M
maltesepirate
Guest
Two long years ago I invested in a small Corporation. The Corporation has two owners, myself and another gentleman. We are equal owners, but the Corporation itself is loosly constructed with no bylaws. I provided finincial backing and he was to manage day to day affairs. I purchased the business as it was about to file bankruptcy and attempted at the time to straighten out the affairs of the previous owner.
A year and a half ago the partner removed all the finincial records from the business and began to refuse access to any and all revenues from the business. In two years I have yet to recieve a cent. The good news is that I have discovered that the old owner had actually pledged 100% of the stock of the company to secure a loan. He let that loan go into default and the stock was sold at private sale. I saw this as my chance to remove the uncooperative partner and purchased 100% of the stock of the Corporation.
This has created a new set of headaches. The partner refuses to turn over the business even though I am now, as I understand it, sole owner. I have looked into eviction proceedings, but the corporation has the lease, and I don't want to evict my own business. I have gone to the DA, but they cannot help, they say it is a civil matter.
My lawyer has recommended a TRO and injunction to have the ex-partner removed. But to make things more confusing the ex-partner is now claiming he issued new shares of stock to himself giving him majority ownership .
This is costing me a fortune in lost revenue and legal expenses, is an injunction the quickest most reliable approach? I would prefer this not drag out for two more years. The affidavits are collected, papers filed. How long should this process take? At what point should I become disenchanted with the apparent lack of progress from my attorney? Is there something else my attorney should be trying? I have bought the company twice now, what else do I have to do to actually remove the ex-partner and begin running the business?
A year and a half ago the partner removed all the finincial records from the business and began to refuse access to any and all revenues from the business. In two years I have yet to recieve a cent. The good news is that I have discovered that the old owner had actually pledged 100% of the stock of the company to secure a loan. He let that loan go into default and the stock was sold at private sale. I saw this as my chance to remove the uncooperative partner and purchased 100% of the stock of the Corporation.
This has created a new set of headaches. The partner refuses to turn over the business even though I am now, as I understand it, sole owner. I have looked into eviction proceedings, but the corporation has the lease, and I don't want to evict my own business. I have gone to the DA, but they cannot help, they say it is a civil matter.
My lawyer has recommended a TRO and injunction to have the ex-partner removed. But to make things more confusing the ex-partner is now claiming he issued new shares of stock to himself giving him majority ownership .
This is costing me a fortune in lost revenue and legal expenses, is an injunction the quickest most reliable approach? I would prefer this not drag out for two more years. The affidavits are collected, papers filed. How long should this process take? At what point should I become disenchanted with the apparent lack of progress from my attorney? Is there something else my attorney should be trying? I have bought the company twice now, what else do I have to do to actually remove the ex-partner and begin running the business?