Legal Question in Business Law in Virginia

I invested in a start up Title Company as a stockholder/investor. I was given a stock certificate. Long story short, the owner of the company decided to take a position with another Title company. The other company told him he couldn't operate his company anymore. He share with us the stockholders/investors that he couldn't pay us our initial investment back until 2 years of the company being in business. Well, it has past 2 years for the company, he mentioned to me, it had to be 2 years from when he issued each stockholder their certificate. My 2 years is in November 09'. My question is can he declare no income and not pay any of us our money back? What do you recommend?

Thanks in advance for your timely response,


Asked on 8/29/09, 12:40 pm

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

The stock certificates which were given to you are obviously worthless and you may have a case for fraud/misrepresenation and other related actions against this owner.

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Answered on 9/04/09, 12:20 am


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