Business Divorce Successfully Consummated08/03/2016
Business Divorce Successfully Consummated. Corporate partner Robert Mintz and litigation partner Jeremy Kreger successfully handled the business divorce of two 50% shareholders of a mid-sized Midwestern distribution and chemical company----WHILE AVOIDING COSTLY AND PROTRACTED LITIGATION! Our client, one of two equal partners in the business, decided that he longer desired to be part of a 20+ year business and wanted to exit along with his division. The other partner was unwilling to go along with the break-up, at least initially. The parties did not have an adequate shareholders agreement which might have allowed for a straightforward split. Therefore, Rob and Jeremy were called upon to creatively deconstruct and then reconstruct the multi-faceted business which is headquartered in the Chicagoland area and has satellite offices in four other states. Making matters more challenging, the business recently lost its largest and most profitable customer thereby making historical financial statements irrelevant. Rob, a former certified public accountant, was able to wade through the financial data and devise a plan to split the warring partners. Jeremy was part of the process every step of the way, adroitly counselling how litigation could be used as a tool to address the deadlock. After four months of planning, negotiating and documenting (the lawyer’s version of blood, sweat and tears), Rob and Jeremy convinced the parties that their plan was fair and sound. We wish both sides good luck in the future!