We are pleased to report the successful conclusion of a significant commercial litigation matter. BMK partner Michael Bednarz represented two former business owners who, upon selling their company, became employees of the acquiring entity while issuing promissory notes as part of the transaction. The acquiring company promptly defaulted on the promissory notes and subsequently failed to remit our clients’ wages in a timely fashion. We initiated legal proceedings against the purchasing company, seeking an attachment of its bank accounts, and, following strategic negotiation, we secured a favorable settlement that addressed both the commercial default and employment compensation matters.
This resolution vindicates our clients’ rights and restores the financial consideration that formed the basis of the original transaction. This matter illustrates the critical importance of comprehensive legal representation in business acquisition scenarios, particularly when sellers transition to employee status within the acquiring organization.
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