Filed: Apr. 25, 2019
Latest Update: Apr. 25, 2019
Summary: RECOMMENDATION BK Case No. 17-11962 (KJC). BAP No. 19-22. ADV No. 18-50383 (KJC). MARY PAT THYNGE , Chief Magistrate Judge . At Wilmington this 25 th day of April, 2019. WHEREAS, pursuant to paragraph 2(a) of the Procedures to Govern Mediation of Appeals from the United States Bankruptcy Court for this District dated September 11, 2012, the court conducted an initial review, which included information from counsel, to determine the appropriateness of mediation in this matter; WHE
Summary: RECOMMENDATION BK Case No. 17-11962 (KJC). BAP No. 19-22. ADV No. 18-50383 (KJC). MARY PAT THYNGE , Chief Magistrate Judge . At Wilmington this 25 th day of April, 2019. WHEREAS, pursuant to paragraph 2(a) of the Procedures to Govern Mediation of Appeals from the United States Bankruptcy Court for this District dated September 11, 2012, the court conducted an initial review, which included information from counsel, to determine the appropriateness of mediation in this matter; WHER..
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RECOMMENDATION
BK Case No. 17-11962 (KJC).
BAP No. 19-22.
ADV No. 18-50383 (KJC).
MARY PAT THYNGE, Chief Magistrate Judge.
At Wilmington this 25th day of April, 2019.
WHEREAS, pursuant to paragraph 2(a) of the Procedures to Govern Mediation of Appeals from the United States Bankruptcy Court for this District dated September 11, 2012, the court conducted an initial review, which included information from counsel, to determine the appropriateness of mediation in this matter;
WHEREAS, as a result of the above screening process, the issues involved in this case are not amenable to mediation and mediation at this stage would not be a productive exercise, a worthwhile use of judicial resources nor warrant the expense of the process.
As noted in the parties' joint submission, neither believe that the issues involved are amenable to resolution through mediation. Challenged on appeal is a portion of the final Order Dismissing Polk Lending, LLC's motion to Enforce Agreement by and Among the Debtors, Pol 33 Lending, LLC and THC Corporate Finance and the granting, in part, THL Corporate Finance, Inc.'s Motion for Entry of an Order (1) valuing Secured Claims for Purpose of Allocating Sales Proceeds to Such Secured Claims and (2) Ordering Distributions which was entered on March 26, 2019 by the Bakruptcy Court. The position of Polk is that in connection with THL's Allocation Motion, the Bankruptcy Court erred in finding that Appellee's credit bid did not cap the value of Appellee's collateral, that is, the Term Priority Defined Collateral, at the amount of the credit bid. THL, the appellee, disputes this position.
The parties propose the following briefing schedule for this appeal:
Appellant's Brief 30 days after entry of an order withdrawing
the matter for mandatory mediation
Appellee's Brief 30 days after the filing of Appellant's brief
Appellant's Reply 21 days after the filing of Appellee's brief.
THEREFORE, IT IS RECOMMENDED that, pursuant to paragraph 2(a) Procedures to Govern Mediation of Appeals from the United States Bankruptcy Court for this District and 28 U.S.C. § 636(b), this matter be withdrawn from the mandatory referral for mediation and proceed through the appellate process of this Court. Since this Recommendation is consistent with the parties' request, no objections pursuant to 28 U.S.C. § 636(b)(1)(B), FED. R. CIV. P. 72(a) and D. DEL. LR 72.1 are anticipated.
