Defendant is the sole shareholder of a corporation (Borrower) whose debt to plaintiff on a 1993 promissory note in the principal amount of $27,500,000 was secured by Borrower's art collection, among other collateral. Defendant personally guaranteed the debt up to a limit of $10 million. After Borrower defaulted, the parties, including defendant, entered into an agreement, dated as of November 30, 1995, giving plaintiff the option to purchase the art from Borrower at specified...
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