based on trust

[way2trusting]

I have a partner who is 49% owner,he does the books and I do the feild work.We`are in the construction industry.Back inNOV07 we started a 6750 square foot house.The client was paying us faithfully every 2 weeks in amounts of 25 k-40k(these numbers are close but not exact) for a term of 10 months.As time went ,my partner developed a relationship with the client,whereby he trusted her so much he proposed we fire our bookkeeper at that time and aquire the clients services as our new book keeper.. I adamantly expressed my reluctance on agreeing with his judjement,however being 13
years my senior and a very admired and respected friend,I agreed.
After tallying the books for the new bookkeepers project we all discovered(the client, my partner and myself)she was still owing around 200k.We all agreed to 150k settlement .This is where it gets interesting.
The client is an officer on the board of directors in a venture 50 company with available stocks on the TSX.At some point in late May early June 08 she convinced my partner( without my involvement)that her company stock would reach the 20.00 mark in the very near future and at least 2.5 within 1 year.
My 49% owner partner then decided to make the dumbest deal of all times that worked directly 100% in favour of the client and is to this day destroying my company"s good name ,my marriage, my health ,my partners and my relationship and most importantly my families security.I have a 11 month old baby girl, a wife ,and a beautiful house overlooking the Shuswap lake.
Back to the point ,based on the clients wonderful stock information, my partner told her that we would carry her debt load for 1 year based on the terms of her paying us double the 150 k in 1 years time equalling 300k .
My partner was counting on us getting home equity loans thus having the capital to take care of the clients bills and and continuing to do business as usual.Well my partners loan went through and mine didnt and he has lent the company somewhere around 150 k.Last week he told me he wants to close up shop and he will work out the payout with the client and pay our companies bills and we will go our seperate ways.This seems like a not bad solution but what about the original deal of getting paid double and my share of the profit from the clients project? Not to mention the 7 other contracts I completed since then.
The main reason we were operating the way we were is because my partner had a driving suspension for 15 months.Thats why he did the paper work and I did the feild work.Since hes aquired a driver licence it seems like he and the new book keeper have there own agenda where I wont be needed ,which is absolutely perfect.As 51 % owner of this business can I take the reigns and go ahead pursue legal proceedings against the client? Im not absolutley sure but I think I'm getting the short end of the stick here. If so can some body out there in cyberspace please help ..........SINCERELY.ONE SCARED NEW DAD