I have a small business and a prominent businessman in our locality invested in the business. He offered his vacant lot so I can display our products, thus made me close our store in one of the famous mall. He gave me at first 50,000 as his initial investment. Thing is, he made me make a contract indicating that in case everything will not work out the money will become a loan and also he made issue undated checks. Due to trust and the person is known for his sympathetic nature and my confidence for the business, I did what is asked. The business went well in couple of weeks and he gave me free rentals. After a month or so the business went down, no sales and I need to terminate some employees already. I asked for additional investment for wage and salaries, issued undated checks again for the amount of 10,000 and 25,000 consecutively. After operating with very minimal sales, we decided to stop the business as the time came that we have no means to buy our basic needs already. It is so frustrating that the business went well for 3 years and my husband and I risked a lot to make the business work.
Thereafter, the investor asked me how could I pay my loan of 85,000. He told me that he even gave me free rent but it doesn't matter. As our current situation is like from class A to class "Z", I asked him to reconsider. My husband gave him some of his products, equipment and furnitures. The investor made a lot of "tawad" on the aforementioned product and materials, the total was supposedly at 40K -- down to 24K.
At present, I am overruled with anxiety as I don't know how to finally give solution to this matter. I thought if the investor is sympathetic enough, he should have thought of realizing that his investment is already gone as he knew that everything was spent for operation purposes. The guy is a millionaire, he even bought a resort recently. I'm too disappointed how can these big sharks eat little fishes like us. Now, I'm waiting for him to contact me anytime as in our recent conversation, I asked him if he could give me time as I don't know even if I can still send my kids to school.
Your advice is greatly appreciated. I did not put my real name as the person I am referring to is very prominent and I don't know what he can do for me.