Piaquadio v. American Legal Funding, LLC et al

Filing 40

ORDER denying 34 Motion for Bond. Signed by Honorable Robert T. Dawson on May 1, 2012. (lw)

IN THE UNITED STATES DISTRICT COURT
WESTERN DISTRICT OF ARKANSAS
FORT SMITH DIVISION
ADAM PIAQUADIO

PLAINTIFF

v.

Case No. 10-2066

AMERICAN LEGAL FUNDING, LLC
and ALFUND AZ1, LLC

DEFENDANTS
ORDER

On this 1st day of May 2012, there comes on for consideration,
Defendants’ Motion Pursuant to Fed.R.Civ.P. 62, to Stay Execution
Pending Appeal and Approve Supersedeas Bond (doc. 34). Also before
the Court is Plaintiff’s Response (doc. 39).

For the reasons

stated herein, the Court finds Defendants’ Motion (doc. 34) is
DENIED.
After a hearing on June 30, 2011, the Court entered a default
judgment against Defendants in the amount of $452,940.00 and
interest at the rate of 0.17% per annum until paid.
2012,

the

judgment.

Court

denied

Defendants’

motion

to

On March 27,

set

aside

the

On April 19, 2012, Defendants filed their Notice of

Appeal (doc. 35).
Defendants request this Court to stay enforcement of the money
judgment pending the outcome of their appeal.

Defendants further

request that this Court approve a supersedeas bond in the amount of
$5000.00 rather than the full amount of the judgment as Defendants’
assets are insufficient to allow them to post a bond in the full

1

AO72A
(Rev. 8/82)

amount.

Plaintiff

objects

to

the

amount

of

the

requested

supersedeas bond.
Generally, the amount of a supersedeas bond should include
both the principal amount of the judgment and provide for costs.
Am. Mfrs. Mut. Co. v. Am. Broadcasting-Paramount Theatres, Inc., 87
S.

Ct.

1,

1

(1966).

The

default

judgment

entered

against

Defendants was in the amount of $452,940.00, and a $5000.00 bond is
insufficient to protect Plaintiff’s interest in that judgment.
Accordingly, Defendants’ Motion (doc. 34) is DENIED.
IT IS SO ORDERED.
/s/ Robert T. Dawson
Honorable Robert T. Dawson
United States District Judge

2

AO72A
(Rev. 8/82)