JPMorgan Chase Bank, N.A. v. Meritage Homes Corp. et al

Filing 148

ORDER re 146 Stipulation Partially Exonerating Surety and Discharging Bond Obligation. IT IS HEREBY ORDERED that $16,445,278.69 of the $16,930,476.96 supersedeas bond filed on April 22, 2014, and issued by Arch Insurance Company (E CF 137) (the Amended Meritage Bond) is hereby DISCHARGED. Arch Insurance Company remains obligated to pay the remaining bonded amount ($485,198.27) only if Meritage fails to pay any award of attorneys' fees ordered by the Court of Appeals . If the Court of Appeals declines to award any attorneys' fees (or the Court of Appeals declines to hear the pending request and the district court also declines to award attorneys' fees), the remaining $485,198.27 will be discharged and Arch Insurance Company will be exonerated from any and all liability on the Amended Meritage Bond. Signed by Judge Jennifer A. Dorsey on 2/17/16. (Copies have been distributed pursuant to the NEF - TR)

1 Douglas C. Northup (Admitted Pro Hac Vice)

FENNEMORE CRAIG, P.C.
2394 E. Camelback Road, Suite 600
3 Phoenix, Arizona 85016-3429
Telephone: [phone]
4 Facsimile: [phone]
Email: [e-mail]
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Attorney for Defendants
Meritage Homes Corporation and
7 Meritage Homes of Nevada, Inc.
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UNITED STATES DISTRICT COURT

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DISTRICT OF NEVADA

10 INSOLVENCY SERVICES GROUP, INC.,

JAD
Case No.: 2:11-cv-01364-PMP-(CWH)

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(Rule 62(d), F.R.Civ.P.; Local Rule 65.1)

Plaintiff,
v.

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Bond No. SU 1120744

13 MERITAGE HOMES CORPORATION; and

MERITAGE HOMES OF NEVADA, INC.,

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Defendants.
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Stipulation and Order Partially
STIPULATION AND ORDER TO
Exonerating ARCH INSURANCE
EXONERATESurety and Discharging
Bond Obligation
COMPANY AS SURETY AND DISCHARGE
BOND

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This stipulation is entered into by and between Meritage Homes Corporation and

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18 Meritage Homes of Nevada, Inc. (“Meritage”) and Insolvency Services Group, Inc.
19 (“Insolvency”), by and through their undersigned counsel, with reference to the following
20 facts:
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1. Pursuant to the Court’s July 17, 2013 Order on Supersedeas Bond (Doc. 119),

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Meritage posted a supersedeas bond in the amount of $16,050,604.03 (the

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“Meritage Bond”).

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CORE/0800960.0053/113954027.1

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2. The parties subsequently stipulated to an amended supersedeas bond in the amount

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of $16,930,476.96 (the “Amended Meritage Bond”) (Doc. 135), which replaced

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the Meritage Bond. The Court approved the Amended Meritage Bond, (Doc. 136),

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which was posted, (Doc. 137).

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3. The parties stipulate that $16,445,278.69 of the Amended Meritage Bond may be

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discharged and that the surety that issued the Amended Meritage Bond, Arch

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Insurance Company, shall only remain obligated to pay the amount remaining on

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the Amended Meritage Bond, $485,198.27 (the “Remaining Bonded Amount”),

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should Meritage fail to pay any award of attorneys’ fees issued by the Court of
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Appeals. Should the Court of Appeals decline to award attorneys’ fees (or should

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the district court decline to award attorneys’ fees if the Court of Appeals declines

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to hear the presently pending request), the parties stipulate that the Remaining

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Bonded Amount shall be automatically discharged and that Arch Insurance

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Company shall be exonerated from any and all liability thereunder.

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4. Accordingly, the parties stipulate that the Court issue the order that follows the
signatures of counsel below.
DATED this 25th day of January, 2016.
FENNEMORE CRAIG, P.C.
By: /s/ Douglas C. Northup
Douglas C. Northup

Attorney for Defendants Meritage Homes
Corporation and Meritage Homes of
Nevada, Inc.

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QUINN EMANUEL URQUHART &
SULLIVAN, LLP

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By /s/ Bruce E. Van Dalsem (with permission)
Bruce E. Van Dalsem
Michael T. Lifrak

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Attorneys for Plaintiff Insolvency Services
Group, Inc.

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ORDER
Based on the parties' stipulation [ECF 146], IT IS HEREBY ORDERED that $16,445,278.69 of
the $16,930,476.96 supersedeas bond filed on April 22, 2014, and issued by Arch Insurance
Company (ECF 137) (the “Amended Meritage Bond”) is hereby DISCHARGED. Arch
Insurance Company remains obligated to pay the remaining bonded amount ($485,198.27) only
if Meritage fails to pay any award of attorneys' fees ordered by the Court of Appeals. If the
Court of Appeals declines to award any attorneys' fees (or the Court of Appeals declines to hear
the pending request and the district court also declines to award attorneys' fees), the remaining
$485,198.27 will be discharged and Arch Insurance Company will be exonerated from any and
all liability on the Amended Meritage Bond.
February 17, 2016

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___________________________
____________________
_ __ _ _ _ _
__
Jennifer Dorsey
nifer Dorsey
er
er
rs
s
United States District Court
ed States
t
t Court
Co

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