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FLORIDA COIN EXCH. v. FILM CORP. OF AMERICA

November 11, 1981

FLORIDA COIN EXCHANGE
v.
FILM CORPORATION OF AMERICA: National Minting Distribution Center, Inc.; Richard Squire, Esquire and Harvey Luterman, Esquire



The opinion of the court was delivered by: DITTER

ADJUDICATION

This case comes before the court on a motion for a preliminary injunction to preclude an arbitration proceeding. Following a hearing, I decided the injunction should be granted. As a result of the pleadings and the evidence at that hearing, I make the following

 FINDINGS OF FACT

 1. Florida Coin Exchange (Florida), Film Corporation of America (FCA), and National Minting Distribution Center, Inc. (National Mint) entered into a joint venture to sell New Orleans Silver Dollars by direct mail.

 2. The terms governing the joint venture were contained in a written agreement dated September 23, 1980.

 3. The September 23, 1980, agreement provided, inter alia, that

 
(a) The proceeds of the joint venture after advances and expenses were deducted, were to be distributed 25 percent each to Florida and FCA, and 50 percent to National Mint.
 
(b) Any disputes regarding whether a particular cost or expense was ordinary and necessary would be settled by arbitration in accordance with the rules of the American Arbitration Association.
 
(c) When called upon, Florida and FCA would advance the necessary monies to fund the direct mail solicitation program.
 
(d) A failure by Florida or FCA to advance monies when called upon to do so would be treated as written notice by that party to terminate its participation in the joint venture, that an accounting would be prepared as of the date of termination, and that all advances less expenses and costs would be returned.

 4. In September or October, 1980, Florida and FCA each advanced $ 5,000. to fund a test mailing.

 5. In December, 1980, Florida was called upon to advance $ 70,000. to fund a second mailing.

 7. Profits were realized from the test mailing.

 8. Prior to the second mailing, an agreement dated January 23, 1981, was entered into by FCA and National Mint providing, inter alia, that

 
(a) By failing to advance the money as requested, Florida had withdrawn from the joint venture as provided by the terms of ...

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