Drexel on the Park LLC et al v. Statewide Renovation and Supplies Inc

Filing 40

ORDER denying 21 Motion for Disbursement of Funds, as more fully set out. Signed by Honorable David L. Russell on 3/7/16. (jw)

IN THE UNITED STATES DISTRICT COURT
FOR THE WESTERN DISTRICT OF OKLAHOMA
DREXEL ON THE PARK, LLC,
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an Oklahoma limited liability
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company; and JOHN ANTONELLI, )
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Plaintiffs,
)
)
v.
)
)
STATEWIDE RENOVATION AND )
SUPPLIES, INC., an Oklahoma
)
Corporation,
)
)
Defendant.
)

Case No. CIV-15-1257-R

ORDER
Before the Court is the motion by Drexel on the Park, L.L.C. to require
disbursement of funds held by the Clerk of Court. The funds consist of proceeds of an
insurance claim for storm damage sustained by Drexel and proceeds of a reserve account
established by Drexel with the lender, Berkeley Point, referred to as the “Drexel
Reserves.” The funds, consisting of $208,001.10, were held by Berkeley Point as the
lender and mortgagee for Drexel. Statewide Renovation and Supplies, Inc. has filed an
objection to the motion to disburse and presented evidence that Drexel represented that
the funds held by Berkeley Point were owned by Statewide.

Neither Drexel nor

Statewide has submitted an escrow agreement with Berkeley Point and it appears to the
Court that there is a reasonable dispute as to which party owns the funds previously held
by Berkeley Point and now on deposit with the Clerk of Court. Accordingly, the motion
of Drexel for the disbursement of those funds is DENIED.

IT IS SO ORDERED this 7th day of March, 2016.