Beazer Homes Holdings Corp. v. Coronado West Inc et al

Filing 69

ORDER Granting 63 Motion to Substitute FDIC, as Receiver for New South Federal Savings Bank. Signed by Judge Robert C. Jones on 6/28/10. (Copies have been distributed pursuant to the NEF - ASB)

Case 2: 9- v- 2089- C J- R L Docum ent63 Fi d 06/ 5/ 0 Page 1 of5 Oc0 RL l e 21

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1 6 CW CAPI A L FUND ONE, T LLC; : CORON AD O W ES , N C .a d NEW 7 T I ;n SOW H FEDERAL SAVI GSBANK, N 1 8 D ee da t. fn n s
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Beazer Homes Holdings Corp. v. CW Capital Fund One, LLC et al

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C ase 2: 9- v- 2089- C J- R L Docum ent63 Fi d 06/ 5/ 0 Page 2 of5 OcO RL l e 21

l t s bstt t t e FD I as def ndantf r and i t e pl c ofN ew Sout . Thi o u iu e h C e o n h ae h s

2 moto i m a epur ua tt Ne . Ci .22 ()a d 1 U.. . 1 21d) in s d s n o v R. v 1. 5 c n 2 SC j 8 ( .
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By Rober M cc ov,N o. t 9121

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Rex D . G am er N o. i, 9401 R al i h C. ea Thom ps n,N o.11296 o

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A tPm eysf rN ew Sout Feder l t o h a savm gsBank and t eFeder lD eposi h a t

t s r nc cor or ton,asRecei erf r nua e p ai vo N ew Sout Fe er lSavi gs Bank h da n

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ro l ' s AN D AU T H O R I I S xr TE I vlo l ce o x x rt x n O n D ece ber 1 , 2009,t e O fi e ofThr f Super i i n'c os d m 8 h fc it v so l e

1 ' dee da tNe So t Fe e a Sa i gsBa k (N e S ut ' a d a poi td t e C fn n w u h d r l v n n ' w o h' n p n e h ' )
16 FDI as Rec i e f ri TheFD I acc pt d t e appoi t entt ats m e day. A C ev r o t C ee h nm ha
.

17 c py oft e O f i e ofThr f Super i i n' l terappoi tng t e FDI asRecei e i o h fc it v so s e t ni h C vrs
18 atac ed as Exhi i A , and a c py oft e FD I ' ac ept nce oft e appoi t enti th bt o h CS c a h nm s 19 atac ed as Exhi i B. A sa r s l oft i a poi t ent t e FDI has asa m aterof th bt e u t hs p nm ,h C , t 20 f der ll w , s cceeded t ' 1 r ght ,ttes pow er ,and pr vieges'oft e f ied e aa u o ' 1 i s il , a s i l ' h al

21 i s i uton and m ay ' ake over t e as et ofand operat 't e f ied i stt ton n tt i ' t h ss e' h a l n iu i

22 wih alt epo e st eeof 1 U.. . j 1 21d)2 ( )i a d 1 21d)2 ( )i. t 1 h w r h r . 2 SC j 8 ( ()A () n 8 ( ()B ()
23 Thi i cl dest e r sol ton ofout t ndi g c ai s agai stt e i s i uton i sn u h e ui sa n l m n h n tt i n
24 rec i er hi 1 U. . . 1 21 d)3 .Ac or i g y, he F I i t epary a a ns e v s p 2 SC g 8 ( ( ) c d n l t D C s h t gi t
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1 w hom t e cl i s s ughtby t e pl i tf m us be as er ed a d t e par y w ho m a h am o h a n if t st n h t y

2 ass rtcount r l i sorot er afi m atve c ai s agai s t e parte i t i cas . e e ca m h fr i l m n th is n h s e
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Thi Cour Shoul Ent r an O r erSubs iutng t e FD I asa s t d e d tt i h C D ef ndantf rN ew Sout Feder lSavi gsBank. e o h a n

Bec us t e FD I i t e pr perdef ndantw ih regar t pl i tf' a eh C sh o e t d o a n ifs
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c ai s,t e FD I s oul be s bstt t d asa def nda ti t e pl ce ofN e Sout . lm h Ch d u iu e e n nh a w h
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O ' ev ny& M y r v. C, 2U.. 9, -7(9 4)(( 1 eFDI a r c i e M le es FDI 51 S 7 868 1 9 'T h ' C s e ev r 't psi t t es oe ' t ef ie g a k)obt itng t erght oft ei s r d se n o h h s of h al d b n a ri h i s h n u e de o ior i siuton t a e it d pro t r c i e s i .)(ntr a ctto s p st y n tt i h t xse ir o e ev rh p ' i e n l iain ' om it d) te .
C our sr utnel ent ror er s bs iutng t e FD I i c s ss c as t o i y e d s u tt i h C n ae uh

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t i one S e eg.Yemaa i p. C,5 2F.d53 58(s Ci.2 0 )(ppelt h s . e, . , o lks FDI 6 3 , 1 t r 0 9 a lae
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cour gr nt d m oton ofFDI t be s bs iut d f r f ied i s iudon and s ayed tae i Co u tt e o a l n tt t

c s fr90days;nr Co muniyBa ko Not en Vigi i, 8F.d 2 7 2 3n. ae o )I e m t n f rh r r na 41 3 7 , 9 6 (1 Ci. 0 )( DI s c ee edt al'i ht,ils powe s a d prvie e of. . 3. r 20 5 ' C u c d o 1 rg s tte , d T r, n i lg s .
i s r d depos t r i sut ton' and w asor er d s bs i ut d ' s t e t ue par y i nue io y n u i ' ' d e u tt e ' h r a tn

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i tr s ' Amefis Prp ris I c z. C, 0F.d82 ,8 3n. (t Ci. 9 9 n e e f) r rt o e te,n .7FDJ 88 2 1 2 2 5h r 1 8 ) ;
(o l w i g a poi t e tofFDI asr c i e f ri s l e tbark,c ur gr nt d f lo n p n m n C e ev r o n ov n t o t' e a m oton t s bsiut FDI ' st er a pa t i i tr s';Buck wsir. C, 5 i o u tt e C ' h e l ry n n e e t a ) z o k FDI 41 F,d 59 ,5 7 ( t Ci. 0 )(A ny ldga t o t ec ur o iso n m oto , a 3 4 9 7 h r 20 5 ' ' i n, r h o t n t w in c n s bsiut t eFDI f rt ef ied ba k a apa t .) Phip r. C, 7F.d 1 0 , u tt e h C o h al n s ry '; p s FDI 41 3 0 6 ' 1 0 (t Ci. 0 )(fe brefnp FDI wa a poi td Re eve a dwa grntd 0 9 8h r 20 5 atr i i C s p ne ci r n s ae

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a i esunder s at 1 w bet een a bark and nondi er epl i tf s t e di t i tc ur rs t ea w t v s a n if , h s r c o t

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s bs iut d a apa t f rt a bank unde Fe . Ci . 2 ( )'. u tt e s ry o h t r d R. v P. 5 c .) '

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1

Thus by vi t e oft e FD I ' a ce t nce oft e appoi t e tas , ru h CS c pa h nm n

2 Recei erf r N ew Sout ,t e FDI hass cc eded t ' l ri ht ,tte ,pow er ,and vo hh C ue o ' 1 g s il s a s 1 prvieges'oft e f ied i s i uton,and i i t e pr p erpar y t def nd agai s t e 5 il ' h a l n tt i ts h o to e n th 4 c ai s as er ed by t epl i tf si t i m ater agai s N ew Sout .The Cour lm st h a n if n h s t nt h t 5 s oul t er f r ent r a or ers bs iutng t e FD I i pl ce ofN ew Sout . h d h e o e e n d u tt i h Cn a h
6 1 1 CO N C LU SI N 1. O

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For t ese r as ns t e FDI r s ect uly r quest t att e Cour e t r h e o ,h C ep f l e sh h tne

8 an or e s bs iutng t e FD I asa de endanti t e pl ce ofN ew Sout Feder l d r u tt i h C f nh a h a

9 Savi gsBank. n
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