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)

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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 2

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