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    0 Replies Latest reply on Apr 29, 2009 7:41 PM by mnasim034

    Unpaid Promissory Note -- seeking recourse

    mnasim034 Newbie
      n March of 2008 I invested a large amount of money
      in my cousin's software development company. The company was apparently
      going IPO in India and needed cash to buy out other companies. My
      cousin was the CFO of the company and founder. He claimed that we would
      get 50% profit of our principal investment. So I invested in the
      company, I was promised repayment in four months. He provided us a
      promissory note which basically stated that that he along with the CEO
      of the company, and another partner were the borrowers of the money and
      will return it. The promissory note was signed by all three and an
      attorney. It's been over a year and I have
      yet to receive my money (principal amount and profit). Apparently the
      company's secured creditors foreclosed on its assets and it is no
      longer in a position to meet its day to day operating obligations. The
      company is in a state of restructuring in which some of its lenders
      have a stake in the company. Two of the three people who signed the
      promissory note are no longer part of the company. The other is still
      CEO of the company. The attorney who signed the note said I have
      recourse against the makers of the note.

      have been very frustrated as no one has been getting back to me. I have
      been calling but no response and I am very worried. I think I should
      take legal action against the makers of the note. What would you suggest my course of action should be?