Let me play the devil's advocate. How do you know that you are right and they are wrong. All along you both were on the same page and you are successful. May be they are right. But, in any case, it all depends on the contract you have. Legally binding crap takes precedence. The next best option is to to sell, may be 60 or 75% stake to the other co-founder. They have the right of first refusal rather than selling it to your competitor. In any case, be very friendly. If and when it goes south, they may need you to right the ship.
As always, you are the best judge of the situation.
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