Prospect Capital Corporation v. Silicon Valley Bank

Filing 24

ORDER granting #22 Letter Motion to Stay re: #22 LETTER MOTION to Stay Deadlines and For Referral to Magistrate Wang for Mediation addressed to Judge John P. Cronan from Jamie Levitt dated June 2, 2021. The parties' request is granted. Discovery is stayed pending settlement discussions before Judge Wang. The parties shall file an update letter within one week of the conclusion of settlement discussions. Silicon Valley Bank shall have until 21 days after filing the aforementioned update letter to answer or otherwise respond to the Amended Complaint.. (Signed by Judge John P. Cronan on 6/3/2021) (nb)

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June 2, 2021

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By ECF
The Honorable John P. Cronan
United States District Judge
Southern District of New York
500 Pearl Street
New York, NY 10007
Re:

Prospect Capital Corporation v. Silicon Valley Bank; Case No. 1:21-cv-00314-JPC
Request for Referral to Magistrate Wang for Mediation and Stay of Deadlines for
Discovery and Response to First Amended Complaint

Dear Judge Cronan:
We represent defendant Silicon Valley Bank in the above-referenced matter. After initial
discussions, the parties jointly request that Your Honor refer this matter to Magistrate Judge
Wang for mediation in the hopes of reaching a resolution and avoiding ongoing and costly
litigation.
To facilitate a potential resolution, the parties also seek a stay of all discovery deadlines until
after mediation concludes if it is unsuccessful. Within a week of the conclusion of
mediation, the parties will notify the Court of the outcome. If a settlement is not reached, the
parties would submit with that notice an amended Case Management Plan for the Court’s
consideration. Under the current Case Management Plan (ECF. No. 16), the end of fact
discovery is scheduled for October 4, 2021 and the end of expert discovery is scheduled for
November 18, 2021.
In addition, Silicon Valley Bank seeks an extension of time to answer, move or otherwise
respond to the First Amended Complaint filed on May 10, 2021 (ECF No. 19), until 21 days
after filing of the notice that the mediation was unsuccessful. Silicon Valley Bank’s
response to the First Amended Complaint is currently due on or before June 14, 2021.
Silicon Valley Bank previously requested with Plaintiff’s consent (ECF No. 20) an extension
to answer, move or otherwise respond to the First Amended Complaint, which Your Honor
granted (ECF No. 21).

June 2, 2021
Page Two
Respectfully submitted,

The parties' request is granted. Discovery is stayed pending
settlement discussions before Judge Wang. The parties shall file
an update letter within one week of the conclusion of settlement
discussions. Silicon Valley Bank shall have until 21 days after
filing the aforementioned update letter to answer or otherwise
respond to the Amended Complaint.

/s/ Jamie A. Levitt_______
Jamie A. Levitt

SO ORDERED.

cc:

All counsel of record (by ECF)

ny-2059691

Date:

June 3, 2021
New York, New York

_____________________
JOHN P. CRONAN
United States District Judge