Quote:
Originally Posted by Dark One
1) Are they actually insolvent?
2) Does someone willing to buy them out and pay back Corgan mean Corgan is refusing to be paid back, or can be legally claim control before that and instead refuse to sell to them?
3) Is the agreement even legal (because it's X and not Y)?
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Really good summary of the issues.
There's also the issue of whether Corgan was a TN licensed pledge lender when the loans were made. If not, he could most likely lose everything, even his principal investment money. That being said, IF his lawyer didn't know or inform him of the licensing requirements when making this deal, he could sue his attorney for malpractice and would most likely win that malpractice suit.