Cordes & Company

Software company survives partner dispute

The partners in a Colorado Springs-based provider of IT services and solutions were engaged in costly and drawn-out litigation. After 15 years in business together, the company’s two partners had a falling-out. In the course of a “business divorce,” litigation between the two escalated. The minority partner alleged that the managing partner was engaged in self-dealing, withholding financial information and using the company’s cash to finance frivolous litigation against the minority partner. To establish some control over the situation and dissolve the company, the El Paso County District Court appointed Cordes & Company as receiver. Cordes took control of the company and managed to stabilize the situation. Cordes determined that the company had value as a going concern and negotiated a settlement between the partners in which all litigation was dropped and the minority partner’s company shares were redeemed. The entire process took only three months from start to finish.

Colorado
7979 E. Tufts Avenue
Suite 820
Denver, CO 80237
Telephone: 303.721.8755
Minnesota
2677 N. Innsbruck Drive
Suite A
New Brighton, MN 55112
Telephone: 612.455.0985
California
2030 Main Street
Suite 1300
Irvine, CA 92614
Telephone: 949.379.1202
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