Washington  |  Business Law

Legal Question

Asked on: 10/12/13, 11:51 pm

My family (shareholders of a private company) are requesting the company to execute a stock repurchase. However, the problem is the CEO has disappeared, or fled to another state due to an impending lawsuit filed by my family. The lawsuit was filed by my family on the basis of security fraud and breach of fiduciary duties. The CFO has agreed to execute the stock repurchase, but we are concerned that if CFO has the legal right to do so. What kind of legal process should we take to execute the stock repurchase without violating any law?

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