City of Kansas City, Missouri v. Housing & Economic Development Financial Corporation et al

Filing 2422

ORDER Approving Receiver's Final Report 2410 . Signed on September 26, 2013 by District Judge Gary A. Fenner. (Moore, Terri)

IN THE UNITED STATES DISTRICT COURT
FOR THE WESTERN DISTRICT OF MISSOURI
WESTERN DIVISION
THE CITY OF KANSAS CITY,
MISSOURI,
Plaintiff,
vs.
HOUSING & ECONOMIC
DEVELOPMENT
FINANCIAL CORPORATION
and
U.S. DEPARTMENT OF HOUSING
AND URBAN DEVELOPMENT,
Defendants.

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Case No. 05-00368-CV-W-GAF

ORDER APPROVING RECEIVER’S FINAL REPORT
Now before the Court is David E. Bahner, Receiver of Housing & Economic
Development Financial Corporation, and pursuant to the Court’s Order of October 17, 2011,
(Doc. # 2171) has filed and properly served his Receiver’s Final Report (Docs. ## 2410, 2411,
2412);
I.

The Court, being fully advised in the premises and having held a hearing

concerning objections to the Final Report on September 25, 2013, finds that the Receiver’s Final
Report, including but not limited to the Receiver’s accounting of income and expenses received
since the filing of the Receiver’s Final Monthly Report on August 14, 2013, (Doc. # 2405)
should be approved; that the Receiver presently has on deposit in the Receiver’s accounts as
follows:

1051 Metcalf Bank Money Market (CDBG funds)
1052 Metcalf Bank Money Market (HOME funds)
Metcalf Bank Money Market
Total Funds

$ 735,276.231
677.22
600,304.08
$1,336,256.53

And, that the Receiver should be ordered to distribute the remaining monies of the
Receivership as set forth in the Receiver’s Final Report.
IT IS THEREFORE ORDERED that the Receiver’s Final Report filed on August 28,
2013, (Doc. # 2410) by David E. Bahner, Receiver, is hereby approved, including the Receiver’s
accounting of income and expenses since the filing of the Receiver’s Final Monthly Report on
August 14, 2013 (Doc. # 2405). The Receiver is ordered to carry out its terms. The Receiver is
ordered to distribute the monies remaining in the Receivership as follows:
To Polsinelli PC for estimated attorney fees and expenses in
finalizing and terminating the Receivership

$190,000.00

To BKD for estimated accounting and expenses in finalizing
the books and records of HEDFC, preparation and filing of
final tax returns, and terminating the Receivership

$ 75,000.00

To the City of Kansas City, Missouri (HOME Funds)

$

To the City of Kansas City, Missouri, per Order dated
11/20/12 (Doc. # 2330)
To the Clerk of the U.S. District Court

677.22

$100,580.311
$970,000.00

The Receiver is FURTHER ORDERED
To assign to the City of Kansas City, Missouri, the Judgment entered by the Court
on March 12, 2010, in favor of the Receiver and against Lawrence Goldblatt, in
the amount of $15,073.40 (Doc. # 2015) (the “Goldblatt Judgment”).
To assign to the City of Kansas City, Missouri, all remaining assets of HEDFC
not otherwise transferred, including any and all rights, title and interest of the
Assignor, whether currently in existence, or accruing in the future in all of
Assignor’s property and assets, tangible or intangible, of every kind and type
acquired from time immemorial to the date hereof and hereafter, including but not
1The

Receiver advises the Court that charges of US Bank were $34.95 less than anticipated. This
increases the amount to be distributed to the City as reflected in the Receiver’s Final Report.
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limited to promissory notes, deeds of trust, ancillary documents, liens, contract
rights, bank accounts, escheat matters, insurance refunds, inchoate rights,
judgments, causes of action, tax refunds, checks, negotiable instruments, leases,
leasehold interest, and any and all other claims and contingent interests not
otherwise specifically described herein, to the Assignee, its successors and
assigns, without recourse, “AS IS,” “WHERE IS,” and without any representation
or warranty made by Assignor, with all and full power and authority to collect,
hold, sell, assign, transfer, and convert said property for Assignee’s benefit,
including the right to endorse or execute such documents and instruments in
Assignor’s or Assignee’s name to effect the transfer of said property and assets.
The authorization to the Assignee to endorse and execute such documents and
instruments shall be for a period of Fifty (50) years from the date hereof.
IT IS FURTHER ORDERED that following the discharge of the Receiver, the closing
of the Receivership, and the finalization of their services, Polsinelli PC and BKD will file a
Request with the Court wherein Polsinelli PC and BKD account to the Court for the charges for
their services, and request the Court to approve their final accounting, and to deliver the balance
of all monies remaining from the estimated payments to the City of Kansas City, Missouri.
/s/ Gary A. Fenner
Gary A. Fenner, Judge
United States District Court
DATED: September 26, 2013

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