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Tony and Robert had a stormy business relationship, giving
rise to numerous lawsuits between them. In 1986, litigation
arose between Tony and Robert over one share of CRC stock owned
by their mother.3 They eventually settled this dispute by
agreeing to split their mother’s share of stock equally. As part
of the settlement, Tony agreed to allow Robert, upon
notification, to buy at net book value Tony’s shares in CRC and
his interests in the joint ventures, or else to allow Robert to
cause CRC to redeem Tony’s shares.
On December 31, 1991, Robert sought to exercise his right to
buy out Tony’s interests in the joint ventures and to cause CRC
to redeem Tony’s shares. Litigation ensued between Tony and
Robert over, among other things, the value of Tony’s CRC shares.
After much legal wrangling, Tony and Robert agreed to hire an
independent accounting firm, Kolb Lauwasser, to calculate the
value of the shares. Based on its review, Kolb Lauwasser valued
Tony’s CRC shares at approximately $166,000.
In October 1992, Tony and Robert settled the lawsuit over
the joint venture buyout and stock redemption. Pursuant to the
settlement, Tony agreed to relinquish his interests in both CRC
and the joint ventures. In consideration of the CRC stock, Tony
3 Because Tony Zidar and Robert Zidar were equal
shareholders in Concrete Raising Corp. (CRC), ownership by either
Tony or Robert of the one share of CRC stock held by their mother
would give the owner a controlling interest in CRC.
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