The parties, brothers and joint owners of a real estate development company, terminated their business relationship via a share purchase agreement.
The plaintiff was to receive 50% of the after-tax profits of a specific subdivision (Forest Creek) as part of the purchase price for his shares.
A dispute arose over the calculation of these profits and other related payments.
The court found that the defendant was not under a fiduciary obligation to the plaintiff and that the contract was not unfair.
The court interpreted the contract to mean the plaintiff was only entitled to profits from the Forest Creek subdivision and not other projects.
The court made specific findings on the calculation of profits, shareholder loan adjustments, and other payments, ultimately finding the defendant owed the plaintiff a significant sum.
