Nervous about MD's behaviour...

Myself and 3 other guys performed a management buy-out of the company we worked for 6 years ago. Three of us were very naive when setting up and didn't realise the power the other guy would have when he insisted he had 51% of the shares. When we questioned it at the time he gave us the line that someone needed to be MD and that's the only way it could happen. Obviously we know that to be nonsense now but as I said at the time this guy was more experienced than us at this.
Now as regularly happens the relationship between the MD and us other 3 has become very strained he keeps making noises of wanting us to buy him out and is now even threatening to wind the company up.
Can someone give me some advice on what this guy can actually do with his 51%, can he wind the company up without consulting us?

Re : Nervous about MD

Sounds like it might be well worth consulting a lawyer or someone versed in this area to see what exactly could happen so that you can prepare accordingly...

Re : Nervous about MD

As far as I know since he has 51% he has all the power, he is essentialy your boss. Since he has the largest financial investment in the company, he should hopefully work for the best interest of his pocket book, but you will have to convince him to go your way, you cant force it.
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Re : Nervous about MD

Sounds like this was a tricky situation... did things resolve themselves in the end?

This is the problem with business isn't it - you can never quite predict how other people are going to act and the legal difficulties with trying to work out exactly who is entitled to do what can be so expensive that it puts many people off getting involved in businesses in the first place!