3 ms·
Ask YC: Share purchase reversal?
I worked for a company that gave me 5% in equity stock. I didn't like the way things were going at the company so I decided to sell my stock and move on.
A guy agreed to purchase 1% of my shares, and has paid 62.5% of the agreed amount.
Throughout last year and this year I called him and asked when he would be paying the balance.
In March he said that the company is not going too well, and he doesn't have any money to pay now.
Today I got a call from him where he told me that he wants to void the contract. Does this mean that he wants his money back? Is this legal? This is 11 months after the original agreement.
- bigtoga 18y agoAs your attorney, the best advice I can offer is to get a better attorney than me. So why are you asking here instead of asking an attorney? I'm assuming it's because you don't want to pay a ton of $$$. I've touted this a few times on here: Pre-Paid Legal plans for $17/mo can really help in situations like this. I have one (their small biz plan) and it's ideal: I never have to think about whether it is affordable to ask an attorney for advice or to review a doc/contract. Link: http://wserver0.prepaidlegal.com/newCorp2/legal_plans/legal_plans.html http://wserver0.prepaidlegal.com/newCorp2/legal_plans/legal_... I don't work for them or sell their plans but I think their service is worth every penny. my advice would be to sign up, call an attorney, and get some solid legal advice. Cancel it the next month if you wish - they don't require contracts.
- pistoriusp 18y agoThanks - I figured that someone might have some insights for me, I don't have the share purchase agreement with me and will have a look at it tonight. And then I'll send it along to an attorney.