Filed: Jun. 25, 2019
Latest Update: Jun. 25, 2019
Summary: MEMORANDUM OPINION & OPINION NOEL L. HILLMAN , District Judge . WHEREAS, this matter concerns claims by Plaintiff, The Bancorp Bank, regarding the default on the financing of a property in Atlantic City, New Jersey that provides housing to veterans; and WHEREAS, the property is currently under the control of a receiver, and judgments as to Defendants' liability to Bancorp have been entered; and WHEREAS, on May 3, 2019, the Court issued an Opinion stating the following: Even though the Co
Summary: MEMORANDUM OPINION & OPINION NOEL L. HILLMAN , District Judge . WHEREAS, this matter concerns claims by Plaintiff, The Bancorp Bank, regarding the default on the financing of a property in Atlantic City, New Jersey that provides housing to veterans; and WHEREAS, the property is currently under the control of a receiver, and judgments as to Defendants' liability to Bancorp have been entered; and WHEREAS, on May 3, 2019, the Court issued an Opinion stating the following: Even though the Cou..
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MEMORANDUM OPINION & OPINION
NOEL L. HILLMAN, District Judge.
WHEREAS, this matter concerns claims by Plaintiff, The Bancorp Bank, regarding the default on the financing of a property in Atlantic City, New Jersey that provides housing to veterans; and
WHEREAS, the property is currently under the control of a receiver, and judgments as to Defendants' liability to Bancorp have been entered; and
WHEREAS, on May 3, 2019, the Court issued an Opinion stating the following:
Even though the Court has determined that Brown is liable under the personal guaranty, because of the particular circumstances of this case, the Court will refrain from entering final judgment against Brown at this time. Plaintiff, Brown, the receiver, and any other interested party shall confer on a procedure to timely and equitably, but still within the rights and obligations of the personal guaranty, move Plaintiff's claim against Brown, as well as Condor and NJG, to final judgment.
As discussed at oral argument, the Court is of the view that the receiver should move expeditiously to conclude a market sale, or if necessary a foreclosure sale, of the property so the Court can conduct those proceedings necessary to quantify the appropriate judgments against Defendants Condor, NJG and now Brown. If the parties cannot agree on that procedure within two weeks of the date of this Opinion, the Court will set a hearing to effect the entry of final judgments.
(Docket No. 107); and
WHEREAS, the Court has considered the positions of Bancorp and the Receiver regarding the procedure moving forward (Docket No. 109, 111);
ACCORDINGLY,
IT IS on this 25th day of June, 2019
ORDERED that the Receiver shall have ninety (90) days to enter into a sale of the property; and it is further
ORDERED that if the property is not sold within 90 days, Bancorp shall have forty-five (45) days to quantify damages and set the specific amount of a foreclosure judgment.
