Investment Deal

[A_Ali]

Hi, Im asking a question on behalf of a friend. A while ago he was involved in a business investment. He invested in a Gym, and bought 50% of the company. They could not then put the property in my friends name because he was in the middle of a divorce and feared that he might lose the gym in the process. What happened was , during his divorce, the co owner of the gym- the person who had it in his name- died. And my friend's papers stating he had bought half of the gym were stolen by his ex-wife, and was not allowed to retrieve them afterwards. The family of the co-owner says they will only buy back his portion and pay him if he has the papers, but he doesnt. Is there any possible way that comes to mind on what my friend could do. Thank you. The deal took place in Houston, Texas (harris county)

 

[JETX]

They could not then put the property in my friends name because he was in the middle of a divorce and feared that he might lose the gym in the process.

Actually, they could put it in his name.... but he chose not to because he was HIDING the assets from his 'spouse' during the divorce asset division.

Is there any possible way that comes to mind on what my friend could do.

Don't you just love it when the scammer gets scammed???

 

[A_Ali]

Actually it was the owner of the gym that didnt want to put the gym in my friends name. It wasnt at all a scam, everything was done legally, the only problem is his wife took the papers, and the owner died, now the gym is with his family.

Texas

 

[JETX]

Actually it was the owner of the gym that didnt want to put the gym in my friends name. It wasnt at all a scam, everything was done legally, the only problem is his wife took the papers, and the owner died, now the gym is with his family.

Sorry, but that simply does not have the 'ring of truth'. Why would the gym owner (partner) not want the other persons name on the papers.... unless HE was going to scam his partner.
And, based on your post, it is far more logical that your friend was trying to hide this asset from the divorce by NOT having it in his name ("They could not then put the property in my friends name because he was in the middle of a divorce and feared that he might lose the gym in the process.").

In any case, the only thing your friend can do is to file a lawsuit against the estate and widow of his 'partner' and show the payment records, etc. to support his claim of partial ownership. I am sure that he has SOME documents to support the purchase, like copies of company records, due diligence, etc.

 

[A_Ali]

Thank you for helping me, if he did want to file a lawsuit, what would the statute of limitations be on this sort of matter. I live in texas. If you dont know, but do know somewhere I can look to find out it would be very helpful. Thanks

 

[seniorjudge]

Thank you for helping me, if he did want to file a lawsuit, what would the statute of limitations be on this sort of matter. I live in texas. If you dont know, but do know somewhere I can look to find out it would be very helpful. Thanks

Before you go looking for a lawyer, just exactly what is it you plan on carrying to court to prove you owned anything at all?

I mean, your "friend" of course.

 

[JETX]

Before you go looking for a lawyer, just exactly what is it you plan on carrying to court to prove you owned anything at all?

I mean, your "friend" of course.

I would assume that any REAL buyer of a gym (in this case) would have the 'normal' purchase records. Copies of bank statements, profit and loss, business plan, accounting records, etc. that should be sufficient to show that the issue of purchase was pursued. Then, I would assume that the buyer would further have a check or bank withdrawal documents to show the transfer of funds.

That is why I think this whole thread 'stinks'.... simply doesn't make sense UNLESS it was being done 'under the table'.