ALBANY – A partner in a beer distributorship who is serving time on a sex charge must sell off his share of the business to his cousins as required by the agreement governing the family-held company, a state appeals court agreed.
The court said that even if Marc Cappione’s contention is right and the corporation failed to exercise its option to purchase his share of A. Cappione Inc. within the time specified in the agreement, the overriding purpose of the document is clear and should be honored: to keep the business in the Cappione family and to retain the valuable state liquor license and distribution agreement with Anheuser-Busch.
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