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Legal Question - Sale of a Company

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Legal Question - Sale of a Company

Old 08-20-2018, 10:21 AM
  #21  
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Originally Posted by Mako 234 View Post
Yes, but I do not know the specifics of the partnership agreement. It is not my company. I just know all the people involved.
Well until you know that and all the language in the Sale Agreement, you and we don't know squat.
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Old 08-20-2018, 10:21 AM
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What a scum bag. They just wanted to get B and C out and was a douche about it. Legal recourse would be expensive and drawn out. Hopefully the money paid out is something that can be lived with. A is a greedy prick

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Old 08-20-2018, 10:29 AM
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With all the db and hating going on, how about the answer to the question asked earlier. Was the purchase price a fair market value or do you feel it was sold for a lesser value? Is you feel whole then go have dinner with him and leave him with the bill and a big f u for being sleazy.
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Old 08-20-2018, 10:40 AM
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Originally Posted by Pez Vela View Post
It would be interesting to know what the partnership business was all about.
Originally Posted by Mako 234 View Post
It is not my company. I just know all the people involved.
Well, was it a boat partnership, an apartment building, a citrus grove, an auto dealership or what?
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Old 08-20-2018, 11:05 AM
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Originally Posted by ole_blue View Post
With all the db and hating going on, how about the answer to the question asked earlier. Was the purchase price a fair market value or do you feel it was sold for a lesser value? Is you feel whole then go have dinner with him and leave him with the bill and a big f u for being sleazy.
I think they feel they got a fair price. I also think they felt they were encouraged by Partner A to sell the company but that is their own fault.
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Old 08-20-2018, 11:08 AM
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at least in Florida Partner A had a duty to disclose that he was part of the Buyer, especially since he was the Manager of the Company and especially if he handled the negotiations of the sale of the business. the sale price for the business is now definitely in question and should be scrutinized.
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Old 08-20-2018, 11:10 AM
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Originally Posted by Pez Vela View Post
Well, was it a boat partnership, an apartment building, a citrus grove, an auto dealership or what?
Real Estate business. B​​​​​ and C actually own the building.
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Old 08-20-2018, 11:12 AM
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Originally Posted by alacrity View Post
at least in Florida Partner A had a duty to disclose that he was part of the Buyer, especially since he was the Manager of the Company and especially if he handled the negotiations of the sale of the business. the sale price for the business is now definitely in question and should be scrutinized.
This is what I thought it should be. I know B and C have met with an attorney about other shady things that happened during their ownership. They have asked him to look into this as well.
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Old 08-20-2018, 12:03 PM
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I have said it before and I assume I will have to say it again. Do not rely on a boating web site for legal or medical advice! Read the agreements among A, B and C for the initial answers!
alacrity and rickboat like this.
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Old 08-20-2018, 03:25 PM
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Originally Posted by finatic1 View Post
I have said it before and I assume I will have to say it again. Do not rely on a boating web site for legal or medical advice! Read the agreements among A, B and C for the initial answers!
OP has no standing. He’s not a party to the agreement. His interest seems conversational.
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Last edited by chrispnet; 08-20-2018 at 04:53 PM.
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Old 08-20-2018, 03:38 PM
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Originally Posted by Mako 234 View Post
This is what I thought it should be. I know B and C have met with an attorney about other shady things that happened during their ownership. They have asked him to look into this as well.
This could get ugly. Keep us posted on the details. I have seen this movie 100 times and every next version is interesting.
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Old 08-20-2018, 03:40 PM
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Originally Posted by Mako 234 View Post
Real Estate business. B​​​​​ and C actually own the building.
wait, so B and C own the building that the real estate business operates out of? If so, sounds like rent might have to triple.

in any event, a partner that would do that and also handle all the books of the business cannot be trusted. I would not be surprised at all if those books were “cooked” along the way. Of course forensic accountants are expensive, but might actually be more douchebaggerry than B and C are privy to.
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Old 08-20-2018, 04:06 PM
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Originally Posted by bone-a-fide View Post


wait, so B and C own the building that the real estate business operates out of? If so, sounds like rent might have to triple.

in any event, a partner that would do that and also handle all the books of the business cannot be trusted. I would not be surprised at all if those books were “cooked” along the way. Of course forensic accountants are expensive, but might actually be more douchebaggerry than B and C are privy to.
Yes, B and C still own the building the company operates out of. The RE company takes up about 50% of the space. A couple smaller companies make up the other half.

I know they did talk to a forensic accountant in the beginning but the cost was too much. They did as much investigating as they could and brought it to a lawyer. Definitely some cooked books going on from the looks of it. Now they just discovered Partner A had ownership in the new company. The entire situation is shady.
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Old 08-20-2018, 04:17 PM
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Originally Posted by Mako 234 View Post
I think they feel they got a fair price. I also think they felt they were encouraged by Partner A to sell the company but that is their own fault.
So what will they gain if they get a lawyer involved, other than make the lawyer rich!
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Old 08-20-2018, 05:36 PM
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Originally Posted by Mako 234 View Post
Yes, B and C still own the building the company operates out of. The RE company takes up about 50% of the space. A couple smaller companies make up the other half.

I know they did talk to a forensic accountant in the beginning but the cost was too much. They did as much investigating as they could and brought it to a lawyer. Definitely some cooked books going on from the looks of it. Now they just discovered Partner A had ownership in the new company. The entire situation is shady.
Are the books really cooked? That isn’t something that a cpa wants to have associated with his license.
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