No room for TLC in reseller's family feud

The $20 payout

Last week Jan Chapman and Craig Boyle claimed to have received a $20 cheque from Alan Chapman for the 20 percent share they each had held in the company whilst working there.

"Last week we noticed all our shares from TLC IT Group had been transferred out to another company - Big Bog - which [Alan Chapman] owns. We had a letter through last Friday saying the business is worth zero dollars - and here's a cheque for $20," Jan Chapman told CRN.

A TLC IT Group shareholders agreement dated April 21 2006 - established when Jan Chapman and Boyle bought into the company - stated that only executive shareholders were entitled to company shares while employed by the company.

Alan Chapman's interpretation was that considering the directors had resigned, they were obligated to sell their shares.

CRN has seen a copy of a 'notice of compulsory acquisition of shares' letter and a copy of the alleged cheque sent to Jan Chapman.

"He's taken it all, cancelled it all," Jan Chapman said.

Alan Chapman said Big Bog is a holding company which purchased the shares in accordance with a shareholders agreement.

"When Jan [Chapman] and Craig [Boyle], resigned from the business their shares were compulsory purchased, according to the letter of the shareholders agreement, according to the letter of the law," he said.

Read on for the $100 valuation....