I'm looking for advice about what experienced people would do in this situation. I keep hearing horror stories about partnerships.
Last year I acquired an underground mine. I thought the guy had passed and that's why it was let go, but then found out he was alive. In the last few weeks we got in contact. At first he swore he paid the fee and spent a week trying to find receipts, and talking to BLM/lawyers. He called me again and said he thinks we can come to an agreement without involving lawyers and partner up. He knows he didn't pay the yearly fee and admits the cards are in my hands.
He seems like a very nice guy. He has an immense amount of history and knowledge (having had the mine in his family for nearly 30 years), and an approved NOI, as well as a lot of money at his disposal. He's put hundreds of thousands of dollars in this mine. And while he doesn't want to give me specifics until we agree on a partnership, it sounds like an enormous amount of gold has come out of there. He spoke of at one time thinking of selling it to an interested corporation. Talk of an old vein/drift he was trying to get on with very high grade, etc.
After all the bad stories my gut says no, don't involve him at all, but my heart says yes. I feel really bad for this guy. He's a lot older and not in great health. When he thought he still owned it he mentioned wanting to partner with me. If his story is true that he's been waiting on an NOI just to screw up and lose it not long after it got approved....ouch.
Where do I even begin with this? It sounds like with his financial backing, knowledge, and NOI, a partnership would likely allow us to get in and mining immediately. By myself, I may struggle getting much done due to lack of funds and knowledge of the situation.
But I've been warned about "subtle takeovers" and a lot of other legal things that could be used against me to take it back or at least gain control if he's on the paperwork at all.
What would you do? How would you protect yourself? If I could 100% protect myself and retain control I would have no problem splitting the gold or working something out to keep him involved in something he's so emotionally attached to. If this was a small hobby operation rather than a possible full time job operation, I wouldn't care so much.
Last year I acquired an underground mine. I thought the guy had passed and that's why it was let go, but then found out he was alive. In the last few weeks we got in contact. At first he swore he paid the fee and spent a week trying to find receipts, and talking to BLM/lawyers. He called me again and said he thinks we can come to an agreement without involving lawyers and partner up. He knows he didn't pay the yearly fee and admits the cards are in my hands.
He seems like a very nice guy. He has an immense amount of history and knowledge (having had the mine in his family for nearly 30 years), and an approved NOI, as well as a lot of money at his disposal. He's put hundreds of thousands of dollars in this mine. And while he doesn't want to give me specifics until we agree on a partnership, it sounds like an enormous amount of gold has come out of there. He spoke of at one time thinking of selling it to an interested corporation. Talk of an old vein/drift he was trying to get on with very high grade, etc.
After all the bad stories my gut says no, don't involve him at all, but my heart says yes. I feel really bad for this guy. He's a lot older and not in great health. When he thought he still owned it he mentioned wanting to partner with me. If his story is true that he's been waiting on an NOI just to screw up and lose it not long after it got approved....ouch.
Where do I even begin with this? It sounds like with his financial backing, knowledge, and NOI, a partnership would likely allow us to get in and mining immediately. By myself, I may struggle getting much done due to lack of funds and knowledge of the situation.
But I've been warned about "subtle takeovers" and a lot of other legal things that could be used against me to take it back or at least gain control if he's on the paperwork at all.
What would you do? How would you protect yourself? If I could 100% protect myself and retain control I would have no problem splitting the gold or working something out to keep him involved in something he's so emotionally attached to. If this was a small hobby operation rather than a possible full time job operation, I wouldn't care so much.
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