Wachovia Bank, National Association v. Shadowwood Holdings, LLC et al

Filing 48

OPINION. An appropriate judgment will be entered as further set out. Signed by Honorable Myron H. Thompson on 8/16/2010. (cb, )

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IN THE DISTRICT COURT OF THE UNITED STATES FOR THE MIDDLE DISTRICT OF ALABAMA, EASTERN DIVISION WACHOVIA BANK, National Association, Plaintiff, v. SHADOWWOOD HOLDINGS, LLC, et al., Defendants. ) ) ) ) ) ) ) ) ) ) ) OPINION CIVIL ACTION NO. 3:09cv1077-MHT (WO) This lawsuit is now before the court on plaintiff Wachovia Bank, National Association's motion for summary judgment against defendants Shadowwood Holdings, LLC and John W. Rice. Wachovia seeks to recover from the defendants (1) the sum of $ 1,580,121.26, (2) prejudgment interest and (3) court costs. Rule 56(c)(2) of the Federal Rules of Civil Procedure provides that summary judgment is appropriate where "there is no genuine issue as to any material fact and that the movant is entitled to judgment as a matter of law." The defendants' response to Wachovia's motion raises just one objection: Wachovia's request for $ 7,500 in "estimated future attorney's fees and expenses." Wachovia states in response that it does not object to the court's entry of summary judgment in its favor for all amounts claimed in the motion for summary judgment less $ 7,500 for anticipated attorneys' fees. Thus, the undisputed evidence before the court is as follows. Wachovia loaned monies to Shadowwood under two lines in of credit. of Shadowwood Wachovia to executed evidence non-revolving promissory notes favor Shadowwood's obligations under both lines of credit. Rice personally and unconditionally guaranteed all of Shadowwood's obligations to Wachovia under both lines of credit. Shadowwood defaulted on its loan obligations to As a result of the defaults, Shadowwood and In Wachovia. Rice owe Wachovia $ 1,572,621.26 as of June 3, 2010. addition, Shadowwood and Rice owe interest on that amount, plus costs for this lawsuit. 2 An appropriate judgment will be entered granting Wachovia's summary judgment motion to the extent that it may recover $ 1,572,621.26 ($ 1,580,121.26 - $ 7,500) plus pre-judgment interest and court costs. DONE, this the 16th day of August, 2010. /s/ Myron H. Thompson UNITED STATES DISTRICT JUDGE

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