Legal Question in Business Law in California

real estate company not giving 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 11/15/08, 3:04 pm

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

Re: real estate company not giving my money

I have experience in such matters, having previously litigated and won million dollar securities and investment actions in which the defendant is not paying what he is required to (including promissory notes). You may have many options but only if you act in time with the right attorney. If there are defendants' assets that need to be secured to be sure we get paid from judgment, immediate court action may be needed. If there are a number of people in a similar situation, they all need to be contacted to join in this action.

Please contact my office to discuss this matter immediately. Don't wait.

Best,

D. Bakondi, Esq.

IMPORTANT:

No attorney-client nor confidential relationship is created through this communication. You may not rely in any way on this communication, and nothing herein constitutes legal advice nor legal opinion. Your issue may be time sensitive and may result in loss of rights if you do not obtain an attorney immediately.

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Answered on 11/15/08, 11:39 pm
Terry A. Nelson Nelson & Lawless

Re: real estate company not giving my money

"Legally?" Sure.

Practically? Who knows? If there is nothing left, then nothing is what you'll get by filing suit. However, it sounds like there are assets, like a hotel and other properties, that would make suit practical. IF you've got proper documentation of your investment, meaning this wasn't just a 'handshake' deal, feel free to contact me to discuss your rights and remedies. I'd be happy to help you.

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Answered on 11/15/08, 3:33 pm


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