Commercial Real Estate Attorneys Success Story
Our client, a successful entrepreneur and one-third owner of both a building and warehouse in South Florida, originally filed suit against his two business partners for mismanaging the business that they operated together and the commercial property which was the sole asset of the partnership. The basis of the suit involved poorly maintained financial records as well as the improper use of Small Business Administration (SBA) loan proceeds. Our client determined, based on independent expert accounting, that his partners were diverting funds from the business while failing to maintain the commercial property. The property was detrimentally affected as the city had placed a lien on the property due to code violations which were never cured.
Counter Claimed Business Partner
Once our client’s partners were served, they retaliated by filing a separate lawsuit against our client in an attempt to evict an independent business our client operated from the same commercial property. Both of these suits were litigated for nearly six months by prior counsel, creating expensive and contentious litigation. Once our office was retained, we immediately consolidated the two suits: namely, the eviction matter and the lawsuit against the partners. Initially we determined that, in order to protect our client’s investment, that a motion to appoint a receiver to take over the business would be appropriate. Consequently, the receiver would be responsible for doing a deep dive into the entire business operation, which included the finances and dealings of the other two partners. Interestingly, the possibility of having a third party in control (the receiver) of the business was enough to bring everyone to the table to begin settlement negotiations. Learn more about: Commercial real estate contracts
Oppenheim Law Settles Commercial Real Estate Case
Our team was able to secure our client the necessary time and leeway to attempt a global settlement. Within 90 days from taking the case, analyzing the legal issues involved and advocating on behalf of our client both cases were settled. The terms of settlement remain confidential but effectuated positive change for our client as he bought out both of his partners and become 100% sole owner of the building where he runs his other business. The SBA loan was also satisfied, and our client remains eligible to take out another SBA loan if needed. Perhaps most importantly, however, is that our client has peace of mind that the cases are now over and that he can move forward with his businesses and his life in general. Based upon the results, the client has joined the firm’s corporate concierge program which provides 24/7 availability to our legal team. Should you have any legal questions about a potential purchase or sale or another legal matter, our team at Oppenheim Law can be reached at 954-384-6114.
Originally posted at: https://www.oppenheimlaw.com/commercial-real-estate-attorneys-successfully-secure-a-global-settlement/
