Myself and 3 friends purchased a restaurant\bar on a rent to own basis (restaurant is a corporation and we all own equal shares). I travel for work and the 3 others were to run the buisness while I was gone. (I have been gone the last 10 months) Well long story short we defaulted on the rental agreement and there are numerous debts due to clear up before it is returned. The property has to be returned to owner as recieved free of all leins and debts.
By the contract we singed we are all liable for these debts but the contract aslo states that if the others lack the funds just one of us will have to pay it if need be. I would like to keep the settlement out of court..(as we would have to pay all the extra costs of the landlord inculding attorneys fees). So I am thinking about paying everything up to keep it from going to court. I am not getting any help from the others on clearing this up and they are not returning my calls. I am already invested about 20k more than the others and cleaning up this mess will probably cost me an additional 30K. I was wondering what I could do to recoup some of my losses. Should I let it all go to court.. I am sure there will be an additional 15-20k in charges and after it is all done, if the others don't or can't pay I will still be stuck with it all anyways. I would appreciate any suggestions.
By the contract we singed we are all liable for these debts but the contract aslo states that if the others lack the funds just one of us will have to pay it if need be. I would like to keep the settlement out of court..(as we would have to pay all the extra costs of the landlord inculding attorneys fees). So I am thinking about paying everything up to keep it from going to court. I am not getting any help from the others on clearing this up and they are not returning my calls. I am already invested about 20k more than the others and cleaning up this mess will probably cost me an additional 30K. I was wondering what I could do to recoup some of my losses. Should I let it all go to court.. I am sure there will be an additional 15-20k in charges and after it is all done, if the others don't or can't pay I will still be stuck with it all anyways. I would appreciate any suggestions.
