I recently resigned as an officer of a Florida corporation and
sold my
share of the business. I was paid a cash payment as well as a
promisary note for monthly payments for the balance. There are
rumors
that they have found a buyer and that it may have been in the
works
before I sold. Two questions:
1. Am I entiled to my share of the buyout if it was in the works
before my resignation?
No. But keeping secrets from the stockholders about the value of
the company, including happenings that could affect the future
value, could be grounds for a lawsuit. That depends on several
factors which I am not qualified to discuss in detail. The short
version is that it's ok to keep inquiries and exploratory talks a
secret, and not ok to keep negotiations a secret, generally
speaking. See a securities attorney about it for more detail.
2. If not am I entilted to additional compensation for stocks
not yet
paid for?
No. The stock was fully paid for, with cash and a promissory
note. That's true even if no part of the promissory note is ever
paid, unless the promissory note was secured by a pledge of stock.
McGyver
