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    2 Replies Latest reply on Oct 22, 2011 9:20 AM by Moderator_PaulR

    Shareholder buyout/Removal

    connie.yoshida Newbie

      I am a business owner in California with a problem: my co-owner/ex-husband.  The original restaurants were started in Japan by my father, whom generously allowed us to franchise it to the US even though my husband was not qualified to start one.  I am the president of the company while he is the VP.  We each have half of the shares of the business.  I do the accounting for the business; he orders things and delivers them to the restaurant.


      Now fast forward 20+ years, he leaves me and our four children for an employee.  He petitions for a divorce, all we have to do left is separate the properties (aka sell them).  Yet he constantly demands money even though our paychecks are the same, except I have four other mouths to feed.  When I refuse, he then takes the cash from the business which now happens daily. I have tried many measures to stop him, to no avail.


      Two years later, the dilemma continues, except worse.  I am trying to buy his share but he plays dirty.  He told my daughter that he has potential buyers but I would be the first person he wants to sell it to, yet he refuses to meet with me or our corporate attorney (who had no idea my ex-husband had any intent of selling his shares).  Recently, I found out that he is opening another restaurant with the same name without my approval even though I am the president of the company and an equal share holder.  Our corporate attorney knows nothing of this.


      Is there any way that I can get rid of him or punish him legally?