Equity after a refinance

[Menachem Krasnjanski]

Myself and my partners are refinancing out our capital contributions to a deal and are having a disagreement on how to divide up the equity. One partner (who contributed significant capital and had significant equity) wants to keep his large equity and the control it comes with. The other partners want the equity to be restructured to be equal based on everyone's net contribution being 0. How do people proceed in such a situation? Unfortunately our contract didn't spell this out very clearly leading to this situation.