California | Business Law
Legal Question
Illegal sale of business
In 2001 I sold my accredited school for $250.000 payable over a 15 year period with a one year delay in payments. The new owner let the accreditation lapse. A year later the new owner decided to go for accreditation again and because the audit would not be profitable, I agreed to lower the price by $100,000. Only two payments (interest only) were received in the next year. The owner insisted he had no money to pay. I heard from a friend that the owner was going to shut down the school the following week. I called and was informed he had placed it with a broker, taken the first offer and sold the school for about what he owes me. He now refuses to give me any of the money unless I cut him in on it. What are my options? This person is my brother.
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