My father invested in a new company a few years ago. He fell ill and things changed financially for him. He's asked to sell his shares, but is getting the run around. As his power of attorney, he wants me to take care of it, but I'm getting the run around also. The person to speak to is hardly ever in the office and doesn't return calls. They keep saying they "don't have a system in place to return funds yet." Today, I told them "that's what you said last year," and at that time I asked when they'd be ready and they said "July." I don't want to face the embarrassment of having been scammed. Dear Goodness! I know I should call a lawyer, but honestly don't want to have to pay someone a big chunk of money for something that should be so simple. What should I do?
Raysor2012-10-31T02:17:23Z
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If the company is private then how will you get your money back? It may be that one of the other shareholders may buy them or they (or you) find another investor to buy (with the approval of the board). Holding shares in a private comany (especially a minority shareholding) is always very risky. It may be best to talk to an accountant experienced in private companies and see what are the options. You also need to talk to the other shareholders (or the majority shareholder). Make an appointment to discuss the situation. You may not be in a position to demand anything but should try and reach an amicable solution. The company cannot 'return funds' to a shareholder even if it had the necessary cash, the shares have to be purchased by someone. A first step would be to get some accounts from the company. As a shareholder you will be entitled to see these.
ypu answer your own question: "I know I should call a lawyer" and of course you don't want to pay a lot of money on a lawyer to get you money back but if you don't you might never see that money again. Go talk to a lawyer and ask him to make a case he will probably tell you to write a letter to the person/company and if they still don't come up with the money to write them a last notice, in that last notice you must write that you will reimbursed court and lawyer costs if you need to take him to court to get your money