Michigan Business Network

Chris Holman welcomes David R. (Dave) Russell - Foster Swift Collins Smith, PC, Lansing, with 6 offices across Michigan. In their discussion they covered numerous topics including: What are Troubled Assets/Troubled Projects/Business Ventures? Loans Construction projects Business venture underwater Ownership disputes What are Common Causes in Construction Projects/ Business Ventures? Defective Workmanship: Financial Issues: Contractual Disputes: Regulatory or Permitting Problems: Shareholder/Member Disputes Tell us about Implementing Strong Contractual Safeguards and Exit Strategies? Good contracts – spend money on the front end with attorneys for good documents Operating Agreements Exit Provisions Clauses that cover litigation How can distressed assets/projects be preserved during litigation? Consider Injunctions Receivership Forced dissolution of company Good legal counsel can help look for the most efficient way forward – think outside the box.