Legal Question in Business Law in Maryland

Stocks left to me in a Will to a company thats closing it's doors.

Eight years ago I was left 5% of company stocks from the owner who passed away.

I've sinced moved on to another compny and the one I left is closing it's doors. The plumbing company is selling off all it's vehicles, inventory, equipment and is also trying to sell an investment property that was being paid for by the company for the last 15 yrs. The investment property is believed to be worth about $350,000. The company has made profits the last 8 yrs. I would basically like to know, do I have any rights to 5% of the business as he is selling it off? I'm afraid he will sell everything while the doors are technically still open and will close when there is nothing but a shell of the business left.


Asked on 6/26/03, 9:13 pm

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

Re: Stocks left to me in a Will to a company thats closing it's doors.

You would have a right to 5% of any distributions of profits, and to 5% of the distribution upon liquidation. If you do not receive satisfactory documentation of what has transpired, you are entitled to an accounting and to have a court supervise the liquidation. You should see a lawyer soon if you are concerned about dissipation of the assets.

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Answered on 6/26/03, 10:01 pm


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