What is the name of your state? Kansas
The health club, l.l.c. that we invested 30k in October 1999 was involved in a fire totalling everything in March 2000. The value has dropped from 1.5million to 500,000thou and of course the
original capital (2%) is next to nothing. The LLC agreement says the share can be sold but only for 75% during a bankruptcy. The agreement also states that the owner must keep capital onhand that equals original investment. Question. on a Chapter13 does the share have to be sold at what is stipulated or can an attorney
legally request the 30k and leave the shareholder still a shareholder? The reason we invested was 'reliance' on oral promises from the owner...Thanx
The health club, l.l.c. that we invested 30k in October 1999 was involved in a fire totalling everything in March 2000. The value has dropped from 1.5million to 500,000thou and of course the
original capital (2%) is next to nothing. The LLC agreement says the share can be sold but only for 75% during a bankruptcy. The agreement also states that the owner must keep capital onhand that equals original investment. Question. on a Chapter13 does the share have to be sold at what is stipulated or can an attorney
legally request the 30k and leave the shareholder still a shareholder? The reason we invested was 'reliance' on oral promises from the owner...Thanx