Filed: Sep. 06, 2017
Latest Update: Sep. 06, 2017
Summary: ORDER D.P. MARSHALL, Jr. , District Judge . 1. Everyone agrees that the loans on the California apartment complexes need to be refinanced immediately. But the parties divide over who should handle these matters. The parties' positions are contained in NQ 22 and N o. 21 in case No. 3:17-cv-226-DPM and in N o. 34 and N o. 35 in case No. 3:17-cv-227-DPM. 2. The Court appoints Rena Wood as the temporary and limited-purpose trustee for the Elijah G. and Mary M. Stiny Tr
Summary: ORDER D.P. MARSHALL, Jr. , District Judge . 1. Everyone agrees that the loans on the California apartment complexes need to be refinanced immediately. But the parties divide over who should handle these matters. The parties' positions are contained in NQ 22 and N o. 21 in case No. 3:17-cv-226-DPM and in N o. 34 and N o. 35 in case No. 3:17-cv-227-DPM. 2. The Court appoints Rena Wood as the temporary and limited-purpose trustee for the Elijah G. and Mary M. Stiny Tru..
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ORDER
D.P. MARSHALL, Jr., District Judge.
1. Everyone agrees that the loans on the California apartment complexes need to be refinanced immediately. But the parties divide over who should handle these matters. The parties' positions are contained in NQ 22 and No. 21 in case No. 3:17-cv-226-DPM and in No. 34 and No. 35 in case No. 3:17-cv-227-DPM.
2. The Court appoints Rena Wood as the temporary and limited-purpose trustee for the Elijah G. and Mary M. Stiny Trust, created 4 October 2000 and amended on various dates thereafter, and any related Survivor's Trust, Exemption Trust, and Marital Trust created pursuant to Article 5 of the original Trust.
3. This temporary and limited-purpose trusteeship shall last until 7 November 2017.
4. Wood's trusteeship, moreover, is subject to an important limitation: Wood must immediately provide Centennial Bank with all details about all refinancing options that have been received or that are received; Centennial Bank has the right to approve or disapprove the refinancing option ultimately chosen by Wood; and if the parties cannot agree on the best deal overall, then they must present the dispute to the Court.
5. Wood's authority as temporary and limited-purpose trustee covers the apartment complex at 555 East Olive Avenue, Burbank, California, and the apartment complex at 563 East Verdugo Avenue/321 Sixth Street, Burbank, California.
6. The parties' competing requests for various relief in the filings listed in paragraph 1 of this Order are granted in parted and denied in part as specified.
So Ordered.
