After nearly seven years of litigation, a state judge in Mineola, N.Y., ruled Tuesday that the cofounder of the company that makes AriZona iced tea owes his former business partner about $1 billion for his ownership share in the company, taking into account the stake’s value and accrued interest.
Domenick Vultaggio, the controlling shareholder and cofounder of Long Island-based Beverage Marketing USA (BMU), had argued that the company was worth $426 million when his ex-business partner, John Ferolito, filed a petition to dissolve the company four years ago. Instead, Nassau County Supreme Court Justice Timothy Driscoll concluded that the company was then worth nearly five times that much, or roughly $2 billion.
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