I invested in a senior living facility in Florida with the understanding that the project would exit after five years. There were multiple exit strategies outlined, but the company used the pandemic as an excuse to sell the project, and investors received nothing in return.
While I understand that investments carry risk and that preserving jobs is important, the lack of transparency and the way the exit was handled suggest bad intentions. The pandemic was used as a blanket excuse, and the process was misleading.
Is there any way to recover at least part of my investment? I believe the exit was misrepresented, and the handling of the situation was unfair.
Answers
Anthony Cummings
Litigation AttorneysIt really depends on the language in your controlling documents (PPM, Subscription Agreement, limited partnership, or limited liability agreement).
Do you have the sections in the documentation that govern the exit available? I normally enter into a limited retainer agreement to investigate and do some due diligence to better advise what options I see are available to address any concerns or analyze any possible dispute. For example, I could review your documentation and give you my opinion, limiting the review to 3-5 hours of attorney time.
Lynne Feldman
EB-5 Immigration attorneysOu need to consult with a litigator in that state to review the project documents and advise on litigation or negotiation.
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