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$298,786.41 due to Mark Tietig was not to draw interest and was
to be Mark Tietig’s contribution to the joint venture.
Mark Tietig’s investment return was to come from joint
venture sales (various lots and trees) and from any proceeds
received from the State of Florida on account of the canker
settlement.11
Caribank eventually released to Mark Tietig its portion of
the securities pledged by him, the value being approximately
$500,000. The remainder of the collateral was taken by Westfield
Financial in 1989, with Mark Tietig losing $300,000 worth of
securities.
As of June 6, 1991, the balance owed Mark Tietig by
petitioner and the entities that he controlled was listed as
$445,000. Petitioner, Mark Tietig, and various other entities in
which petitioner owned an interest entered into an agreement
called the “Settlement Agreement and Amendment to Blanket Surety
Mortgage” (settlement agreement) for the stated purpose of
restating the parties’ “mutual obligations”. The agreement was
dated August 5, 1992.
Under the terms of the settlement agreement, petitioner and
the various entities that he controlled owed Mark Tietig
11According to the amended joint venture agreement, a
portion of the trees which were subject to the original joint
venture agreement was destroyed, with little or no compensation,
by the State of Florida pursuant to the citrus canker eradication
program.
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