John M. Foster, Cross-Appellant v. C.F. Turley, Jr., A/K/A Frank Turley, Defendant-Counterclaimant-Appellant, Cross-Appellee

SEYMOUR, Circuit Judge.

C.F. Turley appeals a district court decision in which the judge set aside an arbitration award in Turley’s favor and assessed compensatory and punitive damages against him in the total amount of $166,-000. John M. Foster cross-appeals, seeking increased damages. We affirm in part and reverse in part, and remand for further proceedings.

The undisputed facts pertinent to our disposition of this appeal are as follows. On November 1, 1977, Turley entered into a written agreement with John M. Foster under which Turley sold Foster an undivided one-half interest in unpatented…