Guinn et al v. Federal Deposit Insurance Corporation et al

Filing 18

ORDER ON STIPULATION Granting 17 Third Stipulation to Stay. Signed by Judge Philip M. Pro on 11/9/2010. (Copies have been distributed pursuant to the NEF - SD)

Case 2:09-cv-01809-PMP-GWF Document 17

Filed 11/08/10 Page 1 of 3

JOINTLY SUBMITTED
2 3 4 5 6 7

8 9 10
11 12 13 14

UNITED STATES DISTRICT COURT DISTRICT OF NEVADA JEFFREY B. GUINN, individually and as) Case No: 2:09-cv-01809-PMP-GWF Trustee of THE DEL MAR TRUST, et al.,) Plaintiffs, vs. FEDERAL DEPOSIT INSURANCE CORPORATION, AS RECEIVER FOR COMMUNITY BANK OF NEVADA; DOE INDIVIDUALS I-XX; ROE CORPORATIONS I-XX, Defendant/Counterclaimant. FEDERAL DEPOSIT INSURANCE CORPORATION, AS RECEIVER FOR COMMUNITY BANK OF NEVADA., Plaintiff, vs.

) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )
STIPULATION AND PROPOSED ORDER TO STAY PROCEEDINGS (THIRD REQUEST)

15 16
17

18
19

20
21

22

23
24

CORONADO NEVADA, LLC; DOE INDIVIDUALS I-XX; ROE CORPORATIONS I-XX, Defendants.

25 26 27 28
MORRIS PETERSON
)00 BANK OF AMErncA PLAZA 300 SOUTH FOURTH STREET LAS VEGAS, NEVAOA 89101 702/474-9400 FAX [phone]

Pursuant to LR 6-2 and LR 7-1, the parties stipulate to extend the 180 day stay entered by this Court on May 4, 2010 (#16) for an additional 30 days on

the following basis:

Case 2:09-cv-01809-PMP-GWF Document 17

Filed 11/08/10 Page 2 of 3

1. 2

12 U.S.C.

§ 1821(d) establishes an administrative process for

claims against the FDIC in its capacity as Receiver of a failed financial institution. 2. Plaintiffs in this action have submitted their administrative

claims as required by statute.
6

§ 1821(d)(5)(A)(i) gives the FDIC 180 days to render a decision on plaintiffs' claims, and, under 12 U.S.C. § 1821(d)(13)(D), the Court
may, and the parties submit, should, stay the case during the pendency of that administrative claims process. See, e.g. Marquis v. FDIC, 965 F.2d 1148, 1155 (1st Cir. 1992) ("The court may.
. .

3.

12 U.S.C.

8

in its discretion

--

and ordinarily should

--

stay

10 11 12 13 14 15

proceedings.

.

.

so as to permit exhaustion of the mandatory administrative

claims review process."). 4. The parties twice stipulated to stay this case for 180 days or

until the FDIC as Receiver rendered a decision on plaintiffs' claims, whichever came first (##13, 15). 5. On the parties' stipulation, the Court stayed this case for up to

16
17 18 19 20 21 22 23

180 days, commencing on December 24, 2009, to allow the claims process to proceed (#14). The Court later extended that stay, again on the parties stipulation, for an additional 180 days, until November 11, 2010 (#16). 6. During the course of this stay, the parties have been involved

in settlement negotiations under the guidance of the Honorable Stewart Bell (Ret.). As part of this effort, the parties have met multiple times and plaintiffs have produced reams of information requested by the FDIC to support the settlement negotiations. The parties have made substantial progress. 7. An additional 30 day stay is necessary to allow the parties to

24 25
26 27 28
MORRIS PETERSON
ATTORNEYS AT LAW S00 BANK OF AMERICA PLAZA 300 SOUTH FOURTH STREET LAS VEGAS, NEVADA 89101 702/474-9400 FAX [phone]

continue, and hopefully, complete their negotiations. Given this, plaintiffs have now agreed to extend the claims process for an additional 30 days as permitted by 12 U.S.C.

§ 1821(d)(5)(A)(ii).

Case 2:09-cv-01809-PMP-GWF Document 17

Filed 11/08/10 Page 3 of 3

1

8.

Based on this, the parties stipulate to stay extend the current

2 3

stay until December 13, 2010. This third extension is warranted, as outlined above, to permit the parties additional time to resolve some or all of the claims in this case. BAILEY KENNEDY MORRIS PETERSON

6 7 8 9 10
11

By /s/ Kimberly McGhee Dennis L. Kennedy, No. 1462 Kimberly McGhee, No. 9728 Craig Henderson, No. 10077 8984 Spanish Ridge Avenue Las Vegas, Nevada 89148 Attorneys for Jeffrey B. Guinn and Monica A. Guinn, individually and as Trustees of the Del Mar Trust, R. Kent Barry and Mary Sunshine Barry, individually and as Trustees of the Barry Family Trust, Sean P. Corrigan and Lisa D. Corrigan, individually and as Trustees of th&S&L Corrigan Family Trust, Coronado Canyons, LLC, Pacific Sunset Development, LLC, Coronado Bay Investments, LLC, Aspen Financial Services, LLC, Coronado Aspen 11, LLC, and Coronado Nevada, LLC

By /s/ Robert McCoy Robert McCoy, No. 9121 Rex D. Garner, No. 9401 900 Bank of America Plaza 300 South Fourth Street Las Vegas, Nevada 89101 Attorneys for Federal Deposit Insurance Corporation, as Receiver for Community Bank of Nevada

12
13 14 15

16
17

18 19
20 21 22 23 24 25
DATED:

ORDER

IT IS SO ORDERED. UNITED STATES DISTRICT JUDGE
November 9, 2010.

26
27

28
MORRIS PETERSON
ATTORNEYS AT LAW 300 BANK OF AMERICA PLAZA 300 SOUTH FOURTH STREET LAS VEGAS, NEVADA 89101 702/474-9400 FAX [phone]

3