Owning part of a private company?

[cbloom]

Say I own a piece of a private company (around 1%). What can I do with that to turn it into value? How can I sell it? Is there any standard way to value a private company, or is it just a matter of what price I can find a buyer?

Also, what recourse do I have if the majority owners are spending company money on themselves and/or have themselves on salary with questionable value? Is there a requirement to make the accounting public in any way? (obv. they don't have the transparency requirements of a public company)