Legal Question in Business Law in Florida

Attorney withholding stocks

I have a lawfirm in Florida who is withholding our company's stock certificates from our investors because he want full payment on $5,000. We only fell behind by one month in payment and he emailed us in writting that we can get the stock certificates only when we pay the balance in full or sign a promissary note. I believe this is extortion and unethical. Currently I have stockholders who are very mad about this and vowed to never reinvest in our company because of not giving them the stock certificates. Is this wrong?


Asked on 6/03/06, 8:50 am

1 Answer from Attorneys

Randall Gilbert Gilbert & Caddy P.A.

Re: Attorney withholding stocks

NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney�s individualized advice for you. By reading the �Response� to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.

RESPONSE: Attorneys generally have a retaining lien on their file until they are paid in full. I don't understand how you can expect the attorney to release something he made for you [ie. the stocks] when you have not paid the attorney for the attorney's work. I am sure you don't work for nothing, so why would it be different for an attorney. Good luck, and I recommend that you try to work it out with your attorney.

Randall Gilbert

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Answered on 6/03/06, 10:08 am


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