Legal Question in Business Law in California

real estate company not giving me my money

A owner/CEO of a bank that was the 19th bank (in Los Angeles) to get shut down by the FDIC also had a real estate investment company which many years ago i (and probably about 500 others) gave money to that company because they were giving a higher APR. This man/company with all our money combined bought and bought property, one of which was the Marriott Hotel in Downtown LA for about $150mil.

About a year ago when property value all went down, almost every person have asked for their money but has not given anyone a penny. I have a Promissory Note saying, upon demand, with 30 days notice, I can get all of my money back, and now he hasn't given one penny and is being hounded daily by everyone. He is hiding and is not even leaving his home.

Legally, is there anything that can be done?


Asked on 11/17/08, 1:14 pm

2 Answers from Attorneys
Daniel Bakondi The Law Office of Daniel Bakondi

Re: real estate company not giving me my money

Yes you may have a legal recourse and an opportunity here. If you know the other 500 people, then if each person contributes $1000 in legal costs, then you have enough to hire attorneys with very little outlay on your part. Then, you have the resources to go after him and his assets and secure them pending the outcome of the litigation. If you can do that he may settle well before if he is smart. I have successfully litigated similar matters, including million-dollar securities cases. You should call my office now.

Best,

Daniel Bakondi, Esq.

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Answered on 11/20/08, 11:43 pm
Bryan C. Becker Your Lawyer for Life.

Re: real estate company not giving me my money

Certainly you can do something. Your options will depend upon the note itself and how long it has been since you invested. Most likely, you will have multiple options, including filing suit in Superior Court. In order to get accurate and timely advice, I recommend you speak with an attorney asap. My practice handles financial litigation, please feel free to contact me at your convenience.

Yours truly,

Bryan

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Answered on 11/17/08, 1:28 pm


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