Texas Securities Law Attorney
Offering Simple Solutions for Complex Legal Concerns 888.252.8277

Texas widow denied access to husband's company

The widow of a Navy SEAL sniper is involved in business litigation with her late husband's business partners because of their refusal to allow her access to the company's books. According to available documents, the widow became an 85 percent owner upon the death of her husband, which allowed her to take over her late husband's share of the company. The lawsuit, which was filed in Dallas County, claims the partners created a secondary company and placed the debt on the original company.

According to one of the partners, the wife's allegations are unfounded and making her a member of the LLC company would violate an agreement they made with her husband prior to his death. The agreement prevents spouses from becoming members in case of death or divorce. The partner also states that while the wife did not become a member upon her husband's death, she does have the right to sell her interest to the company at a fair market price.

The dispute is not as much whether the wife should become a member of the LLC as it is whether she has a right to be privy to the financial records of her late husband's company. The company claims it has raised hundreds of thousands of dollars for the wife's family.

In this dispute, there are several business questions that could be raised, such as the legality of the agreement to not allow spouses to gain membership. These are questions that may be presented to a lawyer experienced in business litigation.

Source: Houston Chronicle, "Widow of famed Navy SEAL sniper says she's been shut out of her own company", Craig Hlavaty , December 27, 2013

Categories: