G
grleaf
Guest
What is the name of your state? Michigan
Apologize in advance for the long post, but feel a little history will help clarify the issue. I was employed by a start-up company as Controller for approximately 17 months (August 2000 thru January 2002). Throughout the 17 months, we were operational, but in an "attempting to obtain new private financing" mode. Due to severe cash flow constraints, the three executives (including myself) agreed to a reduced payout of payroll (75%) in an attempt to conserve cash until new financing could be obtained. The Company continued to accrue the "unpaid" portion of the payroll with the intent of paying it out when the private financing was obtained. I left the Company in January 2002 on my own accord. At the time of my departure, the Company was still attempting to raise private capital. The Company continues to exist and to date, I still have not received any payment of the unpaid, but accrued salary. I know the Company is still having some cash flow issues and as such, I have attempted to negotiate an 18-month payment plan with them. These attempts are basically being met with deaf ears. I believe it has now reached the point of pursuing litigation (the squeaky wheel gets the oil). I feel my case is pretty much cut and dry (I had an employment agreement in place during the term of my employment with the Company), but looking for any guidance or thoughts from some of you folks on the forum. I am located in the State of Michigan. Thanks in advance, my email address is [email protected].
Apologize in advance for the long post, but feel a little history will help clarify the issue. I was employed by a start-up company as Controller for approximately 17 months (August 2000 thru January 2002). Throughout the 17 months, we were operational, but in an "attempting to obtain new private financing" mode. Due to severe cash flow constraints, the three executives (including myself) agreed to a reduced payout of payroll (75%) in an attempt to conserve cash until new financing could be obtained. The Company continued to accrue the "unpaid" portion of the payroll with the intent of paying it out when the private financing was obtained. I left the Company in January 2002 on my own accord. At the time of my departure, the Company was still attempting to raise private capital. The Company continues to exist and to date, I still have not received any payment of the unpaid, but accrued salary. I know the Company is still having some cash flow issues and as such, I have attempted to negotiate an 18-month payment plan with them. These attempts are basically being met with deaf ears. I believe it has now reached the point of pursuing litigation (the squeaky wheel gets the oil). I feel my case is pretty much cut and dry (I had an employment agreement in place during the term of my employment with the Company), but looking for any guidance or thoughts from some of you folks on the forum. I am located in the State of Michigan. Thanks in advance, my email address is [email protected].