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Hello my name is ***** ***** I will help you with this.
For now please let me know if this was a partnership rather than Limited Company?
Hello there was no agreement at all
No the investor was taking 95% of the profit. Then the 5% is split between me and the gentleman that introduced the investor (business partner). I was more doing the project as something to put on my CV then the money, as I hadn't worked for a while.
I believe the gentleman that introduced the investor (P) signed a contract either in his name or through a company (PP), although I have never seen sight of a contract but I do have a text from him indicating he was with a solicitor signing a contract from the investor around May time.
The investor is threatening to go legal. I don't think he has a case as no monies were transferred to me and the reason for me not being involved I deemed to be greed. I just want confirmation I am on the right track?
I also want to sue him for the finders fee on this project and another but I will open up another question for this.
Legal on what basis, what does he want to achieve?
The money the investor transferred to 'P', in the investors words, was "a prepayment of any back-ended payment owed to you both". He is now saying I owe him half of this and he wants it back, even though I want to stay on the project, and he terminated the relationship not me. I say relationship as I have not had, or seen, or signed a contract. I believe the backend, even though it will only be 5% is a great deal of money. Obviously with me out of the picture 'P' now receives the whole 5%, or if he terminates 'P' (on paper) the investors get 100% of the profits. I know I've been scammed and I feel very stupid as I've worked so hard on this project, but I just wanted to know if he can take it further?
Was it ever discussed that it was a prepayment for a backend payment?
yes a prepayment from the backend was emailed through to me and 'P' (quote above was from email). Although I never signed or agreed anything, nor was anything discussed to say the investor could terminate the agreement we had at anytime he decided, meaning I don't get any of the profit. I also never received any monies from the investor it was all given to 'P' company.
Ok - I dont think the investor has a case.
Nothing is in writing and signed by you.
He can't change his mind on that.
So no, I do not think there is a case there
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