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)

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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); 2 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 3

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