S
sigfried
Guest
What is the name of your state? Florida
I was a corporate officer & major stockholder in a small closed corporation. I left the company after 27 years (early retirement).
The company agreed to repurchase my stock, (12 monthly payments). In addition, they signed a 6 year "standby consulting agreement", wherein I was to receive monthly payments for a period of 72 months. One of the reasons I left was to save the company money on salaries (we were top-heavy with high paid types and were in some financial difficulty at the time). Everything was fine until June of this year. They were late with the payment. On the 29th of June I called to see what the problem was. They claimed that it was an oversight, and a week later, I finally received the check! I received no check in July. When I called the company president at the beginning of August, he was out of the office. In talking to one of the employees I knew quite well, I was told that the company was going out of business. Management had sold the building some years ago, and recently, most of the employees had been let go, and a portion of the business had been sold. I have since tried to contact the president on several occassions, to no avail. I am still owed 20 monthly payments, around 14K. Do I have any recourse in collecting what is still owed me? If I had not retired, the company would have gone out of business years ago. By taking early retirement, I saved them almost a quarter of a million dollars in salary - to date.
I was a corporate officer & major stockholder in a small closed corporation. I left the company after 27 years (early retirement).
The company agreed to repurchase my stock, (12 monthly payments). In addition, they signed a 6 year "standby consulting agreement", wherein I was to receive monthly payments for a period of 72 months. One of the reasons I left was to save the company money on salaries (we were top-heavy with high paid types and were in some financial difficulty at the time). Everything was fine until June of this year. They were late with the payment. On the 29th of June I called to see what the problem was. They claimed that it was an oversight, and a week later, I finally received the check! I received no check in July. When I called the company president at the beginning of August, he was out of the office. In talking to one of the employees I knew quite well, I was told that the company was going out of business. Management had sold the building some years ago, and recently, most of the employees had been let go, and a portion of the business had been sold. I have since tried to contact the president on several occassions, to no avail. I am still owed 20 monthly payments, around 14K. Do I have any recourse in collecting what is still owed me? If I had not retired, the company would have gone out of business years ago. By taking early retirement, I saved them almost a quarter of a million dollars in salary - to date.
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