Superior Investment & Development Corp. v. Devine

PRESIDING JUSTICE TULLY

delivered the opinion of the court:

This case involves the interpretation of a shareholder agreement between plaintiffs, Bernard Katz and Benjamin Weiss, and defendants, James Devine and John Gross. Plaintiffs and defendants were joint owners in a real estate syndication and investment company. Devine and Gross subsequently resigned from the company to form a competing business, triggering a stock purchase agreement, wherein plaintiffs exercised their option to purchase defendants’ shares of the company at fair market value. Following valuation by an independent…