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VALINOTE v. BALLIS

No. 01-3768.

295 F.3d 666 (2002)

John F. VALINOTE, Plaintiff-Appellant, v. Stephen R. BALLIS, Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

DECIDED June 26, 2002.

Attorney(s) appearing for the Case

Christopher T. Sheehan, Kelly, Drye & Warren, Chicago, IL, Mark S. Gregory (argued), Kelley, Drye & Warren, Stamford, CT, for Plaintiff-Appellant.

Jay R. Hoffman (argued), Chicago, IL, for Defendant-Appellee.

Before EASTERBROOK, ROVNER, and EVANS, Circuit Judges.

EASTERBROOK, Circuit Judge.

Omnibus Financial Group L.L.C. fell short of its founders' hopes. Formed by four investor-members in 1996, it was down to two (John Valinote and Stephen Ballis) by mid-1997, and in 1999 Valinote stopped participating in the firm's management. Early in 2000 Valinote decided to withdraw from the foundering concern and asked Ballis for an "exit strategy." This led Ballis to initiate the buy-sell clause of Omnibus's operating agreement. This...

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