dissolving an L.L.C...best avenue to take?

[no1chebon]

What is the name of your state? Kansas.

Our Health Club is being sued by the state A.G. office due to a
recent buy of another health club and the members evidently are
not 'assignable' and funds are to be returned. $7k loss per month.
Our Health Club is struggling due to a recent fire and problems
with obtaining all the insurance proceeds due the L.L.C.
With said two (2) strikes our options (?) are:

a) restructure (...leaving behind some debts)
question: what does that mean?

b) cash call (...investors have yet to see return in 2years)
question: is this even legal or a bogus effort to get more money?

c) sell-out (...and hope to acquire as much as possible)
question: does a buyer indicate that this 'club' is actually a good investment?

sorry for not giving details on monies, but I just wanted more of
a general idea of what these options really mean?

thank you very much

 

[loku]

You said, "Our Health Club is being sued by the state A.G. office due to a recent buy of another health club and the members evidently are not 'assignable' and funds are to be returned." You would have to give the details of the AG's suit to get an answer, because what you can do depends on what the AG is suing you for and what, if any, restrictions or orders does the AG want to impose.