CapitalSource Bank v. Walcott Enterprises Inc et al

Filing 44

ORDER Confirming Foreclosure Sale, re 43 Notice of Report of Sale. Signed by Judge James M. Moody on 2/9/2012. (jct)

IN THE UNITED STATES DISTRICT COURT

EASTERN DISTRICT OF ARKANSAS

JONESBORO DIVISION

CAPITALSOURCE BANK
v.

PLAINTIFF
CASE NO. CV-3:10 CV00325 JMM

WALCOTT ENTERPRISES, INC. AND
JONES TRAVEL MART, INC.
NORTHCHASE DEVELOPMENT, INC.;
TIMOTHY J. LEATHERS, COMMISSIONER

OF REVENUES, STATE OF ARKANSAS;

BENNY MAGNESS AND JANIE MAGNESS;

THE CAPITAL BANK; DMC & JRM LLC,

DAVID COOK AND JACKIE McCLURE;

AND PEPSIAMERICAS, INC.

DEFENDANTS

SEPARATE DEFENDANTS

ORDER CONFIRMING FORECLOSURE SALE
On this day is presented to the Court the Commissioner'S Report ofForeclosure Sale, and the
Court finds that said sale was duly advertised and conducted in accordance with the applicable law
and statutes, and the Court approves and confinns said sale, finds that the sum bid for said property
was adequate, that the tenns of said sale were proper in all respects, and that said sale was legally
proper in all respects.
IT IS, THEREFORE, CONSIDERED, ORDERED, ADJUDGED and DECREED that
said sale and Report of Foreclosure Sale be, and the same are hereby, in all things approved and
confinned, and that the Commissioner, upon complete payment or credit ofthe purchase money, is
directed to execute, acknowledge and deliver to said purchaser a Commissioner's Deed conveying
the lands and personalty described in the Judgment and Decree ofForeclosure (the "Judgment") of
this Court to the purchaser and that the judgment previously rendered in this cause in favor of the
Plaintiff be and the same is hereby credited with the amount ofsaid sale in the sum of $840,000.00

less the costs of sale and the Commissioner's Fee of $840.00, and satisfied to such extent, and that
after said deed is transferred, all necessary writs may be issued by the Clerk upon application of the
purchaser to place the purchaser in possession of said lands.
IT IS SO ORDERED

~~ YVu:;,~
ITED STATES DISTRICT JUDGE
Date:

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Case 3:10-cv-00325-JMM Document 43

Filed 02/09/12 Page 1 of 4

FILED
FEB - 2 2012

IN THE UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF ARKANSAS
JONESBORO DMSION

GREENE CO C1Rcwr Cl.ERK

CAPITALSOURCE BANK

v.

PLAINTIFF
CASE NO. CV-3:10 evOO3:!! JMM

WALCOTT ENTERPRISES, INC. AND
JONES TRAVEL MART, INC.

DEFENDANTS

NORmCBASE DEVELOPMENT. INC.;

TIMOTHY J. LEATHERS., COMMISSIONER
OF REVENUES, STATE OF ARKANSAS;
BENNY MAGNESS AND JANIE MAGNESS;
THE CAPITAL BANK; DMC. JRM LLC,
DAVID COOK AND JACKIE MeCLURE;
AND PEPSIAMERiCAS, INC.

SEPARATE DEFENDANTS

REPORT OF SALE
Jan Griffith, the Court-appointed Commissioner to execute the Judgment and Decree of
Foreclosure entered on September 15, 2011 (the uJudgment"). reports as follows:
Pursuant to the Judgment, notice of the time, te~ and place of sale of the property
ordered sold was published once a week for four (4) consecutive weeks prior to the date of sale
as follows: (1) Paragould Daily Press, a newspaper in Greene County, Arkansas, having a bona
fide circulation therein, the first insertion of such notice being on September 27, 2011 and the
last insertion being on October 18, 2011; (2) The Times Dispatch, a newspaper in Lawrence
County, Arkansas, having a bona fide circulation therein, the first insertion of such notice being
on September 28,2011 and the last insertion being on October 19. 2011; and (3) Clay County

Times-Democrat, a newspaper in Clay County, Arkansas. having a bona fide circulation therein,
the first insertion of such notice being on September 28, 2011 and the last insertion being on
October 19, 2011, the dates of publication of such notice being more particularly set out in
proofs ofpublication filed herein and made a part of this report by reference.

111173911_1.DOC

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Case 3:10-cv-00325-JMM Document 43

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On the 1st day of February, 2012, the date in said notice specified for such sale as
modified by that Order Postponing Sale entered in this matter. at 9:00 a.m., your Commissioner
offered for sale at public auction in the lobby in front ofthe Circuit Clerk's office in the Greene
County Courthouse, Paragould, Greene County, Arkansas, the place specified in said notice, to
the highest bidder upon a credit of thirty (30) days, the following property in Greene, Lawrence

and Clay Counties, Arkansas as well as the improvements thereon (collectively, the "Property"):

CLAY COUNTY PROPERTY
LOT 10 IN BLOCK 11 OF TEMPLETON'S THIRD ADDITION TO THE
CITY OF PIGGOT, CLAY COUNTY, ARKANSAS, LESS AND EXCEPT:
BEGINNING AT THE NORTHEAST CORNER OF SAID LOT 10, RUN
THENCE SOUTH 24 FEET; RUN THENCE WEST 109 FEET; RUN
THENCE NORTH 14.2 FEET; RUN THENCE WEST 31 FEET; RUN
THENCE NORTH 9.8 FEET; RUN THENCE EAST 140 FEET TO THE
POINT OF BEGINNING.
AND
ALL OF LOTS 11 AND 12 IN BLOCK 11 OF TEMPLETON'S THIRD
ADDITION TO THE CITY OF PIGGOT, CLAY COUNTY, ARKANSAS.
GREENE COWTY PROPERTY
TRACT NO. 1:

LOTS 10 AND 11, BLOCK 3, McDONALD'S THIRD ADDmON TO THE
CITY OF PARAGOULD, ARKANSAS. LESS AND EXCEPT: PART OF
LOT 10, BLOCK 3, McDONALD'S THIRD ADDITION TO THE CITY OF
PARAGOULD, SECTION 31, TOWNSIDP 17 NORm, RANGE 6 EAST,
GREENE COUNTY, ARKANSAS, MORE PARTICULARLY DESCRIBED
AS FOLLOWS: STARTING AT THE SOUTHEAST CORNER OF LOT
10, BLOCK 3, McDONALD'S THIRD ADDmON; THENCE NORTH 00
DEGREES 33 MINUTES 13 SECONDS EAST ALONG THE EAST LINE
THEREOF A DISTANCE OF 83.06 FEET TO A POINT ON THE
SOUTHERLY EXISTING RIGHT OF WAY LINE OF U.S. mGHWAY
49B; THENCE NORTH 75 DEGREES 24 MINUTES 55 SECONDS WEST
ALONG SAID LINE A DISTANCE OF 150.31 FEET TO A POINT ON
THE PROPOSED RIGHT OF WAY LINE OF U.S. mGDWAY 49B FOR
mE POINT OF BEGINNING; mENCE SOUTH 52 DEGREES 21
1$17311SU.DOC

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Case 3:10-cv-00325-JMM Document 43

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MINUTES 34 SECONDS WEST ALONG SAID PROPOSED RIGHT OF
WAY LINE A DISTANCE OF 27.95 FEET TO A POINT ON THE
EASTERLY EXISTING RIGHT OF WAY LINE OF NORTH 4TH STREET;
THENCE NORTH 00 DEGREES 44 MINUTES 35 SECONDS EAST
ALONG SAID EXISTING RIGHT OF WAY LINE A DISTANCE OF 22.75
FEET TO A POINT ON THE SOUTHERLY EXISTING RIGHT OF WAY
LINE OF U.S. mGDWAY 49B; THENCE SOUTH 75 DEGREES 24
MINUTES 57 SECONDS EAST ALONG SAID EXISTING RIGHT OF
WAY LINE A DISTANCE OF 22.56 FEET TO THE POINT OF
BEGINNING.
TRACT NO.2:
LOTS 7 AND 8, BLOCK 10 OF McDONALD'S FOURTH ADDITION TO
THE CITY OF PARAGOULD, GREENE COUNTY, ARKANSAS.
TRACfNO.3:
LOTS 8 AND 9, BLOCK 3, McDONALD'S THIRD ADDITION TO THE
CITY OF PARAGOULD, GREENE COUNTY, ARKANSAS.
LAWRENCECOUNTXfROPERIY
LOTS 2,3,4,5, 6, 7, 8, 9 AND 10, BLOCK 1 BOAS THIRD ADDITION TO
THE TOWN OF HOXIE, LAWRENCE COUNTY, ARKANSAS. SUBJECT
TO AN ENCROACHMENT FROM LOT 3, BEGINNING 6.7 FEET
SOUTH OF THE NORTHWEST CORNER OF LOT 4 AND RUNNING AT
AN ANGLE TO THE NORmEAST CORNER OF SAID LOT.
Together with the following personal property (the "Personalty"):
Goods, including Equipment, Fixtures, Fnmiture, and Accessions covered by
that Security Agreement dated December 21, 200S, executed by Walcott
Enterprises, Inc. and delivered to MainStreet Lender 7(a), LLC. All
personal property described in that Mortgage recorded on December 27,
200S, in Mortgage Book-E 199, Pages S520-S521 or the records of Clay,
County, Arkansas, all personal property described in that Mortgage
recorded on December 29, 20OS, as Document No. 200511790 or the records
or Greene County, Arkansas and that personal property described in that
Mortgage recorded on December 28, 2005, in Book ISS, Pages 56-64 of the
records of Lawrence County, Arkansas.
At said sale, held as stated, CSB SBL 406 Southwest Texas Street DPC Holdings, LLC,
assignee of the Judgment ftom Plaintiff, bid and offered to pay for the Property and the
15113111U.DOC

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Case 3: 10-cv-00325-JMM Document 43

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Personalty, the sum of $840,000.00. as a credit against the Judgment, and this being the highest
and best bid for said lands, the same were sold to the said CSB SBL 406 Southwest Texas Street
DPC Holdings, LLC for said sum.
WHEREFORE, Jan Griffith. Commissioner, prays that the Court approve her actions
stated herein, that said sale be confinned, and that upon full payment or credit to Plaintiff of the
purchase money. she be directed to execute a deed to the purchaser for said Property and
Personalty and that said purchase price, after payment of all costs, be applied to the Judgment
herein rendered.

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