

Ask YC: Share purchase reversal? - pistoriusp

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.<p>A guy agreed to purchase 1% of my shares, and has paid 62.5% of the agreed amount.<p>Throughout last year and this year I called him and asked when he would be paying the balance.<p>In March he said that the company is not going too well, and he doesn't have any money to pay now.<p>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.
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bigtoga
As 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_...](http://wserver0.prepaidlegal.com/newCorp2/legal_plans/legal_plans.html)

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.

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pistoriusp
Thanks - 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.

