Q: Commercial Real Estate LLC
I’m wondering if there is anything I can do? I had 36% ownership in a building. The other partners borrowed $1.5M against a paid building without notifying me. I never signed anything on the loan & found out 5 months later from St. MN. The bank loaned the money without an appraisal – after the 2008 crash & the building may have been worth around $800k?
Who knows what they did with the money? All of the sudden one son (about 21) had a $150k Cadillac Escalade, Wake Board Boat & an Auto Repair business.
They then pledged the building to the business that had the same ownership (LLC) & spent all the money. The bank gave them 12 months to sell the building or they would take it over. They sold it for $700k to someone that just started an LLC within the week & the bank forgave $800k. I was co-founder, President & CEO of the business & was forced out in 2000. I kept my interest in the building because they needed me & my equity. Then they took the building
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