In 1981, defendant Xenon Industries, Inc. (Xenon), a closely held corporation, borrowed money from the nine plaintiffs, who were then shareholders of Xenon, and executed individual promissory notes totaling approximately $400,000. The notes were payable upon a change in ownership or control of the business, or on April 27, 1987, whichever occurred earlier.
In 1984, negotiations for the sale of all of Xenon's capital stock to the AFP Imaging Corporation (AFP) were...
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