The defendant-appellant, prior to 1983, owned a one-half interest in the plaintiff corporation and certain affiliated companies and was a director, officer and employee thereof. At that time he engaged in negotiations, as a prelude to retirement due to illness, and sold his interest, pursuant to a memorandum of agreement, to the plaintiffs for some $4 million, payable over several years, and entered into a noncompetition agreement.
The individual defendants were preparing...
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