Coldmtn
02-16-2009, 03:13 PM
I will try to keep this complicated situation simple.
I am partners with 2 other people in an LLC formed about 5 yrs ago.Guy #1 is the managing partner and brought me & guy #3 in on this deal,we are all equal partners.We were to purchase a manufacturing company from someone else.While we were working through due diligance time,etc Guy #1 asked me for a personal loan,which I made to him.We had an agreement he pay that back with 6 weeks.He did not.I was not too worried about it because we had this big deal going on.
Well, the seller of the company basically screwed us and the deal went south and we all lost alot of money.Guy #1 said we would sue the seller.In the meantime, guy #1 got into alot of legal problems.I sued him for the personal loan and a judgement was placed against him for the loan plus interest.Of course,our relataionship was soured because he owed me money.So over the past 5 years guy #1 & guy #3 having been in litigation with the seller.I had no idea.They were sueing under the LLC I am a member of with them.The seller settled with them and money was dispersed to the attorney for his fees and the balance was going to be split up between guy #1 & #3 behind my back.
Well,because I am an LLC member, and have a judgement agaainst #1, they have to have a release from me to disperse the money.Well, hell no, not without my 1/3!My attorneys have advised me not to sigh-DUH-but they cannot stop the LLC attorney from dispersing.The LLC attorney may decide to disperse without my signature and if he does,my attorneys say we will sue that attorney and guy#1,but that will take years.I have talked to#1 several times and he says he will not share the money.
So is there any other way to stop these people once the money is given to the managing partner of the LLC?Or is there no way to stop the LLC attorney from dispersing?
I am partners with 2 other people in an LLC formed about 5 yrs ago.Guy #1 is the managing partner and brought me & guy #3 in on this deal,we are all equal partners.We were to purchase a manufacturing company from someone else.While we were working through due diligance time,etc Guy #1 asked me for a personal loan,which I made to him.We had an agreement he pay that back with 6 weeks.He did not.I was not too worried about it because we had this big deal going on.
Well, the seller of the company basically screwed us and the deal went south and we all lost alot of money.Guy #1 said we would sue the seller.In the meantime, guy #1 got into alot of legal problems.I sued him for the personal loan and a judgement was placed against him for the loan plus interest.Of course,our relataionship was soured because he owed me money.So over the past 5 years guy #1 & guy #3 having been in litigation with the seller.I had no idea.They were sueing under the LLC I am a member of with them.The seller settled with them and money was dispersed to the attorney for his fees and the balance was going to be split up between guy #1 & #3 behind my back.
Well,because I am an LLC member, and have a judgement agaainst #1, they have to have a release from me to disperse the money.Well, hell no, not without my 1/3!My attorneys have advised me not to sigh-DUH-but they cannot stop the LLC attorney from dispersing.The LLC attorney may decide to disperse without my signature and if he does,my attorneys say we will sue that attorney and guy#1,but that will take years.I have talked to#1 several times and he says he will not share the money.
So is there any other way to stop these people once the money is given to the managing partner of the LLC?Or is there no way to stop the LLC attorney from dispersing?