seeking payment return on investment
how do I collect $8,000 that I invested in a company in 2003 that has still not been able to pay me back. I have a simple one page contract that states I was to be receiving payments as of Sep 2004. To date I have not received one penny and every time I have contacted this person regarding this I am pacified with some answer to defer paying me later. I do not want to wait anymore. What are my legal rights? Is there a time limit for suit/claim? What type of lawyer should I seek? Thank You
Re: seeking payment return on investment
You may have just missed the boat. The statute of limitations for suit on a written contract is four years from the date of breach. It is now four years and one month since your first payment was due. Of course, you can still sue for payments that fell due after 9/04.
Another question might be whether your investment was a loan, thus giving you a right to be repaid, or a true (equity) investment, where your investment makes you a part owner and entitles you to share in profits (if any) rather than to be paid a specific sum.
Also, a lawyer would want to see whether this is an instance of securities fraud instead of or in addition to a breach of contract. The statute of limitations for certain types of securities fraud are more than four years, and greater damages may be obtainable.
Finally, you face the problem that bringing suit on investment claims is pretty technical and specialized, and lawyers with suitable experience would charge so much that a possible recovery in the $8,000 area would be uneconomical.
If you would FAX or scan and e-mail me the one-page agreement, I'll give you a further response at no charge.
