Expert: Mark J. Markus- California Bankruptcy Attorney - 12/4/2007

Question
I have a contract for severance and an equity position in a company that let me go in July with 3 months notice and 9 months severance.
The owner told me if he did not sell the company he would "close the doors" and that I would get nothing.

He has chosen to pay me the severance over 9 months. I told him I wanted a guarantee, he replied if I signed a letter he would pay me in three equal payments, but my equity would lapse 30 days after the termination date of Oct 12th.

Can I get a lien against him for the severance? I am fearful as a non secured debt, I could lose the money.

Also since the company was for sale, do I have a case that he terminated me to eliminate my equity?

I understand the sale is imminent.

Answer
You can't force him to give you a lien, but if he does so voluntarily, that would be OK.  However, if he files bankruptcy within 90 days after giving you the lien, it could be voided by the bankruptcy trustee anyway.

As for your employment law question, that is outside my expertise.