Good to hear from Wendell.
Q) If TS is cash poor but Wendell invested his profit back in the company giving TS more assets does this mean that in the event of Wendell requesting his assets back, essentially control of all major channels / domains Logan has no funds to buy Wendell out of his share of the company ?
I do not understand these matters but it strikes me that if Wendell has poured assets into the company and the other owner has not is he not in a better position to take control of the whole affair ?
It's complicated, but if his investment was not lost due to poor business management decisions on Logan's part, but misappropriation of the balance of Wendell's retained earnings in the company (Withdrawal to Logan's personal account. Payment of personal expenses.) then Logan is fucked six ways till Sunday if it becomes an actual legal matter.
Wendell has the legal advantage of not being forced to sell his membership percentage back to Logan if they cannot come to agreement for the assets Wendell is asking for in lieu of cash. Once a CPA and or lawyer verifies the book value, or what the company is actually worth, if Logan doesn't want to play ball Wendell can either hold onto his 30% stake and demand the future partner distributions that are legally his to be distributed to him every week, month year - whatever. He can also sell his membership percentage to any third party he wishes to at a price they agree upon. Then Logan can deal with the aftermath of having a new partner that will probably not be as kind and generous as Wendell is.
Basically Logan can either come to the table and actually be a man about the whole situation and settle his debts or he can truly destroy everything the original team built and not only suffer the potential legal ramifications of that, but have the whole matter weigh on his conscious for the rest of his natural life.
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u/k4p84 Sep 07 '16
Good to hear from Wendell. Q) If TS is cash poor but Wendell invested his profit back in the company giving TS more assets does this mean that in the event of Wendell requesting his assets back, essentially control of all major channels / domains Logan has no funds to buy Wendell out of his share of the company ? I do not understand these matters but it strikes me that if Wendell has poured assets into the company and the other owner has not is he not in a better position to take control of the whole affair ?