"Freddie B." <paradoxer@[EMAIL PROTECTED]
> wrote in message
news:138a6ohrm0qnqce@[EMAIL PROTECTED]
> I bought a few thousand shares from a company here in VA in 2004. The
> company was administratively terminated in April '04, and hence "It does
> not exist." (I am a bit naive, and didn't check the SSC web site until
> recently.) Well, their CEO already borrowed money from me under their
> name on a contract after that termination, and went around representing
it
> as a cor****ation, etc. - and still does! I just got an investor update
> type letter, offering if I want to convert what they owe me into shares!
> Well, they say they are trying to get reinstated in a few weeks (do they
> have to pay all the back years of fees?) but, the nerve! I already know
it
> is a Class I Misdemeanor in VA to act as if a cor****ation if not one,
but:
> what additional laws are involved here? Most im****tant, they still owe
me
> lots of overdue money (from loans, additional to their "shares" I still
> hold), so what extra legal punch can I get from this status issue if I
sue
> the officer/s? (Note I didn't say "sue the company", since it doesn't
> exist! I have to sue some kind of legal person, right?)
First, sue the company for payment of all debts. It is backwards to say
you
can't sue the company because it doesn't exist. The right way to look at
the situation is that the company cannot defend itself from your lawsuit.
Nobody is authorized to act on behalf of the company, so nobody is
authorized to hire an attorney to represent the company, and nobody is
authorized to enter any answer to your complaint. So if you raise all of
the proper objections at the right time you will win a default judgment.
Second, and after: (a) you have the default judgment on the company, (b)
the
company's period for appeal has passed, (c) in a separate lawsuit, go
after
the officers, directors and shareholders of the company. They can be held
responsible for all debts of the cor****ation because they don't have a
valid
cor****ate veil to protect them.
Third, sue the person who obtained money from you after the cor****ation
had
been administratively terminated. The lawsuit is for fraud among other
things. The fraud is in representing to you that there was a cor****ation
in
existence that had the right to sell shares and/or incur debt.
Use an attorney for all of the above, because there are subtleties in the
procedures and the timing of the three lawsuits. The fraud cause of
action
has the potential for punitive damages, so there is a potential for
recovery
of enough money to cover your legal fees.
This answer must not be relied on as legal advice for the reasons posted
here: http://mcgyverdisclaimer.blogspot.com
. And I am not your
attorney.
McGyver
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