Kansas  |  Business Law

Legal Question

Asked on: 11/03/02, 10:32 am

dissolving an L.L.C...best avenue to take?

Our Health Club is being sued by the state A.G. office due to a

recent buy of another health club and the members evidently are

not 'assignable' and funds are to be returned. $7k loss per month.

Our Health Club is struggling due to a recent fire and problems

with obtaining all the insurance proceeds due the L.L.C.

With said two (2) strikes our options (?) are:

a) restructure (...leaving behind some debts)

question: what does that mean?

b) cash call (...investors have yet to see return in 2years)

question: is this even legal or a bogus effort to get more money?

c) sell-out (...and hope to acquire as much as possible)

question: does a buyer indicate that this 'club' is actually a good investment?

sorry for not giving details on monies, but I just wanted more of

a general idea of what these options really mean?

thank you very much

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