richardcavalier
Junior Member
What is the name of your state? Suffolk County, New York
My best friend and I started a limousine business together and He put up all of the money I put up the work. We were an s corporation and had no agreement in place on paying back the money he put up, as a matter of fact at a meeting with a certified financial planner that he insisted on us meeting with so my wife and I would be financially secure he said and I quote "I am really only in this so (me and my wife) will have something to make them financially secure for there whole lives and I don’t want a dime of the money or any debt to be paid back" My friend got sicker with MS and he began to progress into alcoholism and eventually his family stepped in and basically coerced him into signing a durable power of attorney, by using his father substantial inheritance as the leverage, with his cousin in charge of his affairs & finances. He told my friend I had stolen money from him and the company swaying him against me. I got scared because I had spent money on things that in hindsight were frivolous but I owned 98 shares he owned 101 shares and my wife had 1 share, and was not drawing any salary from the business and was basically doing everything.
So I didn’t go to an attorney to fight anything the cousin did in part due to fear and also because I knew I would actually have to fight my friend to win or have any say and finally because I just didn’t have the money. Now the cousin has been trying to put my friend in a home. I fought that battle for him and won I hired a lawyer to interview him and determine if was competent enough to understand what his best interests and what his wishes were. The lawyer had him sign a revocation of the P.O.A. and I fear that I have not heard the last of his family. I was wondering if it would be smart to go after the cousin for selling corporation assets without shareholders approval or authorization. I also had to hear about and have been slandered by the cousin saying I had bills and loans that he cant pay now but for the year we were in business the payments on everything were always maintained and never more than 30 days late. In my opinion If someone removes the ability for someone to make the money necessary to pay the payments they cant be allowed to say (see he couldn’t make the payment and now there is all these bills that cant be paid) I don’t want to recover any money in this unless the plan is to get the money to improve my friends situation. Please Help Me! I am lost and frustrated and do not know what my options are.
My best friend and I started a limousine business together and He put up all of the money I put up the work. We were an s corporation and had no agreement in place on paying back the money he put up, as a matter of fact at a meeting with a certified financial planner that he insisted on us meeting with so my wife and I would be financially secure he said and I quote "I am really only in this so (me and my wife) will have something to make them financially secure for there whole lives and I don’t want a dime of the money or any debt to be paid back" My friend got sicker with MS and he began to progress into alcoholism and eventually his family stepped in and basically coerced him into signing a durable power of attorney, by using his father substantial inheritance as the leverage, with his cousin in charge of his affairs & finances. He told my friend I had stolen money from him and the company swaying him against me. I got scared because I had spent money on things that in hindsight were frivolous but I owned 98 shares he owned 101 shares and my wife had 1 share, and was not drawing any salary from the business and was basically doing everything.
So I didn’t go to an attorney to fight anything the cousin did in part due to fear and also because I knew I would actually have to fight my friend to win or have any say and finally because I just didn’t have the money. Now the cousin has been trying to put my friend in a home. I fought that battle for him and won I hired a lawyer to interview him and determine if was competent enough to understand what his best interests and what his wishes were. The lawyer had him sign a revocation of the P.O.A. and I fear that I have not heard the last of his family. I was wondering if it would be smart to go after the cousin for selling corporation assets without shareholders approval or authorization. I also had to hear about and have been slandered by the cousin saying I had bills and loans that he cant pay now but for the year we were in business the payments on everything were always maintained and never more than 30 days late. In my opinion If someone removes the ability for someone to make the money necessary to pay the payments they cant be allowed to say (see he couldn’t make the payment and now there is all these bills that cant be paid) I don’t want to recover any money in this unless the plan is to get the money to improve my friends situation. Please Help Me! I am lost and frustrated and do not know what my options are.