Lasertone Corp. v. E.S.E. Eletronics CA2/2

FACTS

The First Appeal1 Lasertone shipped to defendants products valued at $207,171.74. The products were diverted by a third party affiliated with defendants. Defendants did not pay for the products and Lasertone brought suit for the open account balance. The parties eventually stipulated to entry of judgment in favor of Lasertone in the amount of $257,187.54 (including interest, costs, and fees), with entry of judgment to be stayed, provided that defendants paid the sum of $120,000 to Lasertone, and further that defendants used “their best efforts to pursue their claim for recovery from all insurance policies and sources available to them, for the losses alleged to have been sustained by Defendants from and on behalf of the conduct of Federico Kimura aka Ovando in diverting the shipments of goods to Defendants from Plaintiff, and which created the open account balance claimed to be due by Plaintiff in the principal sum of $207,171.74.” The parties’ settlement agreement required that defendants “execute all documents necessary to impose a first lien upon any recoveries sought by Defendant and shall agree to have any said recoveries issued to Defendants by a joint check made…