Legal Question in Business Law in Illinois

Non Disclosure of information

I worked for a Nextel cell phone store which the owner asked if I wanted to buy it in Dec 05. My fiance and I agreed and took ownership Mar 05. 3months later we found out that Sprint was buying Nextel. If I had known that I would not have bought the store...Within a couple of months we found out that dealers were informed in Dec of the buyout...we were never told about it. What recourse do I have?

Asked on 5/31/08, 12:17 pm

2 Answers from Attorneys

Joseph Michelotti Michelotti & Associates, Ltd.

Re: Non Disclosure of information

Sue him for fraud. You have some statute of limitation problems though.

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Answered on 5/31/08, 4:28 pm
Barry040 Bayer Law Offices of Barry D Bayer

Re: Non Disclosure of information

You might have a right to rescind the deal --- return ownership to the prior owner and get your money back --- but such litigation, if it came to that, would be expensive. How much did you pay? How much debt did you incur? (How much of that debt was to the former owner?

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Answered on 5/31/08, 6:45 pm

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