Tried to exercise stock options but was ignored

[solar]

I used to work for a company A, that was doing research and development for a company B. When I was hired by company A, they gave me stock options in company B. At the end of one year of working for company A (August 2006), I sent a letter exercising my first year's worth options (vested) and asking for their cash value (approximately $10,000). I never received acknowledgement from company B of this request, and still haven't to this day. I only followed up with company B once (1 week after my initial letter), and they still didn't acknowledge me.

For various reasons, I haven't pursued the matter, but I would like to do so now. The one time I thought about looking into it (in 2007), I called 3 or 4 lawyers from the yellow pages, but no one returned my call.

Companies A and B severed their ties in April 2007. I was permanently laid off by company A at that time due to lack of work. Both companies are still in business. 2 other current employees of company A are owed money by company B (not as much money as is owed me). As far as I know, no one has ever pursued this money. Company B has a history of shady business dealings. Their stock has lost almost all its worth in the meantime, and I don't believe it has much of a future.

Company A is headquarted and completely based in Colorado. Company B is headquartered in California, but has interests in Colorado and Oregon. The CEO of company A has in the past expressed that he will try to help get our money for us, but as far as I know he has never done so. He is not the most pleasant guy to deal with.

Has the statute of limitations expired on this matter?
If not, do you have any advice on how I can go about trying to collect this money? I do have a couple of lawyer friends now that might be willing to help me or represent me but I have not talked to them yet.
Thanks.

 

[jharris352]

You need to engage an attorney. I would say more but that really is your best option. The statute of limitations is not your problem, but if you wait too long you will make it harder and harder to collect. Don't delay.

 

[solar]

You need to engage an attorney. I would say more but that really is your best option. The statute of limitations is not your problem, but if you wait too long you will make it harder and harder to collect. Don't delay.

Thanks. Why do you think that no attorneys have returned my call in the past? I am owed 10K by that company. Is it not worth the lawyer's time and effort to take this case? How much of the 10K might the lawyer make--would it be hourly or as a percentage of the 10K? Should I just open the yellow pages and walk into an employment lawyer's office (since they won't call me back? or should I get a friend who is a lawyer to represent me (since presumably they will be motivated by doing it as a favor to me in addition to what ever money they will collect)? I would rather not withdraw from the favor bank if I can help it.