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Hi
I developed a small web business in 2010 which started generating a tiny bit of income, I decided to give it the push it needs I would need to find an investor- I did, they we're an incubation company and arranged an investment of 25k in to the business taking 30% for themselves, 35% for the outside cash investor and issuing me 35% shares all of which was done under a "new co".
The incubation company also evaluated my IP at 10k and transferred it under "new co". All work was to be done as sweat from all parties until such time the company became profitable.
After only using 5k-7k of the funds invested the site was ready for re-launch in 2011 and I was planning to use the remaining investment for marketing it (although it was beginning to gain some traction by all the blogging and mailers I was sending out).
After 2 years of forcing them to send me funds to market the site (and not receiving virtually anything) I one day got a call from them saying we are going for a second round of funding to make this go mobile and they would handle all development as it was unfair I did most of the work last time.
They told me my shares as would theirs be diluted and something would be sent in writing to that affect- nothing ever was, neither were any new share certificates.
Our 2nd round of funding was 60k + any monies left from the first round. They sent me 2k in good will of the work and expenses I had put in so far.
We had a catchup call some weeks after funding to discuss costs and it turns out that they had spent everything in the bank account and did not produce that much for the costs stated.
Naturally I was horrified as I was under the impression that they we're to work for sweat for their shares but in addition to their bills for in house IT work I also found out that they didn't dilute their shares as much as mine.
So I was working for sweat for almost 3 years, didn't claim a penny in expenses but they did a total of a few weeks work and cleaned out the bank account, took more shares than me and also didn't disclose the deal to me in writing.
Further more I came across an email (sent to me in error) that said they evaluated the business at circa 300k?
Was their actions unlawful? The value of my IP has naturally declined over 3 years. Is there anything I can do to recover any money left from my puny 15% shares and exit or am I stuffed?
If it was unlawful I would be grateful for any acts I can quote in order to get them to agree to redemption sooner.
Sorry for the long winded question, I really need someone's advice here to help me get back on my feet
Luke
I developed a small web business in 2010 which started generating a tiny bit of income, I decided to give it the push it needs I would need to find an investor- I did, they we're an incubation company and arranged an investment of 25k in to the business taking 30% for themselves, 35% for the outside cash investor and issuing me 35% shares all of which was done under a "new co".
The incubation company also evaluated my IP at 10k and transferred it under "new co". All work was to be done as sweat from all parties until such time the company became profitable.
After only using 5k-7k of the funds invested the site was ready for re-launch in 2011 and I was planning to use the remaining investment for marketing it (although it was beginning to gain some traction by all the blogging and mailers I was sending out).
After 2 years of forcing them to send me funds to market the site (and not receiving virtually anything) I one day got a call from them saying we are going for a second round of funding to make this go mobile and they would handle all development as it was unfair I did most of the work last time.
They told me my shares as would theirs be diluted and something would be sent in writing to that affect- nothing ever was, neither were any new share certificates.
Our 2nd round of funding was 60k + any monies left from the first round. They sent me 2k in good will of the work and expenses I had put in so far.
We had a catchup call some weeks after funding to discuss costs and it turns out that they had spent everything in the bank account and did not produce that much for the costs stated.
Naturally I was horrified as I was under the impression that they we're to work for sweat for their shares but in addition to their bills for in house IT work I also found out that they didn't dilute their shares as much as mine.
So I was working for sweat for almost 3 years, didn't claim a penny in expenses but they did a total of a few weeks work and cleaned out the bank account, took more shares than me and also didn't disclose the deal to me in writing.
Further more I came across an email (sent to me in error) that said they evaluated the business at circa 300k?
Was their actions unlawful? The value of my IP has naturally declined over 3 years. Is there anything I can do to recover any money left from my puny 15% shares and exit or am I stuffed?
If it was unlawful I would be grateful for any acts I can quote in order to get them to agree to redemption sooner.
Sorry for the long winded question, I really need someone's advice here to help me get back on my feet
Luke
Have my investors acted unlawfully?
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