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MARGO NURSERY FARMS FILES COUNTERCLAIMS AGAINST FIRST UNION NATIONAL BANK OF FLORIDA ALLEGING INTERFERENCE WITH CLAIM AGAINST DUPONT

MARGO NURSERY FARMS FILES COUNTERCLAIMS AGAINST FIRST UNION NATIONAL BANK OF FLORIDA ALLEGING INTERFERENCE WITH CLAIM AGAINST DUPONT
 MIAMI, March 16 /PRNewswire/ -- Margo Nursery Farms, Inc. (OTC) ("the company"), files counterclaims against First Union National Bank of Florida ("First Union") alleging tortious interference with the company's claim against E.I. DuPont de Nemours & Company ("DuPont") for damages sustained by the company as a result of its use of Benlate 50 DF ("Benlate"), a chemical fungicide manufactured by DuPont.
 On Dec. 23, 1991, First Union sued the company, and others in the Circuit Court of the Eleventh Judicial Circuit in and for Dade County, Florida. First Union amended its complaint on Jan. 22, 1992, in order to assert foreclosure claims against the company's Miami properties.
 The company's counterclaims against First Union allege that notwithstanding First Union's knowledge of the company's financial difficulties due to Benlate, First Union tortiously interfered with the company's receipt of pending assistance payments from DuPont. In addition, the company alleges that First Union breached its fiduciary duty and committed a breach of good faith in its dealings with the company. The company has demanded a trial by jury and has reserved its right to seek punitive damages against First Union.
 Margo Nursery Farms, Inc., a publicly held company since Feb. 9, 1987, is engaged in the business of growing and distributing a wide range of both indoor and outdoor tropical foliage and flowering plants. The company has nurseries located in Florida, Puerto Rico and the Dominican Republic. In addition, the company has a sales office in the Netherlands.
 -0- 3/16/92
 /CONTACT: Michael J. Spector or James F. Brenner of Margo Nursery Farms Inc., 305-255-0550/ CO: Margo Nursery Farms Inc.; First Union National Bank of Florida;
 E.I. DuPont De Nemours & Company ST: Florida IN: FIN CHM SU:


JJ-AW -- FL012 -- 8381 03/16/92 14:28 EST
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Publication:PR Newswire
Date:Mar 16, 1992
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