While it sounds illegal, it is not and it is something that often gets done with businesses
. Many times small companies in making such aquisitions will not agree to take on any debt of the company they are buying out and only buy the assets of the corporation
. You really should get to a corporate attorney and get them to look at the entire transaction to determine if he breached his fiduciary duty to the other shareholders of the corporation and review the corporate bylaws
to determine if he even had the power to do what he did. Only after you get an attorney to review the entire deal and the corporate bylaws will you know what further action to take against him.
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