Citibank, N.A. v. Blackhawk Heating & Plumbing Co., Inc.
| Decision Date | 20 May 1981 |
| Docket Number | 79-2252 and 79-2405,Nos. 79-2236,s. 79-2236 |
| Citation | 398 So.2d 984 |
| Court | Florida District Court of Appeals |
| Parties | CITIBANK, N.A., Petitioner, v. BLACKHAWK HEATING & PLUMBING COMPANY, INC., et al., Plaintiffs/Respondents, and Data Lease Financial Corporation et al., Defendants/Respondents. (2 cases) CITIBANK, N.A., Petitioner, v. Hon. Paul T. DOUGLAS, as Judge of the Circuit Court of the Fifteenth JudicialCircuit of Florida, In and For Palm Beach County, Respondent. |
John H. Schulte of Smathers & Thompson, Miami, for petitioner citibank, N.A.
Michael Davis of Walton, Lantaff, Schroeder & Carson, West Palm Beach, for Blackhawk Heating & Plumbing Co., Inc.
Robert M. Sondak of Paul, Landy, Beiley & Harper, Miami, for Data Lease Financial Corp.
For ten years Blackhawk Heating & Plumbing Co., Inc., and Data Lease Financial Corporation have been in dispute over an option agreement by which Blackhawk was to buy 25% of the capital stock of Miami National Bank owned by Data Lease. The dispute has spawned numerous appellate decisions. In 1973 Citibank loaned Data Lease $6,217,630.13 so that the latter could satisfy its obligations incurred when it bought the bank stock. To secure the loan, Data Lease pledged the bank stock to Citibank and signed a pledge agreement which provided:
Section 1. Pledge. As collateral security for the due and punctual payment of the Note, together with accrued interest thereon, and all other amounts payable by the Pledgor hereunder and under the Loan Agreement, the Pledgor hereby pledges, hypothecates, assigns, transfers, sets over and delivers unto the Pledgee a security interest in, the following:
(i) the Pledged Securities and the certificates representing the Pledged Securities, and all cash, proceeds, securities, dividends and other property at any time and from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Pledged Securities; ...
In 1977 the trial court entered a final judgment for specific performance against Data Lease confirming Blackhawk's exercise of the option to buy part of the stock owned by Data Lease. Thereafter Data Lease counterclaimed against Blackhawk for the proceeds arising out of the sale of the stock to Blackhawk.
In late 1978 while the foregoing action was ongoing in the Circuit Court of the Fifteenth Judicial Circuit, Citibank filed in the United States District Court, Southern District of Florida, an action against Data Lease to foreclose the security interest in the Miami National Bank stock. No final judgment has been entered in that case, but the federal district court ordered the judicial sale of all 870,000 of Data Lease's shares of Miami National Bank capital stock including the 25% on which Blackhawk had an option. On February 7, 1979, the stock was struck off to Citibank for three million ($3,000,000) dollars, and the sale was confirmed by the court. The order of confirmation has been appealed by Data Lease to the United States Court of Appeals, Fifth Circuit. That appeal is still pending.
Meanwhile, in September, 1979, Citibank moved to intervene in the state court action pending between Blackhawk and Data Lease. It also moved to be substituted in the place of Data Lease. The trial court denied both motions. Moreover, the trial court entered final judgment on November 9, 1979, in favor of Data Lease for $2,932,463.96 on its counterclaims for the purchase of the stock. Prior to the entry of said final judgment, Citibank had filed in this court a petition for Writ of Certiorari as well as a notice of interlocutory appeal, both directed to the trial court's order denying intervention and substitution. Citibank has further filed a petition for Writ of Prohibition to vacate the foregoing final judgment.
We have elected to treat Citibank's interlocutory appeal and Petition for Writ of Certiorari as a plenary appeal, the order denying intervention and substitution being final in nature "because it concludes all issues between (Citibank) ... and the other parties and constitutes an end of the judicial labor and the cause relating to (Citibank) ..., leaving nothing further to be done." Niesz v. R. P....
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