I sent you another email describing the situation and how he is now trying to say that he didn't know the details of the transaction when he sent the wire and now he is threatening to stop our business.
Can he put some kind of injunction on the business until they clear it up. THey are certainly going to say I misrepresented the business somehow but I didn't. It will be us against them and his own son was there all the time and all of us expected he would share anything if there was a concern. He comes up and goes through our plant and we even show him our earnings. We have worked with complete transparency.
I just worry about their threats that they will come in and have the courts assign someone to intervene. We are in the Linen and Dry cleaning business and work with the biggest and most prestigious hotels in the world such at the St. Regis, Marriott, Waldorf Astoria and The Montage. This would be devistating to us.
He didn't use his attorney when we signed the documents because his accountant said it was a good business and because he thought his attorney would take too long.
The only misrepresentation he is claiming is that all the debt was not paid off at closing as was originally disclosed. The reason it was not was because he shorted the funding 220k and there was not sufficient monies to pay it off. We put it in escrow and then later signed an agreement with his knowledge that we would use the money to buy a new piece of equipment. It will all come down to what he lies about and what was actually the truth but I feel there are sufficient people who know what happened and he was there the day the decision was made. He simply forgot or his is lying.
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