Company bought my shares in a Redemption Agreement - but missed deadline to pay!

[sloanrobe]

Hello...I was a partner in a company (LLC). A few months ago, the company offered to buy my company stock from me for a large sum of money. The payment was to be sent to me in two installments - one at the beginning of February 2022, and one at the beginning of February 2023. We have passed the deadline and they still have not paid. They are telling me that two potential funding deals have fallen through and they are behind on cash flows, but are working on some options. I have no idea if they have any revenue, nor do I have any idea if any employees (small company) are earning a salary. What are my legal options? We have a signed and fully executed Redemption Agreement.

[Ukmicky]

Your options are to go to an experienced law firm. Sorry but it vital all advice you receive is top notch.

[Sam101]

As this is a USA limited liability company that you were a part of you should have an agreement that lays out the terms of the transaction fully, so there should be a default clause? A specialist needs to be asked to check the contract which you agreed to. Or sell the shares elsewhere if they are of value.

[sloanrobe]

By default clause, do you mean a clause that dictates what happens if the payment deadlines are not met? There is no clause like that in the agreement. I was told that if they don't make the payment according to the agreed upon time schedule, they are in violation of the terms of our agreement. I cannot sell the shares elsewhere.

[Sam101]

You could try contacting a USA lawyer firm on a no win no fee basis if you think they could help?