Legal Question in Business Law in Illinois

Bought a Lemon Business
My husband bought a lemon business from his friend a year ago. The friend had the price hiked up $100,000 during the closing. Both sides used the friend�s attorney. The mortgage company�s representative gave an oral agreement to front the $40,000 inventory money and didn�t honor it. He was later fired for this. After buying the business, he was informed the business was in a fire and had been closed and reopened 7 times. My husband is about to lose the business because it�s not generating enough money to cover the mortgage. All repairs the friend did to the place were temporary patches and everything started to fall apart soon after the closing. Do we have a case?

Asked on 6/25/07, 1:25 pm

Michael Rosenblat Michael C. Rosenblat., P.C.

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Re: Bought a Lemon Business

Based on your brief statement of fact, you should consult with an attorney to discuss your options, including filing a lawsuit.

Answered on 6/25/07, 2:55 pm

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