Letters to the Editor
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Live and learn
LW -- Was there no understanding between you and your friend about this deal? Was your payment a loan or was it "equity" (at risk investment for which your friend was not personally liable)?
Before I chucked this guy's friendship, I would talk to him about whether there was an honest misunderstanding here. That appears to be the case on the surface. No meeting of the minds, as lawyers like to say. You thought it was a personal loan, he thought it was an at-risk investment. Assuming that was the case, his offer to pay you 70% back is pretty generous.
I think in life you can mix business with friendship. But you need to lay out the rules up front.