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Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 29622
Experience:  29 years in civil, probate, real estate, elder law
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I inherited stocks from our family restaurant business. Then

Resolved Question:

I inherited stocks from our family restaurant business. Then to be legal, about ten years ago I bought and paid for all my shares. Then due to some legal issues I turned the name of the shares/stocks over to my father. Now my father refuses to give me back my shares and is about to sell the restaurant and leave me out of the sale. What legal steps do I need to take? What kind of lawyer do I need?
Submitted: 1 year ago.
Category: Legal
Expert:  Ray replied 1 year ago.

RayAnswers :

Thanks for your question and good evening.My sympathy here for your situation and dilemma.

RayAnswers :

You are going to need a lawyer here that does business litigation.Your lawyer here would file a civil suit and seek an injunction to stop the sale or to freeze the proceeds from the sale until the matter can be litigated.

RayAnswers :

You would be arguing that you should receive the shares of stock that you paid for and that equity here requires that you receive the shares or the value of them in a sale.You would decide with your lawyer whether to seek the shares or the true value of the shares.

RayAnswers :

You may be awarded a legal judgment for the value of the shares as well as your legal fees and costs if you prevail in such a civil suit.

RayAnswers :

Here is Illinois case law that supports an oral contract here.

RayAnswers :

You would want to consider a lawyer asap here to try and block sale or at least freeze the proceeds into the courts.

RayAnswers :

This would protect any assets from the sale for you to be able to seek to enforce a judgment.

RayAnswers :

Here is ABA approved lawyer referral for you ..

RayAnswers :

Here is more on breach of contract here.

Customer:

the matter gets worst. I am angelo's wife, and due to my application we got the show Restaurant Impossible to do a show and they remodeled the entire restaurant about two months ago with the premise the Angelo, my husband, was the owner of the restaurant. Now the father claims that Angelo was never the owner and has been disinherited. There is a substantial money difference in the before and the after value price of the restaurant. Who is entitled to these money?

RayAnswers :

You would through your lawyer to seek to claim the proceeds or at least your share from the stock you purchased.You would claim there was an oral agreement if you had nothing here in writing.

RayAnswers :

You have up to 5 years under Illinois law to file a breach of oral contract suit here.

RayAnswers :

Illinois Statute of Limitations Checklist - Kelley Drye

RayAnswers :

But the sooner you lawyer up and get your rights protected the better as they are certainly trying to claim you have no interest.

Customer:

who is the best lawyer in Illinois right now and how do we go about meeting with them this monday?

RayAnswers :

Your lawyer would send demand letter threatening breach of contract suit and seeking legal fees and costs as well.If they do not pay then yoiu would have to i fle your civil suit.

RayAnswers :

Use the lawyer referral I gave you above.The ABA approves them and has screened the lawyers for their expertise here in business law litigation.

RayAnswers :

Ratings for you too.

Customer:

Also, last issue, I was given a "fake" restraining order to stay away from the restaurant and was threatened that if I dont divorce Angelo he will be disinherited. Does the lawyer who drafted the fake restraining order, is there anything i can do against them? What kind of lawyer do i need for that?

RayAnswers :

A business litigation lawyer can deal with this.

RayAnswers :

They would seek to dissolve any restraining order and seek to discover the finances of the restaurant here.

RayAnswers :

They can then gather better information for the damages portion of your case.The lawyer may also use a forensic accountant to compute damages.

RayAnswers :

I wish you the best here.I can see how frustrating this must be for you.

Customer:

Thank u

RayAnswers :

I appreciate the chance to assist you tonight.

RayAnswers :

If you can leave a positive rating it is always appreciated.

RayAnswers :

Thanks again,,

Ray, Lawyer
Category: Legal
Satisfied Customers: 29622
Experience: 29 years in civil, probate, real estate, elder law
Ray and 2 other Legal Specialists are ready to help you

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