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profitably using the embryo transfer technique, so he convinced
Dr. Foreman that they should adjust their profit and loss sharing
ratios. As a consequence, Dr. Burrus reduced his share of the
profits and losses of FBHR to 20 percent while Dr. Foreman took
an 80-percent share therein. Dr. Burrus retained his 50-percent
interest in the Cheatham Property, however.
After losses continued for several more years, Dr. Burrus
became convinced that a cattle breeding venture that utilized the
embryo transfer technique could not be run profitably, and as a
consequence sought to terminate FBHR. On December 26, 1989, Drs.
Burrus and Foreman executed an agreement dissolving FBHR, under
which the animals and equipment were distributed to the partners
in the same ratio that profits and losses were shared: 80 percent
to Dr. Foreman and 20 percent to Dr. Burrus. With respect to the
Cheatham Property, Dr. Burrus obtained sole ownership by paying
$818,053 to Dr. Foreman for his 50-percent interest. The
partners had agreed that ownership of the Cheatham Property would
be resolved by Dr. Foreman’s proposing a price for a 50-percent
interest based on an appraisal, and Dr. Burrus’s having the
option either to purchase Dr. Foreman’s interest, or sell his own
interest to Dr. Foreman, at that price. Dr. Burrus chose to
purchase Dr. Foreman’s interest.
Dr. Burrus then commenced (in 1990) a purebred horned
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