Business Screwjob. Flames Welcome! Advice a Bonus.

[AustinDoug]

In Texas, this would be an enforceable oral contract since it did not involve real property (land), it did not exceed one year and if the amount of payment was $50,000 or less. The emails and proof of prior payments would be more than sufficient evidence. Also, if you won the suit to enforce the contract, your former partner would be liable for your attorney fees.

Make sure you consult a lawyer in the State where the business is established as laws vary greatly from State to State.

[LeVoodoo]

Just want to thank you guys for the advice.

Digging through my pile of documents today, I found a stock certificate stating I own 50% of our company as it is officially registered in the State of Delaware. I am assuming that this is proof enough of my ownership in the company. Now it's a matter of proving the terms of our 'buyout' arrangement. The previous checks and chat logs should be sufficient.

Does this change much? I know most of you seemed to think I had a leg to stand on even prior to this.
Thanks again.

[ptmusic]

[ QUOTE ]
Just want to thank you guys for the advice.

Digging through my pile of documents today, I found a stock certificate stating I own 50% of our company as it is officially registered in the State of Delaware. I am assuming that this is proof enough of my ownership in the company. Now it's a matter of proving the terms of our 'buyout' arrangement. The previous checks and chat logs should be sufficient.

Does this change much? I know most of you seemed to think I had a leg to stand on even prior to this.
Thanks again.

[/ QUOTE ]

Keep the money he's already sent you and STILL claim 50% ownership of the company. He doesn't have any written contract either....

Then agree to settle.

Also, don't make another enormously stupid mistake by taking any advice from the OOT forum.

-ptmusic

[scalf]

[img]/images/graemlins/grin.gif[/img]..

i say: go to your local wal mart and complain about the minority group members who cloddishly have an overloaded cart with 50+ items in a speedo 20 limit lane...

your chances of cuccess are about the same...

nil

gl

[img]/images/graemlins/frown.gif[/img] [img]/images/graemlins/diamond.gif[/img]

[Cry Me A River]

[ QUOTE ]

Digging through my pile of documents today, I found a stock certificate stating I own 50% of our company as it is officially registered in the State of Delaware. I am assuming that this is proof enough of my ownership in the company. Now it's a matter of proving the terms of our 'buyout' arrangement. The previous checks and chat logs should be sufficient.


[/ QUOTE ]

Wait until he has violated the terms of the buyout (that is, the next check doesn't show up). Then, fax/email him a copy of the stock certificate along with a note advising him that since he has broken the terms of the contract you are keeping the funds he's paid you to date and will now entertain new, much more expensive offers to buy out your half of the busines. A buy out which will be in the form of a single cash payment and NOT installments this time.

Oh, and hire yourself a lawyer.

[kevyk]

Wait, you can prove that you own 50% of this business, and your friend still decided to cheat you?

It seems that your erstwhile friend and partner is at a disadvantage here, not you.

[Leo99]

As Wapner used to say, a contract is meeting of the minds. A rationale judge will clearly see that you didn't intend to simply give away your compay for 1/8th of its value. Very messy. It's not personal, it's business.

[IggyWH]

For the people who said about the chatlogs and emails...

Most likely they're not worth anything more than to wipe your ass.

I had a small claims case where I bought a baseball card off of a guy, sent it to PSA to be graded and they sent it back saying it was a fake. The guy who I bought it off of agreed to pay be back but then dodged me for months and then finally told me he wasn't paying me anything.

In the court case, I had emails from a PSA rep stating why the card was fake. The judge would not accept them.

Sadly the judge knew jack squat about baseball cards and only awarded me 1/2 my money back. He never gave a reason why I only got 1/2 back and I'm still pissed about that.