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barristerinky
barristerinky, Attorney
Category: California Employment Law
Satisfied Customers: 35773
Experience:  Attorney for over 12 years. MBA degree earned as well.
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I signed an employment agreement and an equity agreement, 5

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I signed an employment agreement and an equity agreement, 5 one year terms with a clause stating if I terminate the contract I am only entitled to half the $$. At the end of the fifth year after unsuccessfull negotiations for 6 months to purchase the business I was offered a new contract but elected to move on and start my own company. I sent a letter requesting the terms of the equity agreement be enforced and begin payment but the owner refuses to pay? The formula for amount is defined in the agreement along with arbitration as a settlement venue. Loser pays all expenses and the award is in the $400,000. Range what are my options as the company has a new buyer as of last week with a sale to finalize in 30 days
Hi, I'm a moderator for this topic. I've been working hard to find a professional to assist you right away, but sometimes finding the right professional can take a little longer than expected.

I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you. Thank you!
Customer: replied 4 years ago.

I am ok waiting

Hello and welcome to JustAnswer.

I'm sorry to hear about your situation and hope I can help.

I would definitely suggest that you contact a local attorney to discuss your case as soon as possible in order to enforce the terms of the agreement through arbitration.

You can find an attorney using one of the sites here:

www.lawyers.com

www.avvo.com

www.martindale.com


This would be the only sure fire way to ensure that the agreement is enforced and that you receive the money to which you're entitled under the terms of the agreement.
Customer: replied 4 years ago.

This answer is obvious, some reference directed towards weather a sale of the company would affect my case and what my timeline is to file this case in the state would have satisfied my concerns at this point in time?

Hello,

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New expert here....

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If the business owner has refused to pay you the equity payments that you are entitled to, then your recourse would be to file suit against him for breach of contract for the entire amount of the contractual agreement as well as for any attorney fees you may incur in the proceeding.

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The sale of the business would not affect the underlying contract unless the seller was incorporated and then dissolved their business. But in a case like this, the sooner a suit is filed, the better. If you could get it filed before any actual sale takes place, you could also ask for injunctive action to be issued to prevent a sale until your claims are heard. This can put a lot of pressure on the seller to pay you so that the business can be freed up for a sale. It will also spook the buyer because no one wants to buy a business while it is the subject of a lawsuit.

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Due to the amount, you would need to contact a civil litigation attorney to represent you and file the lawsuit. If he moved quickly, he could file a bare bones complaint in a day or two just to get things started and make it public knowledge and then come back and amend the complaint to flesh it out. As soon as it is filed, he could then notify the potential buyer that the business was the subject of a breach of contract suit and that would definitely cause the buyer to step back until it was cleared up.

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Thanks.

Barrister

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Please don't forget to rate my service "OK" or higher. It is only then that I receive credit for my work.

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If you need further help, just reply to me via the “REPLY” or “CONTINUE CONVERSATION” button and I will be happy to continue.

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I am trying to help you understand and resolve your situation but I don't make the laws, so the outcome may not be what you had hoped for.

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Please be patient as I am typically working with several customers at any given time.

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I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.

 

barristerinky, Attorney
Satisfied Customers: 35773
Experience: Attorney for over 12 years. MBA degree earned as well.
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