I was a partner in a business deal that went very sour. It turns out my partner lied to me and misrepresented himself as part of a company that wanted to do business (he is part of a LARGE family owned food processing plant). We were to do business overseas, but he backed out at the last minute, stating that he "just couldn't do it at this time." We, and the overseas partners have signed papers, and even have the overseas government official's signatures. The father had no idea what the son's plans were regarding this business.
I am out money that I fronted to get this off the ground. Not only that, but I spent 3 months of every waking hour on this project. We have many signed papers stating partnerships, equity break-down, and personal roles in the business.
1. Do I have any recourse? Can I get my out of pocket expenses back? Can I get additional monies for my time spent?
2. Can I sue the family business? As far as I and the overseas partner knew, the family business was backing the entire project. We even have Dunn and Bradstreet reports for the family business.
Thank you in advance. Any bit of advice is MUCH appreciated.
By the way, this happened in California, and the overseas partner is in Russia.