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I have a company that I moved to a small town in the US lots…

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I have a company that...
I have a company that I moved to a small town in the US lots of promises made very little came through so here we are a year later company is struggling due to can't get the employees needed, called the local bank I use for some more help and the owner of the bank said there is no more they can do, well them knowing I will have to close down, the banker the next day says that she talked to her stepbrother about and he is interested in buying the company, I guess my questions is this doesn't seem right need some advise on what legal I can do
Submitted: 2 years ago.Category: Legal
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6/6/2015
Lawyer: Law Educator, Esq., Attorney replied 2 years ago
Law Educator, Esq.
Category: Legal
Satisfied Customers: 124,427
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
What "legal I can do" against whom?
If you moved the the company to the town, were there written agreements regarding these "promises?" Did you conduct due diligence on the area with regards ***** ***** for your company and workforce availability?
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Customer reply replied 2 years ago
Yes we agreements but the city has tried changing them also regarding workforce we didn't personal they have a economic development group that give us that information
Lawyer: Law Educator, Esq., Attorney replied 2 years ago
Thank you for your reply.
The city cannot change written agreements. If the city is breaching their contracts with you then that is one legal recourse, to sue the city for that breach and the damages.
As far as the workforce, when a company is moving to a new area, it is up to the company to conduct due diligence regarding available workforce and simply relying on their EDC solely is not quite sufficient, the company needs to do their own investigations into the job market to determine if they can hire qualified employees in the area (for example EDC tells people the best of the town to attract business, they are an advertising agency for the town, but someone moving a tech company to the area requiring people with computer skills would not want to move to an area where the workforce is filled with people who barely graduated high school and could not do the jobs the company needs done). If the company failed to conduct that due diligence beyond what the EDC told them, then some responsibility is on the company.
You have an option of moving your company as well and finding a new city that could sustain your business and avoid selling the business.
The last recourse if you cannot move and cannot get an adequate selling price would be put this business into bankruptcy and walk away and you can start a new business elsewhere.
Based on the very general information you provided above, these are your options available to you.
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Customer reply replied 2 years ago
Thank you but regarding the owner of the bank were she refused to help then talking to her stepbrother about buying the shares of the company without me knowing can she legaly do? It's seems she has control and inside information to get the end result she wants
Lawyer: Law Educator, Esq., Attorney replied 2 years ago
Thank you for your reply.
Legally, a bank does not have to loan anyone money, so she does not have to loan you the money. This is a private business, but you could claim breach of fiduciary duty against the bank forcing you make a choice to file bankruptcy or sell to a relative of the bank and seek damages from the bank for her self dealing. Of course, you also can seek to go to another bank for funding to at least move your company out of this po-dunk little town.
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Customer reply replied 2 years ago
Thanks yes I know the bank doesn't have to borrow me the money, but they have not demanded the loan yet or filed any sort of paperwork yet, but yesterday tell me they cant do it but today telling me her stepbrother is interested on buying the shares and wants me to have a meeting Monday because they think they can help us in the intern tell this deal can get done this seems so wrong regarding moving we just can't do it
Customer reply replied 2 years ago
One more thing our company sells across the U.S. and Canada the company name and reputation is what sells the product
Lawyer: Law Educator, Esq., Attorney replied 2 years ago
Thank you for your reply.
As I said, you could pursue the bank for breach of duty to you by squeezing you to deal with the president's family member.
However, you could also get another investor to bail you out so you can move out of this town and get a viable workforce so you can sell your product.
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Customer reply replied 2 years ago
Getting another investor is what we were working on and the bank knows that we were asking the bank for help for short term so we could keep the company going and customers happy in the mean time but they said no then this came up
Lawyer: Law Educator, Esq., Attorney replied 2 years ago
Thank you for your reply.
You do not have to deal with the relative, or you could make a deal for only a short term investment from him and give him no control or voting powers.
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Customer reply replied 2 years ago
I did talk to her step brother this morning which he indicated that he wants most to all shares for him to do it
Lawyer: Law Educator, Esq., Attorney replied 2 years ago
Thank you for your reply.
So you do not have to deal with him and you can go elsewhere. What he wants does not mean you have to give it to him.
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