Charles D. McDonald v. Charles M. Bennett and James v. Belvedere, Charles M. Bennett v. Charles D. McDonald

JERRE S. WILLIAMS, Circuit Judge:

Charles Bennett and James Belvedere owned most of the stock in Englewood Industries, a Colorado-based company that manufactured polyurethane refrigeration panels. ' In 1975, they began making overtures to Charles McDonald seeking his participation in this business. McDonald was a recently retired executive of a construction firm. In 1976, Bennett and Belvedere proposed to McDonald that the three form a new company to market Englewood’s products abroad. McDonald put up two thousand dollars, but the others never contributed and “Englewood International” never…