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Zachary
Zachary, Attorney
Category: Legal
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Experience:  Lead trial/International commercial attorney licensed 11 yrs
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hi, someone signed an agreement to sell me his personal shares

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hi, someone signed an agreement to sell me his personal shares of a company, and promised to buy back the shares in certain period of time in the agreement. now the time is due, he is reluctant to buy the shares back. i knew he has the money in the bank
but just reluctant to fulfill our agreement. can i use any legal action to get the money back?
Submitted: 1 year ago.
Category: Legal
Expert:  Thomas McJD replied 1 year ago.
What was the purpose of selling you his shares only to promise to buy them back in the future? What was the benefit to you?
Customer: replied 1 year ago.
it was a stock purchase agreement to buy the person's personal shares of a company. and in our agreement the seller promised to buy back the shares in 3 years if the business doesn't succeed. the business did failed and now the agreement will be due in about a month.
Expert:  Thomas McJD replied 1 year ago.
So part of the benefit to you was that he would buy back the shares if the business failed? The benefit to him was that you would agree to buy the shares on that condition? Is that all correct?
Customer: replied 1 year ago.
no, the buy back term was for protection of the money. since it was not invested into the company but went into his pocket. the potential upside was if the company succeeded, i could keep the shares. the person was the founder of the company. the agreement was more like a personal loan with the buy back term.
Expert:  Zachary replied 1 year ago.
Hi,
I'm a new expert here. Your first expert had to step away from the question. I'll be helping you from here on out.
My understanding is that you have a written agreement with this person which has a buy back clause in it. You had the option to trigger the buy back clause by alerting him that you want the buy back. He is now refusing to go through with the buy back and this breaches the written agreement. Is that a fair summation of your situation?
Customer: replied 1 year ago.
yes. the person was the founder of the company, i was buying his personal shares, and in the agreement he agreed to buy the shares back in 3 years of time with the original purchase price. i have the right to decide to sell or not. it was more like a personal loan since the money went into his pocket, and the buy back term was to protect the money so i could get it back in the worst case.
Expert:  Zachary replied 1 year ago.
Thanks for your response.
If you have a written agreement with him, then this is enforceable. You need to send him an official written demand by certified mail to his current address (and to any address to which the written agreement states you are to send notice to), and inform him that you are demanding that he comply with his contractual obligations by X date. Tell him that if he does not comply then you will be forced to sue him for breach of contract.
How much money did you purchase the company shares for?
Customer: replied 1 year ago.
Thanks! it was 50k usd. the person is a US citizen but now living in Beijing and working on another start-up. how could I do the legal enforcement to someone overseas?
Expert:  Zachary replied 1 year ago.
That is another question altogether.
You could attempt to sue him in the United States and simply have him served in Beijing, as such is allowed under treaty law.
Because this is a complicated process, you really cannot handle it yourself and will need to hire a lawyer on the collection.
Does he have any assets in the US that you are aware of?
Zachary, Attorney
Category: Legal
Satisfied Customers: 3814
Experience: Lead trial/International commercial attorney licensed 11 yrs
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