Business Screwjob. Flames Welcome! Advice a Bonus.

[LeVoodoo]

I know this is the last place that I should be asking this question, so I deserve all of the verbal thrashing that I am likely to receive. But frankly, there are enough retarded threads on this forum and another probably won't hurt. Don't be shy though, I have been incredibly stupid and I deserve it. If I just get one pertinent answer, I'll be content.

Here's the story.

I started a business by myself 16 months ago. Soon after it started, I brought in a lifetime friend (from childhood) to work with me at 50%. I had known this friend personally for years through my teenage years, then he moved to Raleigh. For the first three months, the business operated out of Canada. I was the sole owner, he had my word I would give him his cut and that was all. After three months, we transfered the company to the US for business reasons. We registered the business in the states. This time, he was the sole owner, our agreements were again verbal (I'm sure you see where this is going).

Time goes by, the company is small, but earns more than enough for a pair of 20-something year olds. I made enough to pay my bills and then live, I was happy with that since the business was low maintenance. Then I started school. School was just too demanding for me to do both business and study, I decided that school was more important (Yes, I do make a smart decision on occasion). I wasn't letting the company go for nothing. I had put alot of time into it over the past year to build it into what it had become. So, I sold him my 'share'. He was to pay me $X amount for 12 months, in addition to clearing the Amex business card which was under my name. The agreement was verbal, once again. I know this probably sounds like the stupidest thing one could do, but I trusted this person like a brother, and payment was never an issue in the past 16 months.

It's been three months since the 'transaction' took place. I am informed that the money is better spent elsewhere and that the installment I receive on the 1st of July will be the last. This means I will have been paid only a quarter of what I was originally promised. Nice guy that he is, he will still make good on paying off the Amex.

The only proof I have that this payment agreement even took place are chat logs (saved and captured), emails (saved and captured) and the first four checks I received. The agreement was verbal, but there is no recording. There is no contract or formal agreement. Should I just drop it and consider it a lesson learned? The sum of money is not trivial, the outstanding debt is still in the low five-figures, but Poker is providing very well for me and I will be able to survive without it. I do, however, want what is rightfully mine, and if I have any recourse, I will take it to the furthest extent out of principle.

Clearly, I was retarded. All of this could have been avoided with proper documentation of both business ownership and buyout agreement. Do I deserve what happened? Yes, I probably had it coming. Question is, can I do anything about it or would I be wasting my time.