Case Conclusion Date:January 1, 2003
Outcome:$900,000.00 judgment at trial, on counterclaim, with dismissal of all claims against venture capital client in federal court.
Description:A controversy arose between the client, Freedom Plastics, and Maytag Corporation (â€œMaytagâ€) under an agreement for Freedom to supply Maytag with plastic parts. Under this agreement, Freedom would use molds, raw materials and other tools, to create the plastic parts. Maytag would then purchase the plastic parts. Ultimately, Maytag sought and end to the business relationship with Freedom and sought possession of the molds used to create the plastic parts. In order to protect its interests, and in response to a lawsuit against it for injunction and replevin, Freedom asserted a statutory lien over the molds, its inventory of finished product, and the raw materials used to create the plastic parts.