landexcorp
New Member
Hi,
4 years ago I partnered with two brothers in a Deleware Corporation for a web site. After about 6 months things started going bad, I was expected to do everything for 25%.
So I basically backed off and none of the three of us have done much. For the last 3 months the site has been growing and is starting to turn some revenue.
Now they are offering to buy me out, for a price 1/5 - 1/10 of the actual value of the site.
We have a couple items signed.
1. No additional shares can be issued, without all three directors approval.
2. I should be sent a monthly breakdown of revenue/expenses (haven't recieved one yet).
I am basically wondering what my options are. Is there some kind of shotgun clause where I can offer them a value per share or % and they can choose if they buy me out, or let me buy them out?
Any other options or recommendations?
I want closure, but I don't want to take a haircut by cutting 1/5 of what I should.
It is a Deleware Corporation, I think headquartered in BC, Canada.
4 years ago I partnered with two brothers in a Deleware Corporation for a web site. After about 6 months things started going bad, I was expected to do everything for 25%.
So I basically backed off and none of the three of us have done much. For the last 3 months the site has been growing and is starting to turn some revenue.
Now they are offering to buy me out, for a price 1/5 - 1/10 of the actual value of the site.
We have a couple items signed.
1. No additional shares can be issued, without all three directors approval.
2. I should be sent a monthly breakdown of revenue/expenses (haven't recieved one yet).
I am basically wondering what my options are. Is there some kind of shotgun clause where I can offer them a value per share or % and they can choose if they buy me out, or let me buy them out?
Any other options or recommendations?
I want closure, but I don't want to take a haircut by cutting 1/5 of what I should.
It is a Deleware Corporation, I think headquartered in BC, Canada.
