General Electric Capital Corporation v. Gainey

Filing 85

ORDER ADOPTING REPORT AND RECOMMENDATION 84 ; approving and adopting the stipulation regarding attorney fees 80 ; directing entry of judgment; signed by Chief Judge Paul L. Maloney (Attachments: # 1 Computation of Interest Spreadsheet)(Chief Judge Paul L. Maloney, acr)

UNITED STATES OF AMERICA
UNITED STATES DISTRICT COURT
FOR THE WESTERN DISTRICT OF MICHIGAN
SOUTHERN DIVISION

GENERAL ELECTRIC CAPITAL
CORPORATION,

)
)
)
Plaintiff,
)
)
v.
)
)
HARVEY N. GAINEY,
)
)
Defendant.
)
____________________________________)

Case No. 1:09-cv-47
Honorable Paul L. Maloney

ORDER DIRECTING THE ENTRY OF JUDGMENT
This is an action to recover on personal guarantees executed by defendant. After a
bench trial, this court issued an oral opinion finding defendant liable to plaintiff in the principal
amount of $429,175.65. The Court directed plaintiff to submit its calculation of prejudgment interest
and contractual attorney’s fees within 21 days. After plaintiff did so, and defendant objected, the
court referred these issues to Magistrate Judge Joseph Scoville pursuant to 28 U.S.C. § 636(b)(1)(B).
During the pendency of proceedings before the magistrate judge, the parties stipulated
to the amount of reasonable attorney’s fees. The Court hereby approves and adopts that stipulation
(docket # 80). On September 14, 2012, the magistrate judge issued a Report and Recommendation
on the issue of prejudgment interest. The Report and Recommendation computed the interest due,
under applicable Michigan law, on that portion of the principal judgment ($404,175.65) for which
plaintiff seeks interest under the guarantee agreements. The Report and Recommendation was duly

served on the parties. No objections have been filed. The Report and Recommendation is hereby
adopted as the opinion of the Court. All disputed issues have now been resolved, and the Court is
in a position to enter judgment.
THEREFORE, IT IS ORDERED that judgment shall enter in favor of plaintiff and
against defendant in the total amount of $784,708.92, as follows:
A.

Principal of $429,175.65 plus interest of $260,533.27 (accrued to the date of

judgment): $689,708.92;
B.

Attorney’s fees in the amount of $95,000.00.

Dated: October 15, 2012

/s/ Paul L. Maloney
Paul L. Maloney
Chief United States District Judge