Filed: Jun. 01, 2014
Latest Update: Jun. 01, 2014
Summary: PLAINTIFF'S MOTION FOR ENTRY OF JUDGMENT AND FOR LEAVE TO FILE FEE MOTION SHARON JOHNSON COLEMAN, Magistrate Judge. Plaintiff, Bank of America, N.A. and Redstone Funding LLC (collectively "Plaintiff), by their attorneys, Leonard S. Shifflett and Steven V. Hunter of Quarles & Brady LLP, pursuant to Fed. R. Civ. P. 54(c), requests that the Court enter judgment in favor of Plaintiff 1 and against Defendants Chi Ching Yang and Angela Chiang (collectively the "Defendants"), jointly and severally,
Summary: PLAINTIFF'S MOTION FOR ENTRY OF JUDGMENT AND FOR LEAVE TO FILE FEE MOTION SHARON JOHNSON COLEMAN, Magistrate Judge. Plaintiff, Bank of America, N.A. and Redstone Funding LLC (collectively "Plaintiff), by their attorneys, Leonard S. Shifflett and Steven V. Hunter of Quarles & Brady LLP, pursuant to Fed. R. Civ. P. 54(c), requests that the Court enter judgment in favor of Plaintiff 1 and against Defendants Chi Ching Yang and Angela Chiang (collectively the "Defendants"), jointly and severally, ..
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PLAINTIFF'S MOTION FOR ENTRY OF JUDGMENT AND FOR LEAVE TO FILE FEE MOTION
SHARON JOHNSON COLEMAN, Magistrate Judge.
Plaintiff, Bank of America, N.A. and Redstone Funding LLC (collectively "Plaintiff), by their attorneys, Leonard S. Shifflett and Steven V. Hunter of Quarles & Brady LLP, pursuant to Fed. R. Civ. P. 54(c), requests that the Court enter judgment in favor of Plaintiff1 and against Defendants Chi Ching Yang and Angela Chiang (collectively the "Defendants"), jointly and severally, in the total amount of $4,275,903.64 and grant Plaintiff leave to file a Fee Motion after August 1, 2014 (if one is necessary). In support of its Motion, Plaintiff states as follows:
1. On May 27, 2014, this Court decided that the Defendants defaulted on the CAKK Guarantees.2 (Doc. 35).
2. Consequently, Plaintiff is entitled to collect $4,275,903.64 in actual damages from the Defendants,3 which amount includes:
a. $4,228,458.90 Principal
b. $41,414.65 Late fees
c. $6,030.09 Interest
____________________________
$4,275,903,64 Total
3. Since no additional issues remain to be decided, Plaintiff moves this Court to enter judgment against the Defendants for $4,275,903.64 instanter. Fed. R. Civ. P 54.
4. Pursuant to the CAKK Guarantees, Plaintiff is also entitled to collect the $106, 999.95 in attorneys' fees it incurred related to the enforcement of the CAKK Loans and Guarantees. (See Complaint, Exs. 6. 7, 11, 12, 17 and 18).4
5. On June 11, 2014, Plaintiff provided Defendants with its attorneys':
a. time records; and
b. hourly rates;
pursuant to L.R. 54.3. (Ex. 2).
4. In the event the parties are not able to reach agreement with respect to the appropriate measure of fees and costs the Defendants are required to pay by August 1, 2014, Plaintiff requests leave to file its Fee Motion with this Court anytime thereafter (but not more than 70 days after this Court's final judgment).
WHEREFORE, Plaintiff prays for entry of a $4,275,903.64 judgment in its favor in the form attached as Exhibit 3 and for leave to file its Fee Motion by August 1, 2014, if the parties are unable to agree on the appropriate amount of attorneys' fees and costs the Defendants are required to pay.
EXHIBIT 1
Exhibit 1
Damage Calculation Worksheet
CAKK Ventures:
Principal: $975,448.20
Accrued interest (6/11/14): $1,931.39
Interest rate5 6.48%per annum
Late fees: $15,243.71
CAKK Fowler:
Principal: $2,545,785.28
Accrued interest (6/11/14): $4,636.16
Interest 5.96%per annum
Late fees: $24,816.01
CAKK Glendale Loan:
Principal: $707,225.42
Accrued interest (6/11/14): $1,354.93
Interest rate 6.27%per annum
Late fees: $9,394.46
EXHIBIT 2
EXHIBIT 3
IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION.
Redstone Funding LLC, a limited liability
company,
Plaintiff, Case No. 12-cv-07480.
v. Honorable Sharon Johnson Coleman
CHI CHING YANG, an individual, ANGELA Magistrate Judge Sheila M. Finnegan
CHIANG, an individual.
Defendants.
FINAL JUDGMENT
On Motion of the Plaintiff, Redstone Funding LLC ("Plaintiff), by its attorneys, Quarles & Brady LLP, for a final judgment against Defendants Chi Ching Yang and Angela Chiang (collectively "Defendants"), the Court, having already issued summary judgment in Plaintiffs favor with respect to liability (Doc. 35) and being fully advised in the premises of Plaintiffs' Motion for Entry of Judgment and For Leave to File Fee Motion, HEREBY ORDERS;
1. Defendants breached the CAKK Guarantees (Doc. 35);
2. Defendants must pay Plaintiff $4,275,903.64 for actual damages caused by the Defendants' breach;
3. Plaintiff is granted leave to file a Fee Motion pursuant to LR. 54.3 anytime after August 1, 2014 (but not more than 70 days after this judgment), if the parties are unable to agree on the appropriate amount of fees and costs Defendants are required to pay.
THE REMAINDER OF THIS PAGE IS INTENTIONALLY BLANK
Dated: _________. 2014
ENTER
________________________________
Honorable Sharon Johnson Coleman
United States District Court
I hereby certify the above to be correct.
Dated:________________________________________
(Seal of the Clerk of the United States
District Court for the Northern District
Of Illinois Easter Division)
___________________________________________________
(Clerk of the United States District Court for the
Northern District Of Illinois Eastern Division)
Prepared by:
Steven V. Hunter (ARDC No. 6277695)
QUARLES & BRADY LLP
300 North LaSalle Street, Suite 4000
Chicago, IL 60654
(312) 715-5000
(312) 715-5155-Fax
