Tuttle et al v. Sky Bell Asset Management LLC et al

Filing 168

ORDER REGARDING STIPULATION TO VACATE AUGUST 11 DEADLINE AFTER JURISDICTIONAL DISCOVERY AS TO CERTAIN DEFENDANTS. Signed by Judge Alsup on August 1, 2011. (whalc2, COURT STAFF) (Filed on 8/1/2011)

1
2
3
4
5
6

IN THE UNITED STATES DISTRICT COURT

7
FOR THE NORTHERN DISTRICT OF CALIFORNIA

8
9
United States District Court
For the Northern District of California

10
11

Plaintiffs,

12
13
14

No. C 10-03588 WHA

EDGAR W. TUTTLE, ERIC BRAUN, THE
BRAUN FAMILY TRUST, and WENDY
MEG SIEGEL, on behalf of themselves and
all others similarly situated,

v.

ORDER REGARDING
STIPULATION TO VACATE
AUGUST 11 DEADLINE AFTER
JURISDICTIONAL
DISCOVERY AS TO CERTAIN
DEFENDANTS

SKY BELL ASSET MANAGEMENT, LLC,
et al.,

15
Defendants.
16

/

17
Plaintiffs’ counsel and counsel for defendants Sky Bell Asset Management, LLC; Gary
18
R. Marks; Geoffrey M. Gotsch; Michael Sell; Agile Sky Alliance Fund, LP; Agile Sky Alliance
19
Fund, GP, LLC; Agile Group LLC; Greenberg & Associates, Inc. d/b/a Agile Investors, Inc.;
20
Neal Greenberg; Greenberg & Associates Securities, Inc.; Night Watch Partners, LP; Sky Bell
21
Offshore Partners, LP; Pipeline Investors, LP; Sky Bell Select, LP; Wailea Partners, LP; Wailea
22
Capital GP, LLC; Wailea Advisors, LP; Prospect Capital, LLC; and William Belhumeur
23
have filed a stipulation to vacate the August 11 deadline for filing briefing after jurisdictional
24
discovery because of “settlement proceedings.” The stipulation states that the stipulating
25
parties signed a memorandum of understanding on June 10 as to “certain of the class claims
26
alleged herein.” Thus despite the fact that nearly two months have gone by and this is the first
27
word of any such settlement, the stipulating parties propose to vacate their August 11 deadline
28
and be allowed an expedited schedule for preliminary approval when they sign a settlement

1

agreement and regardless of the fact that no motion for class certification has yet been filed, let

2

alone decided.

3

How can counsel reconcile their memorandum of understanding and stipulation

4

anticipating a motion for preliminary approval with the memorandum opinion regarding factors

5

to be evaluated for any proposed class settlement, which specifically states: “Counsel should

6

remember that merely filing a putative class complaint does not authorize them to compromise

7

the rights of absent parties. If counsel believes settlement discussions should precede a class

8

certification, a motion for appointment of interim class counsel must first be made” (Dkt. No.

9

66)?

United States District Court
For the Northern District of California

10
11
12

Counsel shall file a response to this question by WEDNESDAY, AUGUST 3, 2011, AT
NOON.

The stipulation to vacate the August 11 deadline is DENIED.

13
14
15

IT IS SO ORDERED.

16
17

Dated: August 1, 2011.

WILLIAM ALSUP
UNITED STATES DISTRICT JUDGE

18
19
20
21
22
23
24
25
26
27
28
2