In November of 1999, Richard Goldblatt and Raymond Weisbein created C.P. Motion, a business that specializes in the distribution of a medical device used in the treatment of joint injuries. During the course of business, C.P. Motion, with Richard Goldblatt and Valerie Goldblatt as personal guarantors, entered into an agreement with Real Lease, Inc. whereby Real Lease agreed to lease medical equipment to C.P. Motion in exchange for monthly lease payments.
Raymond Weisbein and Richard Goldblatt terminated their business agreement in 2004. The parties subsequently negotiated and executed a settlement and release agreement. Pursuant to the agreement, C.P. Motion paid the Goldblatts $2.7 million in cash, paid $300,000 in periodic salary payments, and agreed to forgive $4 million in debt. C.P. Motion also promised to indemnify the Goldblatts from judgments and liabilities arising from their business relationship. In return, the Goldblatts agreed to relinquish any ownership interest in C.P. Motion. The Goldblatts also agreed to a five-year restrictive covenant, which restricted the Goldblatts from conducting any business that competed with C.P. Motion. In the event that the Goldblatts breached the restrictive covenant, the parties negotiated a liquidated damage sum of $250,000 per breach.
Judge(s): Ivan F. Fernandez
Jurisdiction: Florida Court of Appeals, Third District
Related Categories: Damages
|Trial Court Judge(s)|
|Court of Appeals Judge(s)|
|Appellant Lawyer(s)||Appellant Law Firm(s)|
|Sandra Millor||Kasowitz Benson Torres & Friedman LLP|
|Lawrence Silverman||Kasowitz Benson Torres & Friedman LLP|
|Appellee Lawyer(s)||Appellee Law Firm(s)|
|David Levine||Carey Rodriguez Greenberg & Paul LLP|
|David Milian||Carey Rodriguez Greenberg & Paul LLP|