money lost investing in "friends business

[dazzreds]

I invested $16.000 into a "friends" bar, he was deply in debt and needed someone to help him out. The only paper work I have is a letter I typed up stating I owned 20% in shares to this business. The whole time we were in business together I never received my share of the profits, he claimed that the bar was not making any profit. Although he managed to pay his personal debts with the non profits from the bar. My "friend" sold the bar in December, I have heard through the grapevine that he received $30.000 down and the new owner is paying monthly payments for x amount of years and is then to come up with the rest of the money. My "friend" has totally ingorned me and has not come up with a dime to me. I really cannot afford to hire a lawyer had concidered a civil suit but cant get much information as to how that actually works or how to file one. any feedback on this issue would be greatly appriciated.
thank you

 

[JasonRT]

Dear dazzreds,

This matter would require extensive discovery to determine what your damages actually are. You would have to subpoena and review financial statements and sales records for the business. I do not advise you proceeding without a lawyer. Perhaps you can find one who will take this matter on contingency if you pay the costs up front. Call around.


[email protected]