If Jim can close shop and start a new company without using any of the original company's assets/IP/trademarks/goodwill then there's nothing you can do about it. He has essentially declared bankruptcy and started a new company on his own. However, if he can't do that and you outright own 40%, then like GP said, "he can stuff it" (love the wording BTW).

If the original company has any value to Jim, then you two should come to some reasonable agreement to settle the matter in a way that's acceptable to both of you.