I have a friend that is 75 years old disabled vet that was contacted by a company wanting to purchase the mineral rights to some land that his grandfather had purchased in the early 1900s. The land is near Midland and he and his sister are the only heirs. It has been complicated since his grandfather lived and conducted most of his business in Mississippi but the property is in Texas.
His grandfather sold off some of the land as did his father when he inherited it. They retained part of the mineral rights but the documents from the 20s and 40s are not clear. There are 3 parties involved, my friend, his sister, and the current property owner who lives in Midland, is wealthy, and has connections there.
Company wanting to purchase the rights believes that the correct percentage should be 50% to my friend and his sister and 50% to the current property owner who disagreed. The company suggested arbitration and my friend and his sister agreed as did the property owner (verbally but did not sign the paperwork to make it binding). The arbitrator (a retired judge) ruled that the rights should split 50-50 the same decision that the buyer suggested.
Now the property owner has a law firm suing for 100% of the royalty interests.
My friend is a disabled vet who beat colon cancer but is still suffering from the effects of a stroke. I help him out each month just so he can get by. He and his sister cannot afford to pay an attorney outright so they are hoping to find one that will work on a contingency basis. The purchasing price for the mineral rights is $2.4 million so if an attorney can get a reasonable split of the rights then they will be well paid and my friend would be able to get by without struggling each month.
He lives in Fort Worth and would prefer a local attorney but I was wondering if an attorney in the Midland / Odessa area would be better but I doubt that he would be able to travel out there.
This is the situation as he explained it to me and asked me for help. I am appealing to the great community that we have for recommendations and suggestions. I am at work but will be checking back during the day. Any help will be greatly appreciated.
His grandfather sold off some of the land as did his father when he inherited it. They retained part of the mineral rights but the documents from the 20s and 40s are not clear. There are 3 parties involved, my friend, his sister, and the current property owner who lives in Midland, is wealthy, and has connections there.
Company wanting to purchase the rights believes that the correct percentage should be 50% to my friend and his sister and 50% to the current property owner who disagreed. The company suggested arbitration and my friend and his sister agreed as did the property owner (verbally but did not sign the paperwork to make it binding). The arbitrator (a retired judge) ruled that the rights should split 50-50 the same decision that the buyer suggested.
Now the property owner has a law firm suing for 100% of the royalty interests.
My friend is a disabled vet who beat colon cancer but is still suffering from the effects of a stroke. I help him out each month just so he can get by. He and his sister cannot afford to pay an attorney outright so they are hoping to find one that will work on a contingency basis. The purchasing price for the mineral rights is $2.4 million so if an attorney can get a reasonable split of the rights then they will be well paid and my friend would be able to get by without struggling each month.
He lives in Fort Worth and would prefer a local attorney but I was wondering if an attorney in the Midland / Odessa area would be better but I doubt that he would be able to travel out there.
This is the situation as he explained it to me and asked me for help. I am appealing to the great community that we have for recommendations and suggestions. I am at work but will be checking back during the day. Any help will be greatly appreciated.
