Investors Kept in the Dark and now GP and syndicators selling off
A group of Investors pooled together close to 3Mil $s and invested with a duo and their structured group, who sounded all enthusiastic and promising about multi-family properties. After 2 years of hiding things, the GP and Syndicator tells Investors that the property is not performing and only 60% occupied and banks are after to foreclose. Now they want to sell to anyone that wants to buy and they are already in contract for sale.
What are the rights of Investors in this scenario to stop the sale and investors group together to take over?
While the group is in talks with attorneys and other experts, also like to hear from the Land of BP. Any advise to Investors?
Thanks in Advance. ( I was one of the guys invited to the group - but did not go for it 2 years ago, as I figured the analysis/and DD was not detailed enough, however I could not stop few of my friends from investing in it. This time atleast my gut feel saved me).
Not sure if this is enough info for anyone to give advise, but even a pointer in the right direction helps.
Simple thing to know is - Can the Investors legally stop the sale!