Beal Bank USA v. Crown Bank et al

Filing 66

ORDER ADOPTING REPORT AND RECOMMENDATIONS (Written Opinion). Signed by Senior Judge Paul A. Magnuson on July 9, 2012. (smr)

UNITED STATES DISTRICT COURT
DISTRICT OF MINNESOTA

Beal Bank USA f/k/a Beal Bank Nevada,
a Nevada corporation,

Civ. No. 11-3220 (PAM/FLN)

Plaintiff,
v.
Crown Bank, a Minnesota corporation;
StoneArch Fund IV, LLC, a Minnesota
limited liability company; The Citizens
State Bank of Olivia, a Minnesota
corporation; North American Banking
Company, a Minnesota corporation; and
Bruce K. Hoyt, a Minnesota citizen,
Defendants.

This matter is before the Court on the Report and Recommendation (“R&R”) of
United States Magistrate Judge Franklin L. Noel dated June 12, 2012.

The R&R

recommended that this Court deny Plaintiff’s Motion to Appoint Receiver and enter a
preliminary injunction. No party has filed an objection to the R&R in the time period
permitted. The Court therefore ADOPTS the R&R (Docket No. 63). The Court will enter
a preliminary injunction consistent with the R&R in a separate order.

Accordingly, IT IS HEREBY ORDERED that Beal Bank’s Motion to Appoint a
Receiver for StoneArch Fund IV, LLC (Docket No. 40) is DENIED.

Dated: July 9, 2012
s/Paul A. Magnuson
Paul A. Magnuson
United States District Court Judge

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