Texas | Business Law
4/10/09, 9:23 pm
Legal Question
Proving Fraud
I sold a company to another. I made no money on the sale (I ''flipped'' it). The payback was in a 5-year employment contract. The contract called for me being President and running it as a separate division of the parent company. On day one the parent (husband/wife team) took over all control of the finances and never allowed me to run it. I had no spending or check signing ability or even credit card.
Now a year later they want to rip up the employment contract with the ''payback'' (I was supposed to get 10% of net profits for 5yrs) and tried to force me to sign a new one.
It is clear they never never planned for me to run it independently.
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