6kidsNoXmas
Junior Member
What is the name of your state?
MN
Please offer any advise as $17,000 and 9 months later, our 6 kids are looking at a pretty dismal holiday...
my husbands business partner decided in Feb 2005 to sever the partnership by first putting my hubby on unpaid leave then setting forth the buy/sell based on "permanent disability" as outlined in their insurance policy. Partner insists that hubby is a drug user and has shared this opinion with anyone who will listen. this is a LLC with only the 2 partners (both started same time, same investment - partner elected president, hubby made the most money for the company last 4 years running). previous 3rd partner sued as minority shareholder and was awarded 1+ million $'s in Sept 2004. Buy/Sell valued shares at 11,400 for each share w/ the 2 remaining partners each holding 10 and was signed in November 2004. In early october 2005 we went to mediation and agreed to take much less just to be done with this *ssh*le and to move on. Closing was set for November 3, 2005. Some song and dance about the Corporation's Bank saying that the comapny cant afford it and this has delayed the closing. The $500,000 down payment to partner#3 was taken from the 2 remaining owners' bonus that year - it did not affect cashflow.
Through the 8 years the corp has been in business, there were NEVER any problems between the 2 partners. In fact, there are depositions in which partner sings praises of hubby during 3rd partners litigation. Partner has now put in hubby's employment file his speculation of occurances after-the-fact to establish his position. He has lied, bullied, and manipulated everything to kick hubby out. Yet, he has not fired hubby!!! Our attorney's suck! They have not even investigated the financial standing of the company. Im not sure why no one is fighting for us. We have been screwed. We're close to bankruptcy at this point and still no new date scheduled for the closing.
Do I have rights as the wife that have been violated by the partner by not firing my husband? How can we find representation that believes in Justice at all cost? Shouldn't partner be held accountable for breaking the buy/sell and for not meeting the deadline for closing in the mediation agreement? After all, hubby did not ask to be bought out; in fact, hubby believed to own the company for the rest of his life. AND lastly, shouldn't our attorney fought to get my hubby his wages throughout this dispute time; by not doing so, the partner effectively stacked the scale on his side by purposely withholding our only income.
PLEASE, PLEASE, PLEASE - if you're the Angel of Mercy for those being screwed wrongfully, reply asap. THANKS SO MUCH. AND REGARDLESS, HAPPY HOLIDAYS TO ALL!
MN
Please offer any advise as $17,000 and 9 months later, our 6 kids are looking at a pretty dismal holiday...my husbands business partner decided in Feb 2005 to sever the partnership by first putting my hubby on unpaid leave then setting forth the buy/sell based on "permanent disability" as outlined in their insurance policy. Partner insists that hubby is a drug user and has shared this opinion with anyone who will listen. this is a LLC with only the 2 partners (both started same time, same investment - partner elected president, hubby made the most money for the company last 4 years running). previous 3rd partner sued as minority shareholder and was awarded 1+ million $'s in Sept 2004. Buy/Sell valued shares at 11,400 for each share w/ the 2 remaining partners each holding 10 and was signed in November 2004. In early october 2005 we went to mediation and agreed to take much less just to be done with this *ssh*le and to move on. Closing was set for November 3, 2005. Some song and dance about the Corporation's Bank saying that the comapny cant afford it and this has delayed the closing. The $500,000 down payment to partner#3 was taken from the 2 remaining owners' bonus that year - it did not affect cashflow.
Through the 8 years the corp has been in business, there were NEVER any problems between the 2 partners. In fact, there are depositions in which partner sings praises of hubby during 3rd partners litigation. Partner has now put in hubby's employment file his speculation of occurances after-the-fact to establish his position. He has lied, bullied, and manipulated everything to kick hubby out. Yet, he has not fired hubby!!! Our attorney's suck! They have not even investigated the financial standing of the company. Im not sure why no one is fighting for us. We have been screwed. We're close to bankruptcy at this point and still no new date scheduled for the closing.
Do I have rights as the wife that have been violated by the partner by not firing my husband? How can we find representation that believes in Justice at all cost? Shouldn't partner be held accountable for breaking the buy/sell and for not meeting the deadline for closing in the mediation agreement? After all, hubby did not ask to be bought out; in fact, hubby believed to own the company for the rest of his life. AND lastly, shouldn't our attorney fought to get my hubby his wages throughout this dispute time; by not doing so, the partner effectively stacked the scale on his side by purposely withholding our only income.
PLEASE, PLEASE, PLEASE - if you're the Angel of Mercy for those being screwed wrongfully, reply asap. THANKS SO MUCH. AND REGARDLESS, HAPPY HOLIDAYS TO ALL!