Have A Problem
I recently discovered that my ex-partner may be trying to squeeze me out of a deal we did while incorporated. ..All other pending deals were dissolved or settled, except for one which has around 70 grand gross equity if the short goes through..Im out of state right now and have been waiting to hear back from either the ex-partner, lender or home owner..I have found out today that the deal is still very much alive, and myself apparently out of the equation..At this time i do not know at what stage the short is in..
Through the incorporation we have had to put properties in his name at the begining then the plan was to roll into the corporation..He had also jumped the gun on a few townhouses that I found out after closing that they were purchased owner-occupied, hence ,getting much better terms from his lender, i think his broker has something to do with this as well.. trying to find out...i have two questions
1-in an opinion, could i be liable on any wrong doings of this owner occupied issue, even though the townhouses are in his name it would be easy to show that these were investment properties for our corporation..
2- even though the properties are in his name and purchased under the intent of our corporation, could i still legally claim a %age of this deal, having worked on it for a couple months and with all intentions of corporate profit??
i know a quick phone call to an attorney will solve this but i always go to you guys and gals first..have any of you been or heard of this type of predicament..im actually more curious than anything as i will contact an attorney and post to you all later..i may be $#!& out of luck and the answer obvious, but ,im to angry to see things straight....i have always been legal and will stay that way, but the other issue burns my butt...thanks, just venting
Regards-Pat
[ Edited by patricc68 on Date 12/04/2003 ][ Edited by patricc68 on Date 12/04/2003 ]
Hey Pat,
Sorry about your www.situation.I agree that mitigation trumps litigation and I would surely take that road if possible.
I noticed that was your "ex-partner". You are way ahead of the game!
ItzMe
"When someone shows you who they are, BELIEVE THEM!"
Although I have not yet partnered on a deal, I have briefly discussed some things that I can do to prevent just that. I'm sure a quick call to your attorney can solve this problem.
Good luck!
thanks guys for taking the time to write back..i have talked to an attny and technically i could get nailed on the non owner/occupied issue, but would be very difficult to push..however if i prove an equitable interest he then can come back on me legally if he gets nailed for the NOO issue..damned if i do,damned if i dont,,any other advice..
regards-pat
How about threating legal action regarding equitable interest? How are your poker skills? Couldn't hurt and maybe give him enough worry/grief to get some personal satisfaction even if nothing comes to fruition.
"Hey Jerk,
Cough up some bucks so I don't cloud your title".
ItzMe