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| First of all good discussion!! Experience first hand. Purchased land from father when the land was under water with a mortgage from the 80's debacle. My 2 brothers and I assumed the debt on the land and formed an LLC, with our still living father in 2000. Thus affectivley making the shares in the LLC evenly split with an undivided interest. Mother passed in late 80's, Father passed in 2008 with the LLC inheriting fathers 25% share, bringing the shareholders to a 1/3 share each. All 3 brothers operate the land in a corporation from 2000 to 2009 when the youngest of the brothers decides he is "jumping off the train" meaning he is leaving his wife and 3 children to walk on the wild side (he lived off the farm). Negotiated a buy out of his share of the corporation to satisfy the ex-wife and removed him from the corporation for the buyout. He still retains his shares in the LLC and wants to cash in his inheritance because evidently the wild side does not pay reel well. I proposed a fair market value of his inheritance at 8.33 % which netted him a decent payout,(as much as he would have earned in 30 years of factory work) but he wants the entire 33% which is a poison pill to the operation, and prohibits the remaining shareholders from retiring and passing on to now, contributing sons from the remaining shareholders. What is fair??? The crux of the situation is that he is dangerous, and we have had to threaten him with a restraining order to get his attention. I Do not know where the conclusion is. We have had legal council from both sides suggest insurance policies. That would have been a great idea when we were young, but premiums are not feasible at our ages now.
Not looking for advice, (But would like to hear of a silver bullet if there is such a thing). I'm just saying it is a whole lot more complicated when it is worth something, as opposed to being under water, and nothing but a liability.
Edited by Nutiller 11/27/2022 18:25
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I want LAND!!
