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?
1 Answer from Attorneys
Re: Attorney withholding stocks
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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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