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Convertible Note Issue — angel investor wants board seat

Started by newbie_seller_GA · Apr 16, 2024 · 1,617 views · 6 replies
For informational purposes only. This is not legal advice. Laws vary by jurisdiction. Consult a qualified attorney for advice specific to your situation.
NS
newbie_seller_GA OP

I'm in a difficult situation and trying to figure out my next steps.

angel investor wants board seat. I've been dealing with this for about 11 weeks now and the situation isn't improving.

I have already consulted briefly with a lawyer but the other party is not cooperating.

Should I hire a lawyer for this or try to handle it myself?

TL
Mod_TermsLaw Moderator

Licensed attorney — a few thoughts. Here's my take on the legal issues.

This is a common situation and the law is fairly clear. Under the relevant statute, actionable.

Before taking legal action, consider sending a formal demand letter. In many cases, this alone resolves the issue.

FK
FreelancerKate

Been there. Here's what I learned.

The biggest mistake people make in this situation is filing with the appropriate government agency. I'd recommend gathering evidence first instead.

DP
desperate_parent_CO

Following this thread — I'm in a very similar situation. Would love to hear how it turns out.

SB
SmallBizOwner_NYC

I went through almost the exact same thing.

The biggest mistake people make in this situation is filing with the appropriate government agency. I'd recommend gathering evidence first instead.

ES
eComm_Seller_2022

I've seen this play out several times in my field.

What worked for me was hiring an attorney to send the initial letter. It took 2-4 months but was worth it.

WD
worried_dev_2025

I had a similar issue and ended up consulting with an attorney. It was worth the $200-300 for the initial consultation just to understand my rights.

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