J
jthornbras
Guest
almost 4 yrs ago my partner and i started a used car lot. we both put in equal amounts of cash and i personally arranged for the floor plan for cars(he couldnt get enough backing). started as partnership then shortly after sub s. after 2 1/2 yrs i found that he and his wife were moving out of state. he being the salesman,for the last 6 mos, tried sort of blackmailing me to "write him a check to leave" by not trying or caring to sell cars..i personally had to borrow $ to keep myself and the corp affloat..2 wks after he left he went to a out of state branch of the corp bank and had 5000 transfered to his personal acct then had that wired to his other bank out of state. i found out when corp checks came back. i had notified my branch of his instability and possible theft of corporate cash. also had changed sig cards and auth for acct the day he stormed out. the bank quickly put the 5000 back in the acct and said theyed go after him...my question is,and i did consult an atty,how can i get him off/out of the corp? he has called and written every utility,lender,ins co,etc and slandered me...to the extent that my bonding co got scared and canceled my surity bond(got anothe any way). he knows there arent assetts that would exceed liab...except he thinks "the business" has a large blue sky value...even tho our property is leased and our inventory is floor planned..in actuallity if i had to sell everything at wholesale id lose thousands and be bkpt(i think thats what he wants. im waiting to talk to another atty that has more bus law knowledge...i have made progress in turning the business around but dont what him coming back on me..sorry for the long post(theyres lots more he did) but id like to get some good sleep for a change. any good advise or good news would be greatly appreciated...thnks from illinois
[This message has been edited by jthornbras (edited September 22, 2000).]
[This message has been edited by jthornbras (edited September 22, 2000).]