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Having been in a similar situation in the past, albeit without the stock all I can say is lawyer up. Nobody on HN is going to be in a position to give you valid advice. You need to see a real lawyer, not Internet bush-lawyers.

It does look to me like you need to determine what your objectives are for the situation. From my point of view, if you can stomach it, kicking them out of the board is a top priority. I wouldn't worry too much about the shares as long as you can live with them being a silent (albeit voting) investor. If you're going to buy them out, make sure it's on your terms and doesn't put too much strain on the company.

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