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FLCORPLAWYER
FLCORPLAWYER, Attorney
Category: Business Law
Satisfied Customers: 4618
Experience:  23 Years business & securities law, NY and FL bars. SEC all states.
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I sold a business in May 2007 and part of the Sale included

Resolved Question:

I sold a business in May 2007 and part of the Sale included a Unsecured note for $1,000,000 due May 2012. I received Interest only payments on the note until about December 2009 at which point they defaulted. When I request I do get the balance of my note with the accrued interest.

When my company was purchased it was a Recapitalization of two(2) companies and the acquistion of my company, leaving the holding company with Three(3) Operating Companies. My note was is in the Holding Company.

Since the default occured the Senior Lender has taken over the Board, the holding company closed one of the Operating Companies and most recently I heard that one of the other Operating Companies has been sold off. This leaves the Holding Company with only my old company as it's only Operating Company.

What rights do I have to my $1,000,000 + Accrued interest when it comes due in May 2012?

Can the Senior Lender legally put debt onto my old company, write off some it's own debt at the Holding company level, and then bankrupt the Holding Company? This would wipe out my debt.
Submitted: 2 years ago.
Category: Business Law
Expert:  FLCORPLAWYER replied 2 years ago.

FLCORPLAWYER :

You have the right to payment in full at maturity. The Board had the right to close a subsidiary that was not performing. They did not have the right to saddle the company that owes your debt with all of the debt of the concern. I am sure there are very complex documents involved here. You are owed a fortune. A question-and-answer website is the inappropriate forum for you to be seeking legal information in this case. You need a strong litigation business law firm. I urge you to find one now.

FLCORPLAWYER, Attorney
Category: Business Law
Satisfied Customers: 4618
Experience: 23 Years business & securities law, NY and FL bars. SEC all states.
FLCORPLAWYER and 4 other Business Law Specialists are ready to help you

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