These are all the details I have, and I know they are not complete, but can anyone tell me what's going on to any degree of accuracy?
My grandfather was one of five people to own Company A, after he passed away, the guy who ran it (who my grandfather said would eventually run it into the ground) asked for a loan from the bank. The bank said only if all 5 owners co-signed for the loan that he could get it. The guy talked my grandmother (who knows little about business) into co-signing and now the company has gone under.
The question: will the bank come after my grandmother personally for the money, or simply take over her shares of the company? What stipulates which way it goes? The loan was in the tune of $500,000 and here in Tulsa. Thanks for anyone in the know.