Comments on: CondoDomain Sued By Investors Because Of Focus Shift http://www.therealestatebloggers.com/2009/01/23/condodomain-sued-by-investors-because-of-focus-shift/ Real Estate Blog, Mortgage, and Development News Thu, 18 Mar 2010 20:55:14 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: r Russel http://www.therealestatebloggers.com/2009/01/23/condodomain-sued-by-investors-because-of-focus-shift/comment-page-1/#comment-414990 r Russel Thu, 03 Dec 2009 20:49:37 +0000 http://www.therealestatebloggers.com/2009/01/23/condodomain-sued-by-investors-because-of-focus-shift/#comment-414990 Sounds like the investors would have sued had Mr Longo followed his original plan into Bankruptcy. Those operating a company do have a fiduciary duty to serve the best interests of the investors. If the investors had some special agenda outside of the investment about real estate advertising, the agreement needed to be explicit to be enforceable against the company. I would not be surprised if the investors would also have been displeased if Mr Longo had taken the idea and found other investors to start up a separate business dealing with condo sales. They might have successfully argued that amounted to the theft of a corporate opportunity. It is not easy taking good ideas through the start up process. Good Luck Mr Longo. Sounds like the investors would have sued had Mr Longo followed his original plan into Bankruptcy. Those operating a company do have a fiduciary duty to serve the best interests of the investors. If the investors had some special agenda outside of the investment about real estate advertising, the agreement needed to be explicit to be enforceable against the company. I would not be surprised if the investors would also have been displeased if Mr Longo had taken the idea and found other investors to start up a separate business dealing with condo sales. They might have successfully argued that amounted to the theft of a corporate opportunity. It is not easy taking good ideas through the start up process.

Good Luck Mr Longo.

]]> By: Robert Unusual Loans http://www.therealestatebloggers.com/2009/01/23/condodomain-sued-by-investors-because-of-focus-shift/comment-page-1/#comment-333386 Robert Unusual Loans Sat, 24 Jan 2009 15:53:27 +0000 http://www.therealestatebloggers.com/2009/01/23/condodomain-sued-by-investors-because-of-focus-shift/#comment-333386 Catch 22. In this market someone is going to lose and not be happy. At least they tried to do something. Catch 22. In this market someone is going to lose and not be happy. At least they tried to do something.

]]> By: Tony Sena http://www.therealestatebloggers.com/2009/01/23/condodomain-sued-by-investors-because-of-focus-shift/comment-page-1/#comment-332980 Tony Sena Fri, 23 Jan 2009 17:45:42 +0000 http://www.therealestatebloggers.com/2009/01/23/condodomain-sued-by-investors-because-of-focus-shift/#comment-332980 Would they have been happy if they kept their business model geared towards advertising and eventually had to file bankruptcy because no one in the real estate industry is spending money on advertising right now? At least now they are trying to move to a model that might generate revenues to secure their investor's dollars. Would they have been happy if they kept their business model geared towards advertising and eventually had to file bankruptcy because no one in the real estate industry is spending money on advertising right now? At least now they are trying to move to a model that might generate revenues to secure their investor’s dollars.

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