Tried to exercise stock options but was ignored

[solarpower6]

What is the name of your state (only U.S. law)? California

I used to work for a company A, that was doing research and development for a company B. When I was hired by company A, they gave me stock options in company B. At the end of one year of working for company A (August 2006), I sent a letter exercising my first year's worth options (vested) and asking for their cash value (approximately $10,000). I never received acknowledgement from company B of this request, and still haven't to this day. I only followed up with company B once (1 week after my initial letter), and they still didn't acknowledge me.

For various reasons, I haven't pursued the matter, but I would like to do so now. The one time I thought about looking into it (in 2007), I called 3 or 4 lawyers from the yellow pages, but no one returned my call.

Companies A and B severed their ties in April 2007. I was permanently laid off by company A at that time due to lack of work. Both companies are still in business. 2 other current employees of company A are owed money by company B (not as much money as is owed me). As far as I know, no one has ever pursued this money. Company B has a history of shady business dealings. Their stock has lost almost all its worth in the meantime, and I don't believe it has much of a future.

Company A is headquarted and completely based in Colorado. Company B is headquartered in California, but has interests in Colorado and Oregon. The CEO of company A has in the past expressed that he will try to help get our money for us, but as far as I know he has never done so. He is not the most pleasant guy to deal with.

Has the statute of limitations expired on this matter?
If not, do you have any advice on how I can go about trying to collect this money? I do have a couple of lawyer friends now that might be willing to help me or represent me but I have not talked to them yet.

Thanks.

 

[FlyingRon]

Did you make payment to exercise the options. Selling the stock is your problem not either of the companies. Why on earth did you wait three years to resolve this. You should have kept on them on the spot.

 

[solarpower6]

Did you make payment to exercise the options. Selling the stock is your problem not either of the companies. Why on earth did you wait three years to resolve this. You should have kept on them on the spot.

My letter, which exercised my stock option, showed the calculation that the stock shares were now worth $14K, and that I was paying $4K for it, which was the original (exercise) price of the stock shares. Therefore, I was due $10K. (I am using reound numbers, the letter of course gave the exact figures.) I followed my warrant assignment contract in doing so. It said that I could exercise the options for cash.

Initially, I didn't want to make a big deal of trying to get my money because I didn't want to sour the relationship between companies A and B, because my job depended on it. Then when I got laid off, I took the CEO of company A at his word that he would go after my money (and that of the 2 other employees) when the time was right. Then I moved to the east coast for another job. And I haven't gotten around to it til now.