THE BANCORP BANK v. CONDOR DEVELOPERS, LLC et al
Filing
112
MEMORANDUM OPINION & ORDER permitting the Receiver 90 days to enter into a sale of the property, etc. Signed by Magistrate Judge Joel Schneider on 6/25/2019. (dmr)
UNITED STATES DISTRICT COURT
DISTRICT OF NEW JERSEY
THE BANCORP BANK,
Plaintiff,
CIVIL NO. 15-4451(NLH)(AMD)
v.
MEMORANDUM
OPINION & OPINION
CONDOR DEVELOPERS, LLC,
DANIEL BROWN, NJG
ACQUISITIONS, LLC, ENPHRONT
INC., and STATE OF NEW
JERSEY,
Defendants.
APPEARANCES:
PHILIP S. ROSENZWEIG
SILVERANG, DONOHOE, ROSENZWEIG and HALTZMAN, LLC
595 E. LANCASTER AVENUE
SUITE 203
ST. DAVIDS, PA 19087
On behalf of Plaintiff
ANTHONY MORGANO
LEVINE STALLER SKLAR CHAN & BROWN PA
3030 ATLANTIC AVENUE
ATLANTIC CITY, NJ 08401
On behalf of Defendants
JACK PLACKTER
FOX ROTHSCHILD LLP
1301 ATLANTIC AVENUE
MIDTOWN BUILDING
ATLANTIC CITY, NJ 08401
On behalf of Receiver Joshua Levin
HILLMAN, District Judge
WHEREAS, this matter concerns claims by Plaintiff, The
Bancorp Bank, regarding the default on the financing of a
property in Atlantic City, New Jersey that provides housing to
veterans; and
WHEREAS, the property is currently under the control of a
receiver, and judgments as to Defendants’ liability to Bancorp
have been entered; and
WHEREAS, on May 3, 2019, the Court issued an Opinion
stating the following:
Even though the Court has determined that Brown is
liable under the personal guaranty, because of the
particular circumstances of this case, the Court will
refrain from entering final judgment against Brown at this
time. Plaintiff, Brown, the receiver, and any other
interested party shall confer on a procedure to timely and
equitably, but still within the rights and obligations of
the personal guaranty, move Plaintiff’s claim against
Brown, as well as Condor and NJG, to final judgment.
As discussed at oral argument, the Court is of the
view that the receiver should move expeditiously to
conclude a market sale, or if necessary a foreclosure sale,
of the property so the Court can conduct those proceedings
necessary to quantify the appropriate judgments against
Defendants Condor, NJG and now Brown. If the parties
cannot agree on that procedure within two weeks of the date
of this Opinion, the Court will set a hearing to effect the
entry of final judgments.
(Docket No. 107); and
WHEREAS, the Court has considered the positions of Bancorp
and the Receiver regarding the procedure moving forward (Docket
No. 109, 111);
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ACCORDINGLY,
IT IS on this
25th
day of
June
, 2019
ORDERED that the Receiver shall have ninety (90) days to
enter into a sale of the property; and it is further
ORDERED that if the property is not sold within 90 days,
Bancorp shall have forty-five (45) days to quantify damages and
set the specific amount of a foreclosure judgment.
s/ Noel L. Hillman
NOEL L. HILLMAN, U.S.D.J.
At Camden, New Jersey
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