Gene some food for thought:
1. Do you have a "written" agreement for the loan you made and does it state, the length of the term of the loan, the repayment term rate at so much per month, any interest rate involved?
2. Is it signed and on corporate letterhead?
3. Do you have a "corporate" or a "personal guarantee" on your loan and is it backed by any "security" such as bank account
receivables, land, inventory, office equipment etc?
4. I assume you do not have a unique "personal guaranty" on your loan from GS....which means you have made a deal with the corporation itself. GS is personally protected in such a deal as to his personal assets by the "corporate veil". To get to his personal assets you would need to prove among other things fraud
etc....google "contract law". Piercing the corporate veil is difficult and "expensive" to do.
5. As far as a lawsuit goes, you might sue the company itself and eventually win a judgement but then comes the monumental problem of attempting to collect on the judgement if there are any assets which can be attached....again time consuming and expensive.
6. There may be others in line ahead of you now in the process of litigation or already in receipt of judgement and they come first.
7. You need to save all your written emails, especially any from him acknowledging the debt, record any future calls you make to him (check the laws of your state first) and at the minimum prepare a promissory note for him to sign and send it via registered mail, signed, proof of delivery and see if you get anything back which I doubt but you can try.
8. He will hide behind the corporate veil for sure on this and I am sorry to say but I think your chances of collecting on the funds you loaned in good faith are near zero.
9. See if you can get a written agreement to some kind of payment plan which he personally will also guarantee....this is a
real big ify deal but I guess worth trying.
Good Luck Gene-
