Legal Question in Business Law in Ohio

Corporation problems

I am a 25% shareholder in a company which i am also an employee. There has been an issue where i took money without anyone knowing, got caught and paid it all back. Now the 75% shareholder wants me to relinquish my shares because of what happened for the amount that i paid for the shares over a year ago. I am still employed, but the situation is very difficult and may not be here much longer. I need legal help as he is trying to stongarm me into signing over my shares.


Asked on 9/28/01, 3:50 pm

1 Answer from Attorneys
Brian Halloran Brooking and Halloran, PLLC

Re: Corporation problems

He's blackmailing you. You cannot threaten criminal proceedings to gain advantage in a civil matter. The only way he'd have rights to your shares is if he had a judgement against you or the companies shareholder agreement stated some type of share forfeiture provision upon a criminal conviction. It's a very odd situation and you pegged it. He's strongarming you to get your shares. It doesn't appear to me that he has a right to them, but I recommend you consult an attorney in your area regarding this. Good Luck.

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Answered on 11/07/01, 2:48 pm


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