Posted by kawikaCA on February 23, 2004 at 18:18:55:
Did the attorney follow the escrow instructions?
If so did the attorney deliver the assets to you?
Did anyone sign some paperwork that you can see?
Are you all officers or directors of the corporation?
Attorney Steals 30k out of Escrow, HELP!!! - Posted by Ryan
Posted by Ryan on February 23, 2004 at 17:19:12:
Hello,
I had a development deal with 4 other partners and myself. I had 2 partners on my side of the deal and we were partnered with 2 other individuals. To make a long story short, the two other partners had some land, and a 6 plex we were planning on tearing down and developing. We bought into the assests these 2 individuals had for 30k. This 30k dollars was put into an attorney’s escrow account, contigent upon the bylaws of the coorporation, that all the partners were going to set up. No Bylaws were ever written and the lawyer ended up disbursing the 30k to the other two individuals without all 5 partners signing on it. Two partners only signed on it. It has now been about a month and still no money. We have met with the lawyer and told him that we want the money directly from him not the other partners he disbursed the money to plus 10k dollars in interest and damages. We want the money directly from the lawyer because he was the one who screwed up. That would be a total of 40k dollars. Today the money is due and if it is not paid 1k per day will be added. Also, if we do not get the money we are reporting the lawyer to the DPR (Department of Professional Regulations) As of now all we are getting is the run around, avoidance of calls, not returing messeages etc. The plan was to wait till monday, today, to see if he comes up with the money and then file a lawsuit if we don’t.
Are we handling this the right way?
What can we sue for and how much?
Any tips or advice?
What happens if we sue and all the defendents money is in coorporations and/or protected?
I can use as much help as possible!!!
30k Is a lot of money for me right now.
Thanks in advance,
RYan
Not a proper Q for this forum - Posted by William Bronchick
Posted by William Bronchick on February 24, 2004 at 09:42:29:
Ryan, this is the 2nd post of this Q, and while it seems related to real estate law, it is not appropriate for this board. You are seeking SPECIFIC legal advice, which we cannot give here. You need to retain a local attorney to advise you on your rights and how to proceed.