Legal Question in Business Law in Georgia
3 years ago my position was eliminated from a privately held company. I had been there 12 years and was the 7th employee hired. I purchased stock and was given stock (no not options) over the years. It appears this company will never go public and I was wondering if there is any way I can force them to cash out my holdings?
3 Answers from Attorneys
No one here knows the terms of your agreement for the stock, any restrictions on the stock, and many more details you left out. If you don't have a repurchase agreement, probably not. It also may be a breach of fiduciary duty for the company to buy back the stock.
It really depends on the corporation documents and the facts. However, generally speaking, one cannot force a company to redeem its stock.
If you would like to discuss any issues further, please feel free to contact my office. The link to my contact information is below. Thank you.
The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.
I would need to see the relevant paperwork as to the stock to answer you.
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