russellgs1
Junior Member
What is the name of your state (only U.S. law)? Pennsylvania
The company I worked for completed a chapter 11 bankruptcy in March, 2015. The company was purchased through the court proceedings and dissolved. The new company took over all the assets and satisfied some of the liabilities. A majority of the creditors did not get paid, including me.
On the first day the new company took over they let a bunch of us go. The message was - The new company is not hiring you.
I had the following clauses in my employment contact with the previous company. My question is are these still in-force or did they die with the bankruptcy proceedings and the delusion of the previous company?
In consideration of the compensation, including but not limited to equity participation, and other covenants by the Company under this Agreement, the Employee shall not, without the prior express written consent of the Company in its sole discretion, anywhere in the world, during the Term and for a period of one (1) year(s) thereafter (the "Restricted Period"), do any of the following, either alone or in association with others, without the prior written consent of the Company in its sole discretion:
(i) engage or participate, directly or indirectly, in any business activity competitive with the Business or the business of any of the Company's subsidiaries or affiliates as conducted during the Term;
(ii) become interested (as owner, proprietor, promoter, stockholder, lender, partner, co-venturer, director, officer, employee, agent, consultant or otherwise) in any person, firm, corporation, association or other entity engaged in any business that is competitive with the Business or of the business of any subsidiary or affiliate of the Company as conducted during the Term, or become interested in (as owner, stockholder, lender, partner, co-venturer, director, officer, employee, agent, consultant or otherwise) any portion of the business of any person, firm, corporation, association or other entity where such portion of such business is competitive with the Business of the Company or the business of any subsidiary or affiliate of the Company as conducted during the Term (notwithstanding the foregoing, the Employee may hold not more than one percent (1%) of the outstanding securities of any class of any publicly-traded securities of a company that is engaged in activities referenced in Section 8(a) hereof);
(iii) solicit or call on for a purpose competitive with the Business, either directly or indirectly, any (A) customer with whom the Company shall have dealt at any time during the one (1) year period immediately preceding the termination of the Employee's employment hereunder, or (B) supplier or distributor with whom the Company shall have dealt at any time during the one (1) year period immediately preceding the termination of the Employee's employment hereunder;
The company I worked for completed a chapter 11 bankruptcy in March, 2015. The company was purchased through the court proceedings and dissolved. The new company took over all the assets and satisfied some of the liabilities. A majority of the creditors did not get paid, including me.
On the first day the new company took over they let a bunch of us go. The message was - The new company is not hiring you.
I had the following clauses in my employment contact with the previous company. My question is are these still in-force or did they die with the bankruptcy proceedings and the delusion of the previous company?
In consideration of the compensation, including but not limited to equity participation, and other covenants by the Company under this Agreement, the Employee shall not, without the prior express written consent of the Company in its sole discretion, anywhere in the world, during the Term and for a period of one (1) year(s) thereafter (the "Restricted Period"), do any of the following, either alone or in association with others, without the prior written consent of the Company in its sole discretion:
(i) engage or participate, directly or indirectly, in any business activity competitive with the Business or the business of any of the Company's subsidiaries or affiliates as conducted during the Term;
(ii) become interested (as owner, proprietor, promoter, stockholder, lender, partner, co-venturer, director, officer, employee, agent, consultant or otherwise) in any person, firm, corporation, association or other entity engaged in any business that is competitive with the Business or of the business of any subsidiary or affiliate of the Company as conducted during the Term, or become interested in (as owner, stockholder, lender, partner, co-venturer, director, officer, employee, agent, consultant or otherwise) any portion of the business of any person, firm, corporation, association or other entity where such portion of such business is competitive with the Business of the Company or the business of any subsidiary or affiliate of the Company as conducted during the Term (notwithstanding the foregoing, the Employee may hold not more than one percent (1%) of the outstanding securities of any class of any publicly-traded securities of a company that is engaged in activities referenced in Section 8(a) hereof);
(iii) solicit or call on for a purpose competitive with the Business, either directly or indirectly, any (A) customer with whom the Company shall have dealt at any time during the one (1) year period immediately preceding the termination of the Employee's employment hereunder, or (B) supplier or distributor with whom the Company shall have dealt at any time during the one (1) year period immediately preceding the termination of the Employee's employment hereunder;