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Texas. Background: (A) Couple married for twenty years own…

Texas. Background: (A) Couple married...
Texas. Background: (A) Couple married for twenty years own privately held company with two other partners. At time of divorce, the husband ‘buys’ the wife’s 2M shares of stock in an Incident to Divorce calling it Alimony so that the husband can write it off his taxes. The husband’s debt to wife is collaterized by his shares of stock until debt is paid in full. (B) Wife continues to hold 1000 solely-owned shares in her name to remain stockholder in company. (C) Wife also funds a Promissory Note to same company 200k.Incident to divorce dictates that any sale of company would require husband to pay his wife in full for her number of shares, or, she may accept equal collateral to protect the original shares.Situation: Husband has entered into a ‘merger’ with another company and does not notify wife who holds his stock as collateral to debt he owes her and she is also a shareholder as well as a note holder. Requests for wife to receive a copy of the Agreement and the husband’s new employment agreement have not been accommodated although the docs were requested in writing. Incident to Divorce states all requests must be answered within ten days. It has been four weeks.Very specifically, in great detail, please provide me with any or all breeches you see in this merger transaction. My intention is to call the debt and note with cause.Please ask more questions if you should need more info. This is an odd transaction since our monies were separated in family law although it split up the value of our company which is business law. My understanding from a biz attorney is this is a violation or circumvention of the Incident to Divorce and would best remedied in family law. Please advise perceives breeches and actions I may have to call the debt and note in full.
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Customer reply replied 4 months ago
PS: Wife signed over voting proxy of her 1000 shares to husband (her lawyer said it would be an ‘Ace Up Her Sleeve’ whereby she would have grounds for breech of fiduciary responsibility should husband pull something like this).
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4/3/2018
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Customer reply replied 4 months ago
I definitely am waiting for an answer. I even paid last night to expedite one. Please proceed as expeditiously as possible. Thank you
Ray
Ray, Lawyer
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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.

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The first issue I was wondering about is if he wrote this off as alimony do you report this as income because it is mandatory for you to do so.Just a thought.

Here your remedy to me is a motion for contempt rather than a civil suit.It is quicker, cheaper, etc.I would then subpoena him and the records in his possession concerning the merger.Again this is so much faster and cheaper than a civil suit and discovery.

It can be set as a show cause quickly and see if threat of jail forces resolution.To me he hasn't complied with the terms of settlement.I think you have just as good a chance with contempt than you do with civil suit.

You will need lawyer to file such motion and order to show cause.But this could be heard within a month as opposed to a civil suit taking up to 2 years or longer.You want resolution here, you want to be paid and I think this is the shortest , quickest way to do that.

I appreciate the chance to help you today.Thanks

If you can positive rate 5 stars it is much appreciated.

Ray
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Customer reply replied 4 months ago
Thank you. Would contempt force him to pay his debt in full since the merger basically nullified the stock that is held as collateral? If the acquiring company did not ‘purchase’ it, then the stock now has no monetary value. This is an MLM company and 100% of our independent distributors are now the distributors of the new entity and using that company it’s name. We have no remaining distributors (or product inventory). My ex and one surviving partner took employment agreements with the new company but are still calling the two of them as our original company name in an attempt not to trigger an event, I.e. sale, of company which would force my ex to pay debt in full. This is simply his language attempting to circumvent the Agreement. In essence, the acquired company is simply a shell in which to pass commissions through. Can you expand more? How do I pin down this smoke screen and which type of attorney do I hire?
Customer reply replied 4 months ago
Ok, I understand you cannot calat this time. Can you respond to the question I just added please?
Joycelaw
Joycelaw, Attorney
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Thanks for your patience.I hope contempt would make him pay you what you are owed or face jail.Its just way cheaper and quicker than a civil suit and judge could grant you judgment for amount owed from contempt.

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