x` x Ðà8  àà8` Ð Ð à(5)€All€written€communications€to€shareholders€generally€within€theÐ á 1  Ðpast€three€(3)€years,€including€any€financial€statements€prepared€forÐ Ê   Ðthe€past€three€(3)€years€under€ðð€48-26-201;г ` x` x Ðà8  àà8` Ð Ð àÐ ` x` x Ðà8  àà8` Ð Ð à(6)€A€list€of€the€names€and€business€addresses€of€its€current€directorsÐ …Õ  Ðand€officers;€andÐn¾ ` x` x Ðà8  àà8` Ð Ð àÐ ` x` x Ðà8  àà8` Ð Ð à(7)€Its€most€recent€annual€report€delivered€to€the€secretary€of€stateÐ @ Ðunder€ðð€48-26-203.Ð)y` x` x Ðà8  àÐ Ð Ð  Ðà8  à1986€Pub.Acts,€c.€887,€ðð€16.01.ÐûKÐ Ð  ÐÓHiÓÌÓxÓà8  àò òðð€48-26-102.€Shareholders€right€to€inspect€and€copy€records.ó óжРР Ðà8  àÐ Ð Ð  Ðà8  à(a)€A€shareholder€of€a€corporation€is€entitled€to€inspect€and€copy,€during€regularÐ ‰Ù Ðbusiness€hours€at€the€corporation's€principal€office,€any€of€the€records€of€theÐ r Ðcorporation€described€in€ðð€48-26-101(e),€if€the€shareholder€gives€the€corporationÐ [« Ðwritten€notice€of€the€shareholder's€demand€at€least€five€(5)€business€days€before€theÐ D” Ðdate€on€which€the€shareholder€wishes€to€inspect€and€copy.Ð-}Ð Ð  Ðà8  àÐ Ð Ð  Ðà8  à(b)€A€shareholder€of€a€corporation€is€entitled€to€inspect€and€copy,€during€regularÐ ÿO Ðbusiness€hours€at€a€reasonable€location€specified€by€the€corporation,€any€of€theÐ è 8 Ðfollowing€records€of€the€corporation,€if€the€shareholder€meets€the€requirements€ofÐ Ñ!!  Ðsubsection€(c)€and€gives€the€corporation€written€notice€of€the€shareholder's€demandÐ º" ! Ðat€least€five€(5)€business€days€before€the€date€on€which€the€shareholder€wishes€toÐ £#ó" Ðinspect€and€copy:ÐŒ$Ü#Ð Ð  Ðà8  àÐ Ð Ð  Ðà8  àà8` Ð Ð à(1)€Excerpts€from€minutes€of€any€meeting€of€the€board€of€directors,Ð ^&®!% Ðrecords€of€any€action€of€a€committee€of€the€board€of€directors€whileÐ G'—"& Ðacting€in€place€of€the€board€of€directors€on€behalf€of€the€corporation,Ð 0(€#' Ðminutes€of€any€meeting€of€the€shareholders,€and€records€of€actionÐ )i$( Ðtaken€by€the€shareholders€or€board€of€directors€without€a€meeting,€toÐ *R%) Ðthe€extent€not€subject€to€inspection€under€subsection€(a);à8@` x` xàÐ ë*;&* ÐÐ Ô+$'+ Ðà8  àà8` Ð Ð à(2)€Accounting€records€of€the€corporation;€andа` x` x Ðà8  àà8` Ð Ð àÐ ` x` x Ðà8  àà8` Ð Ð à(3)€The€record€of€shareholders.ЂÒ` x` x Ðà8  àÐ Ð Ð  Ðà8  à(c)€A€shareholder€may€inspect€and€copy€the€records€described€in€subsection€(b)€onlyÐ T¤ Ðif:Ð= Ð Ð  Ðà8  àÐ Ð Ð  Ðà8  àà8` Ð Ð à(1)€The€shareholder's€demand€is€made€in€good€faith€and€for€a€properÐ  _ Ðpurpose;Ðø H` x` x Ðà8  àà8` Ð Ð àÐ ` x` x Ðà8  àà8` Ð Ð à(2)€The€shareholder€describes€with€reasonable€particularity€theÐ Ê   Ðshareholder's€purpose€and€the€records€the€shareholder€desires€toÐ ³  Ðinspect;€andМì ` x` x Ðà8  àà8` Ð Ð àÐ ` x` x Ðà8  àà8` Ð Ð à(3)€The€records€are€directly€connected€with€the€shareholder's€purpose.Ðn¾ ` x` x Ðà8  àÐ Ð Ð  Ðà8  à(d)€The€right€of€inspection€granted€by€this€section€may€not€be€abolished€or€limitedÐ @ Ðby€a€corporation's€charter€or€bylaws.Ð)yÐ Ð  ÐÌà8  à(e)€This€section€does€not€affect:à8ÀÐ Ð àà @À àÐûKÀÀ ÐÌà8  àà8` Ð Ð à(1)€The€right€of€a€shareholder€to€inspect€records€under€ðð€48-17-201Ð Í Ðor,€if€the€shareholder€is€in€litigation€with€the€corporation,€to€the€sameÐ ¶ Ðextent€as€any€other€litigant;€orПï` x` x Ðà8  àà8` Ð Ð àÐ ` x` x Ðà8  àà8` Ð Ð à(2)€The€power€of€a€court,€independently€of€chapters€11-27€of€thisÐ qÁ Ðtitle,€to€compel€the€production€of€corporate€records€for€examination.ÐZª` x` x ÐÌà8  à1986€Pub.Acts,€c.€887,€ðð€16.02.Ð,|Ð Ð  ÐÌThe€crux€of€the€Panitzesðð€argument€is€that€under€T.C.A.€48„26„102,€their€status€as€shareholders€ofÐ þN Ðthe€parent€or€holding€corporation,€F.€Perlman€&€Co.,€entitles€them€to€inspect€the€records€of€theÐ ç 7 Ðsubsidiary€corporations,€American€Metal€and€Southern€Steel,€even€though€the€Panitzes€are€notÐ Ð!   Ðshareholders€of€these€subsidiaries.€Appellees€contend€that€the€statute€is€clear€on€its€face,€and€grantsÐ ¹" ! Ðshareholders€of€a€corporation€the€right€to€inspect€the€records€of€that€corporation€and€no€other.Ð ¢#ò" ÐÌà  àWe€begin€by€noting€that€the€plain€language€of€the€statute€appears€to€grant€the€right€to€inspectÐ t%Ä $ Ða€corporationððs€records€only€to€the€shareholders€of€that€corporation€itselfð— ðnot€to€the€shareholdersÐ ]&­!% Ðof€the€parent€corporation.€Section€(a)€of€the€statute€refers€to€the€right€of€ð ð[a]€shareholder€of€aÐ F'–"& Ðcorporation€...€to€inspect€and€copy€€...€the€records€of€òòthe€óócorporation€....ðð€(emphasis€added).€SimilarÐ /(#' Ðlanguage€appears€in€section€(b).€Quite€plainly,€the€statute€refers€only€to€the€right€of€shareholders€ofÐ )h$( Ða€corporation€to€inspect€and€copy€the€records€of€the€same€corporation,€and€does€not€grant€that€rightÐ *Q%) Ðâ âto€shareholders€of€one€corporation€to€inspect€the€records€of€a€second€corporation,€even€when€theÐ ê*:&* Ðsecond€corporation€is€wholly„owned€by€the€first€corporation€or€by€a€subsidiary€of€the€firstÐ ° Ðcorporation.Ð ™é Ðâ âÌà  àThe€primary€rule€of€statutory€construction€is€that€the€intention€of€the€legislative€body€mustÐ k» Ðprevail.€See€ò òòòGragg€v.€Graggóó,€12€S.W.3d€412€(Tenn.2000)ó ó;ò ò€òòMoser€v.€Department€of€Transportationóó,Ð T¤ Ð982€S.W.2d€864€(Tenn.Ct.App.1998)ó ó.€When€the€language€of€a€statute€is€unambiguous,€legislativeÐ @  Ðintent€is€to€be€ascertained€from€the€plain€and€ordinary€meaning€of€the€statutory€language.€The€roleÐ , | Ðof€courts€in€interpretation€of€legislation€is€succinctly€stated€inò ò€òòGleaves€v.€Checker€Cab€TransitÐ  e ÐCorp.,€Inc.óó,€15€S.W.3d€799€(Tenn.2000)ó ó:Ð  Q ÐÌà8  àWhen€...€a€statute€is€without€contradiction€or€ambiguity,€there€is€no€need€to€force€itsÐ Ö &  Ðinterpretation€or€construction,€and€courts€are€not€at€liberty€to€depart€from€the€wordsÐ ¿  Ðof€the€statute.ò ò€òòHawks€v.€City€of€Westmorelandóó,€960€S.W.2d€10,€16€(Tenn.1997)ó ó.Ð ¨ø  ÐMoreover,€if€"the€language€contained€within€the€four€corners€of€a€statute€is€plain,Ð ”ä  Ðclear,€and€unambiguous,€the€duty€of€the€courts€is€simple€and€obvious,€'to€say€sic€lexÐ }Í  Ðscripta,€and€obey€it.'€"€òòò òId.ó óóó€(quotingòò€ò òMiller€v.€Childressóó,€21€Tenn.€(2€Hum.)€320,Ð f¶  Ð321-22€(1841)ó ó).€Therefore,€"[i]f€the€words€of€a€statute€plainly€mean€one€thing€theyÐ R¢ Ðcannot€be€given€another€meaning€by€judicial€construction."€ò òòòHenry€v.€Whiteóóó ó,€ò ò194Ð >Ž ÐTenn.€192,€198,€250€S.W.2d€70,72€(1952)ó ó.Ð*zÐ Ð  ÐÌà8  àà ` àFinally,€it€is€not€for€the€courts€to€alter€or€amend€a€statute.€òòSeeóó€ò òTown€ofÐ ÿO ÐMount€Carmel€v.€City€of€Kingsport,€217€Tenn.€298,€306,€397€S.W.2d€379,€382Ð ë; Ð(1965)ó ó;òò€see€also€ò òRichardson€v.€Tennessee€Bd.€of€Dentistryó óóó,€ò ò913€S.W.2d€446,€453Ð Õ% Ð(Tenn.1995)ó ó;€ò òòòManahan€v.€Stateóó,€188€Tenn.€394,€397,€219€S.W.2d€900,€901€(1949)ó ó.Ð Á ÐMoreover,€a€court€must€not€question€the€"reasonableness€of€[a]€statute€orÐ ­ý Ðsubstitut[e][its]€own€policy€judgments€for€those€of€the€legislature."òò€ò òBellSouthÐ –æ ÐTelecomms.,€Inc.€v.€Greeróó,€972€S.W.2d€663,€673€(Tenn.Ct.App.1997)ó ó.€Instead,Ð €Ð Ðcourts€must€"presume€that€the€legislature€says€in€a€statute€what€it€means€and€meansÐ l¼ Ðin€a€statute€what€it€says€there."ò òòò€Id.óóó ó€Accordingly,€courts€must€construe€a€statute€as€itÐ U¥ Ðis€written.€òòSeeò òóó€òòJackson€v.€Jacksonóó,€186€Tenn.€337,€342,€210€S.W.2d€332,€334Ð ? Ð(1948)ó ó.Ð+ {Ð Ð  ÐÌÓÑhÓòòò òId.ó óóó€at€803.Ó ™ÓÐ "P  ÐÌà  àWe€find,€therefore,€under€the€plain€language€of€the€statute,€the€Panitzes€do€not€have€the€rightÐ Ó##" Ðto€inspect€the€records€of€two€companies€of€which€they€are€not€shareholders,€American€Metal€andÐ ¼$ # ÐSouthern€Steel.Ð ¥%õ $ ÐÌà  àIn€urging€a€different€conclusion€upon€us,€the€Panitzes,€in€their€brief€on€appeal,€argue€thatÐ w'Ç"& ÐT.C.A.€48„26„102€was€passed€by€the€legislature€to€prevent€the€oppression€of€minority€shareholdersÐ `(°#' Ðby€majority€shareholders,€who€ð ðenjoyed€the€economic€benefits€of€the€corporation€throughÐ I)™$( Ðcompensation,€contracts€with€related€parties,€and€corporate€perks,€etc.,€while€paying€no€dividends.Ð 2*‚%) ÐThe€minority€shareholders€...€would€then€expend€time,€energy€and,€most€importantly,€money,€toÐ +k&* Ðcompel€inspection€of€corporate€records.ððÐ ,T'+ Ðà  àThe€Panitzes€may€well€be€correct€in€their€explanation€of€the€impetus€behind€the€passage€ofÐ ° ÐT.C.A.€48„26„102,€but€such€legislative€history€is€irrelevant€to€the€sole€question€concerning€thisÐ ™é Ðstatute:€whether€their€status€as€shareholders€of€a€parent€corporation€entitles€them€to€inspect€the€booksÐ ‚Ò Ðof€the€corporationððs€subsidiaries.€The€Panitzes,€surprisingly,€do€not€directly€address€this€questionÐ k» Ðin€their€appeal€brief,€nor€do€they€direct€this€Court€to€any€Tennessee€case€law€supporting€theirÐ T¤ Ðposition€that€the€statutory€right€of€inspection€extends€to€a€corporation€that€is€a€wholly„ownedÐ =  Ðsubsidiary€of€the€corporation€of€which€they€are€shareholders.€Nor€is€there€any€proof€in€the€record€thatÐ & v Ðtends€to€suggest€that€the€subsidiaries€are€mere€alter€egos€of€the€parent€corporations.׃M×Ý ƒ#ÃÝòòÚ  Ú1Ú  ÚóóÝ  Ý×  ×Ð  _ ÐÌà  àThe€Panitzes€òòdo€óóhave€the€right€to€inspect€òòallóó€the€records€pertaining€to€F.€Perlman€&€Co.€itself,Ð á 1  Ðin€light€of€they€fact€that€they€have€made€the€showing€of€good€faith€and€proper€purpose€set€out€inÐ Ê   ÐT.C.A.€48„26„102(c)׃N¤×Ý ƒ#ÃÝòòÚ  Ú2Ú  ÚóóÝ  Ý×  ×.€T.C.A.€48„26„101€imposes€upon€corporations€the€obligation€to€keep€certain€Ð ³  Ðrecords€permanently,€including€the€minutes€of€corporate€meetings,€and€the€same€statute€requires€theÐ œì  Ðmaintenance€of€ð ðappropriate€accounting€records.ðð€We€therefore€find€that,€with€respect€to€theÐ …Õ  Ðchancery€courtððs€order€concerning€the€records€of€F.€Perlman€&€Co.,€it€was€error€for€the€court€to€limitÐ n¾  Ðthe€obligation€of€disclosure€to€records€dating€only€to€1991.ò òó óà p àTherefore,€we€find€that€the€chanceryÐ W§  Ðcourt€did€not€err€in€failing€to€find€that€the€Panitzes€have€a€right€to€inspect€the€records€of€AmericanÐ @ ÐMetal€and€Southern€Steel.€To€the€extent€that€the€chancery€courtððs€order€pertains€to€F.€Perlman€&€Co.,Ð )y Ðwe€find€that€the€court€erred€in€limiting€the€obligation€of€disclosure€to€records€dating€from€1991€toÐ b Ðpresent.Ð ûK Ðòòò òÌIssue€2.ó óà0 ` àWhether€a€director€of€a€corporation€is€entitled€to€inspect€and€copy€all€of€the€minutesÐ Ì Ðof€the€meetings€of€the€board€of€directors€of€such€a€corporation€and€its€controlledÐ µ Ðsubsidiaries.óóМì` (#` (# Їà  àThe€second€issue€on€appeal€is€whether€the€Panitzes,€as€directors€of€F.€Perlman€&€Co.,€haveÐ ° Ðthe€right€to€inspect€the€records€of€subsidiary€corporations,€pursuant€to€their€fiduciary€duty€to€theÐ ™é Ðshareholders€of€the€parent€corporation.€In€their€appeal€brief,€the€Panitzes€argue,€ð ð[i]n€order€for€theÐ ‚Ò ÐAppellants€to€perform€their€respective€fiduciary€duties€each€must€have€absolute€access€to€the€recordsÐ k» Ðof€the€corporation.ððÐ T¤ ÐÌà  àThe€Panitzes€did€not€seek€this€relief€in€their€petition,€nor€did€they€raise€this€issue€at€trial.Ð & v ÐGenerally,€issues€not€raised€at€trial€may€not€be€raised€for€the€first€time€on€appeal.€òòState€Dept.€ofÐ  _ ÐHuman€Services€v.€Defrieceóó,€937€S.W.2d€954,€960€(Tenn.Ct.App.1996)€(citing€òòSimpson€v.€FrontierÐ ø H ÐCommunity€Credit€Unionóó,€810€S.W.2d€147,€153€(Tenn.1991);€òòLawrence€v.€Stanfordóó,€655€S.W.2dÐ á 1  Ð927,€929€(Tenn.1983)).€Because€the€Panitzes€failed€to€raise€this€issue€at€trial,€we€decline€to€considerÐ Ê   Ðit€on€appeal.Ð ³  Ðòòò òÌIssue€3.ó óà0 ` àWhether€the€confidentiality€agreement€required€to€be€signed€by€the€appellants€isÐ „Ô  Ðreasonable.óóÐm½ ` (#` (# ÐÌà  àThe€third€issue€on€appeal€is€whether€the€chancery€court€erred€in€finding€that€theÐ = Ðconfidentiality€agreement€that€the€Panitzes€and€their€counsel€were€required€to€sign€was€reasonable.Ð &v ÐAppellants€contend€that€the€confidentiality€agreement€is€unreasonable,€as€they€explain€in€their€appealÐ _ Ðbrief:Ð øH ÐÌà8  à[I]t€failed€to€exclude€the€following€information€which€was€deemed€confidential:€(1)Ð Ê Ðinformation€previously€known€to€Appellants;€(2)€information€independentlyÐ ³ Ðdeveloped€by€Appellants;€(3)€information€acquired€from€a€third€party€not€under€anÐ œì Ðobligation€to€Appellees€not€to€disclose;€and€(4)€information€found€in€the€publicÐ …Õ Ðdomain.Ðn¾Ð Ð  ÐÌAppellees€disagree€with€Appellantsðð€characterization€of€the€confidentiality€agreement,€and€assert€thatÐ @ Ðð ðððconfidential€informationðð€...€is€not€defined€to€include€that€information€previously€known€toÐ )y ÐAppellants,€information€previously€developed€by€Appellants,€information€acquired€from€a€third€partyÐ b Ðnot€under€obligation€to€Appellees€not€to€disclose,€or€information€found€in€the€public€domain.ðð€Ð ûK ÐÌà  àThe€confidentiality€agreement,€in€the€final€form€that€the€court€ordered€Appellants€to€sign€asÐ Í!  Ða€condition€of€inspecting€the€corporate€records,€states€in€relevant€part:Ð ¶"! ÐÌà8  àThe€undersigned€...€have€requested€information€concerning€[F.€Perlman,€SouthernÐ ˆ$Ø# ÐSteel,€and€American€Metal]€which€those€corporations€consider€non„public,Ð q%Á $ Ðproprietary,€or€confidential€in€nature.€All€such€information,€whether€having€beenÐ Z&ª!% Ðpreviously€provided,€presently€provided,€or€provided€in€the€future€pursuant€to€DecreeÐ C'“"& Ðof€Chancery€Court€in€cause€no.€CH„03„0640„1,€is€hereby€collectively€referred€to€asÐ ,(|#' Ðð ðConfidential€Information.ððÐ)e$(Ð Ð  Ðâ âÐ þ)N%) ÐThe€agreement€could€reasonably€be€read€to€include€information€that€should€be€excluded€for€the€fourÐ ° Ðreasons€Appellants€cite€in€the€passage€cited€from€their€appeal€brief,€supra.€We€agree€with€theÐ ™é ÐPanitzes€that€the€confidentiality€agreement€is€overbroad€or€at€least€ambiguous.Ð ‚Ò Ðâ âÌà  àTherefore,€we€find€that€the€confidentiality€agreement€the€chancery€court€ordered€theÐ T¤ Ðappellants€to€sign€as€a€condition€of€inspecting€the€corporate€records€is€unreasonable.€We€order€thatÐ =  Ðthe€agreement€be€modified€to€provide€explicitly€for€the€exclusion€of€the€following€types€ofÐ & v Ðinformation€from€the€scope€of€the€confidentiality€agreement:Ð  _ ÐÓÓÌà8  à(1)€Information€previously€known€to€Appellants;ÐÊ  Ð Ð  Ðà8  à(2)€Information€independently€developed€by€Appellants;Мì Ð Ð  Ðà8  à(3)€Information€acquired€from€a€third€party€not€under€an€obligation€to€Appellees€notÐ n¾  Ðto€disclose;€and€Ð@Ð Ð  Ðà8  à(4)€Information€found€in€the€public€domain.ÐbÐ Ð  ÐÓb¸ÓWe€further€find€that€the€execution€of€the€agreement,€so€revised,€will€be€a€reasonable€condition€ofÐ ä4 Ðinspection€of€the€records€at€issue€in€this€case.Ð Í Ðòòò òÌIssue€4.ó óóóà0 ` àòòWhether€the€chancery€court€erred€in€ordering€that€documents€be€made€available€toÐ žî Ðappellants€ð ðto€the€extent€...€available.ððЇ×` (#` (# ÐÌóóà  àThe€next€issue€on€appeal€is€whether€the€chancery€court€erred€in€ordering€that€documents,Ð U¥ Ðencompassed€in€the€offer€made€by€Appellees,€be€disclosed€ð ðto€the€extent€...€available.ðð€With€respectÐ >Ž Ðto€the€information€relating€to€American€Metal€and€Southern€Steel,€we€believe€that€the€court€did€notÐ 'w Ðerr€in€ordering€that€such€information€be€provided€ð ðto€the€extent€available.ðð€As€we€found€òòsupraóó,€inÐ ` Ðour€discussion€of€Issue€1,€the€Panitzes€have€not€shown€that€they€are€entitled€to€inspect€òòanyóó€recordsÐ ùI Ðof€American€Metal€or€Southern€Steel.€Therefore,€it€is€reasonable€for€the€trial€court€to€limit€theÐ â 2 ÐAppelleesðð€obligation€to€provide€such€information,€as€being€ð ðto€the€extent€available.ððÐ Ë!  ÐÌà  àWith€respect€to€the€information€to€which€the€Panitzes€are€clearly€entitledð— ði.e.,€the€corporateÐ #í" Ðrecords€of€F.€Perlman€&€Co.€encompassed€by€T.C.A.€48„26„101€and€48„26„102ð— ðwe€agree€that€theyÐ †$Ö# Ðare€entitled€to€inspect€òòall€of€the€óórecords€of€F.€Perlman€&€Co.€encompassed€by€T.C.A.€48„26„101€andÐ o%¿ $ Ð48„26„102.€Therefore,€we€find€that€the€modifier€used€by€the€chancery€court€in€its€order,€ð ðto€theÐ X&¨!% Ðextent€available,ðð€suggests€some€degree€of€discretion€on€the€part€of€the€Appellees€as€to€what€€theyÐ A'‘"& Ðwill€provide€to€the€shareholders.€Such€a€condition€is€inconsistent€with€the€plain€language€of€theÐ *(z#' Ðstatute.€Ð )c$( ÐÌà  àSince€the€record€contains€no€suggestion€that€any€information€to€which€the€Panitzes€areÐ å*5&* Ðentitled€is,€in€fact,€unavailable,€we€need€not€reach€the€question€of€what€remedy€the€Panitzes€will€haveÐ Î+'+ Ðif€such€information€is€not€made€available€to€them€by€the€Appellees.€Therefore,€we€€modify€theÐ ° Ðchancery€courtððs€order€to€reflect€that€F.€Perlman€&€Co.€has€an€unqualified€obligation€to€make€itsÐ ™é Ðrecords,€encompassed€by€T.C.A.€48„26„101€and€48„26„102,€available€for€inspection.Ð ‚Ò Ðòòò òÌIssue€5.à0 ` àó óWhether€the€chancery€court€erred€in€denying€appellantsðð€motion€for€findings€of€fact.óóÐS£` (#` (# Ðà0  àÐ (#(# Ðà  àThe€fifth€and€final€issue€on€appeal€is€whether€the€chancery€court€erred€in€denying€theÐ % u ÐPanitzesðð€motion€for€findings€of€fact.€We€first€note€that€no€evidentiary€hearing€was€held€in€thisÐ  ^ Ðmatter;€the€facts€were€not€in€dispute.€Indeed,€an€evidentiary€hearing€is€not€contemplated€by€T.C.A.Ð ÷ G Ð48„26„104,€the€statute€governing€court„ordered€inspections,€which€reads,€in€relevant€part:Ð à 0  Ðò òó óÌà8  à(a)€If€a€corporation€does€not€allow€a€shareholder€who€complies€with€ðð€48-€26-102(a)Ð ²  Ðto€inspect€and€copy€any€records€required€by€that€subsection€to€be€available€forÐ ›ë  Ðinspection,€a€court€of€record€having€equity€jurisdiction€in€the€county€where€theÐ „Ô  Ðcorporation's€principal€office€(or,€if€none€in€this€state,€its€registered€office)€is€locatedÐ m½  Ðmay€summarily€order€inspection€and€copying€of€the€records€demanded€at€theÐ V¦  Ðcorporation's€expense€upon€application€of€the€shareholder.Ð?Ð Ð  Ðà8  àÐ Ð Ð  Ðà8  à(b)€If€a€corporation€does€not€within€a€reasonable€time€allow€a€shareholder€to€inspectÐ a Ðand€copy€any€other€record,€the€shareholder€who€complies€with€ðð€48-€26-102(b)€andÐ úJ Ð(c)€may€apply€to€the€court€of€record€having€equity€jurisdiction€in€the€county€whereÐ ã3 Ðthe€corporation's€principal€office€(or,€if€none€in€this€state,€its€registered€office)€isÐ Ì Ðlocated€for€an€order€to€permit€inspection€and€copying€of€the€records€demanded.€TheÐ µ Ðcourt€shall€dispose€of€an€application€under€this€subsection€on€an€expedited€basis.ОîÐ Ð  Ðà8  àÐ Ð Ð  ÐMoreover,€Tenn.€R.€Civ.€P.€52.01€requires€the€trial€court€to€find€the€facts€only€in€ð ðactionsòò€tried€uponÐ pÀ Ðthe€facts€óówithout€a€jury€...ðð€(emphasis€added).€The€facts€were€not€in€dispute€in€the€case€at€bar,€so€thisÐ Y© Ðmatter€cannot€be€considered€an€action€ð ðtried€upon€the€facts.ðð€Therefore,€this€matter€does€not€appearÐ B’ Ðto€fall€under€the€fact„finding€requirement€set€out€in€Rule€51.02.€Finally,€as€Appellees€correctly€pointÐ +{ Ðout,€whether€a€judge€renders€findings€of€fact€is€a€matter€in€which€ð ðsome€discretion€must€reside€in€theÐ d Ðtrial€judge€....ðð€òòBruce€v.€Bruceóó,€801€S.W.2d€102€(Tenn.Ct.App.€1990).€We€find€that€the€chanceryÐ ýM Ðcourt€did€not€err€in€failing€to€render€findings€of€fact.€Therefore,€this€assignment€of€error€is€withoutÐ æ 6 Ðmerit.ò òÐ Ï!  ÐÓ  ÓÌIV.€CONCLUSIONó óÐ ¢#ò" ÐÌÓ  ÓÓ  Óà  àWe€modify€the€chancery€courtððs€judgment€to€reflect€that€F.€Perlman€&€Co.€has€an€unqualifiedÐ u%Å $ Ðobligation€to€make€all€of€its€records€encompassed€by€T.C.A.€48„26„101€and€48„26„102,€includingÐ ^&®!% Ðits€charter,€by„laws,€minutes€of€board€of€directors€and€shareholder€meetings,€and€accounting€records,Ð G'—"& Ðavailable€to€the€Panitzes€for€inspection€and€copying.€Second,€we€modify€the€confidentialityÐ 0(€#' Ðagreement€upon€which€the€chancery€court€conditioned€the€inspection€of€the€corporate€records€of€F.Ð )i$( ÐPerlman€&€Co.,€American€Metal,€and€Southern€Steel,€so€that€the€agreement€excludes€the€followingÐ *R%) Ðtype€of€information€from€its€scope:Ð ë*;&* ÐÓÐÓÐ Ô+$'+ ÐÑQ|2Ñâ QâÑ8€;DXXdéXXdé8Ñâ QâÑ  Ñà8  à(1)€Information€previously€known€to€Appellants;аРР ÐÌà8  à(2)€Information€independently€developed€by€Appellants;ЂÒÐ Ð  ÐÌà8  à(3)€Information€acquired€from€a€third€party€not€under€an€obligation€to€AppelleesÐ T¤ Ðnot€to€disclose;€and€Ð= Ð Ð  ÐÌà8  à(4)€Information€found€in€the€public€domain.Ð _Ð Ð  ÐÌ€€€€€€The€chancery€courtððs€judgment€is€affirmed€in€all€other€respects.€Costs€of€appeal€are€assessedÐ á 1  Ðone„half€to€appellants,€Monte€Panitz€and€Barry€Panitz,€and€their€surety,€and€one„half€toÐ Ê   Ðappellees,€F.€Perlman€&€Company,€Inc.,€Allan€Perlman,€Neil€Cohen,€Michael€Wexler,€SouthernÐ ³  ÐSteel€Supply€Company,€Inc.,€and€American€Metal€Sales,€Inc.€Ô#†XˆXXX;D(^#ÔÔ#†¼¹»XXˆv#ÔÔ€XˆX»¼¹ÔÐ œì  ÐÌÌÌà  àà ` àà ¸ àà  àà h à__________________________________________Ð @ Ðà  àà ` àà ¸ àà  àà h àW.€FRANK€CRAWFORD,€PRESIDING€JUDGE,€W.S.