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decision was issued. On November 8, 1996, a third interim
arbitration decision was issued.
On March 5, 1999, a final arbitration decision was issued.
The final arbitration decision comprehensively decided the issues
between the brothers, and the arbitrators found, inter alia,
that:
During the period from and after July 1, 1987,
* * * [Burton]/ERG/NPI was extremely successful * * *.
As a result, in the period from 1988 through 1996,
* * * [Burton] and his family obtained in excess of
$6,500,000 in salaries, director’s fees and cash
distributions from ERG/NPI.
* * * [F]rom and after July 1, 1987, * * *
[Burton] had total control over both ERG and NPI * * *
Accordingly, the arbitrators held that Burton became the 100-
percent owner of ERG on July 1, 1987. The arbitrators found that
Burton owed Glendon a gross amount of $3,119,475 for his interest
in ERG. The arbitrators awarded the Lowell plant to
Glendon/Aker, for which Burton received a credit of $185,500.
The tribunal found that Glendon/Aker should have paid NPI rent
for the Lowell plant at $2,000 per month for the period July 1,
1987, to December 31, 1994, and $2,500 thereafter. Accordingly,
Burton was credited with the rent payments plus interest,
$420,650. The final arbitration decision awarded Glendon a net
$2,412,172 after credits and deductions.
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