On the sale of my busness of which I owned 50% of the shares and my two partners owned 25% each, the two partners held up the closing for two days because they would not agree to sell if a personal note we all three signed was not paid off. I was forced to agree in order to make the sale. A few months later, I sold another business of which I owned 100%, and they threatned a law suit if I did not give them half of the money. In order for the sale to go through, I had no choic but to give them 50% of the sale amount. From what I understand, the legal term for this is extortion, the definition of extortion is the obtaining of property from another, with his consent, induced by wrongful use of actual or threatened force, violence, or fear, or under color of offical right (18 U.S.C. 1951(A)(2).
Are they liable for extortion?
Are they liable for extortion?
