Legal Question in Business Law in Oregon

I will sum this up: My Grandmother in her last year, started dating a guy in her retirement home, He convinced her to "invest" her $50,000 ( Only $$ she had from selling her house after debt paid off) in his Son's company. There was an agreement that the $ would be available to her within 30 days of her request, and in the mean time she would get 12% interest and $500 a month. Everyone signed this including the company president.

After she passed, Her will was to leave the $ with her daughters and granddaughters ( I am one of the granddaughters). Her Brother was the executor and sent a letter to the company requesting $ be paid within 30 days as per the agreement. The company then responded that they were looking to file bankruptcy and could not pay anything and had many other debts they owed.

They ended up sending us a letter to sign saying the only way we could get our $$ was to become "Preferred shared Holders" and after 3-4 years of this "New guy" coming into the company to turn it around, we would all get our $ plus interest. We signed and agreed and did not seek any legal council.

5 years later, we have been given letters by the company keeping us "updated" on how sales are doing that year. Recently we were given a letter that says they want to add an amendment to the original agreement, and it has something to do with the "New guys" contract being expired soon and how he needs to be paid by a certain date, but needs our permission, because we as "preferred share holders" were supposed to be paid first, but the company cannot afford to do so at once. So they layed out a payment plan, to pay him $300,000 over a year and give us some and then the rest ( who knows when) and they keep saying as long as the company does not sell....It's very confusing for us, and we feel that it may be too late, but hopefully not, for us to seek legal council on what is in our best interest. WE HAVE NOT SIGNED THIS, we have until the end of the Month.

We have not been paid anything since my grandmothers passing. She did receive 1 year payment of interest from them and the $500 a month as promised. But after her passing, nothing.

This company does 12 million in sales a year, and has a lot of debt to other people and financial institutions, that makes our $50,000 look real small. But it is a lot of money to us, and we would really like to get this figured out once and for all. We all feel like they have been dragging us along. And We also feel that they keep "Threatening" to file Bankruptcy and this is our only hope, but I think they are bluffing to get us to sign. Their sales have gone up, and they are doing better.....

I know they had to even of broken some "elder laws" by having her invest in the first place. My Grandmother was never an investor of any kind, and only had that much $$ because she sold her house recently.

Any information would help. Thank you.

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