Klein et al v Kim

Filing 96

ORDER granting Plaintiffs' 93 Motion for Entry of Judgment. Judgment is entered in favor of Plaintiffs Josh Klein and Covalence Capital Fund I, LP, on their claim for breach of contract against Defendant Douglas Jae Woo Kim. The Court approves the form of judgment to be entered by the Clerk as described herein. Signed by Judge Barbara J. Rothstein. (SB)

Case 2:20-cv-01628-BJR Document 96 Filed 05/22/23 Page 1 of 5

THE HONORABLE BARBARA J. ROTHSTEIN

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UNITED STATES DISTRICT COURT
FOR THE WESTERN DISTRICT OF WASHINGTON

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JOSH KLEIN, a California resident; and
10 COVALENCE CAPITAL FUND I, LP, a
Delaware limited partnership,
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Plaintiffs,
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v.
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DOUGLAS JAE WOO KIM, a New York
14 resident,

ORDER GRANTING MOTION
FOR ENTRY OF JUDGMENT
AND DIRECTING CLERK TO
ENTER JUDGMENT IN A CIVIL
CASE

Defendant.

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Case No. 2:20-cv-01628-BJR

This matter came before the Court on Plaintiffs’ Motion for Entry of Judgment (“Motion”).

17 Having considered the Motion, the Court’s previous rulings, and any opposition, the Court
18 GRANTS the motion and directs the Clerk to enter final judgment in plaintiffs’ favor. The Court
19 approves the form of judgment to be entered by the Clerk as follows:
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SUMMARY OF JUDGMENT
a. Judgment Creditors:

Josh Klein (“Klein”) and Covalence Capital
Fund I, LP (“Covalence”)

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b. Judgment Debtor:

Douglas Jae Woo Kim

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c. Attorneys for Judgment Creditors:

Michael D. McKay

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ORDER GRANTING MOTION FOR ENTRY OF JUDGMENT
AND DIRECTING CLERK TO ENTER JUDGMENT IN A CIVIL
CASE - 1
Case No. 2:20-cv-01628-BJR

K&L GATES LLP
925 FOURTH AVENUE, SUITE 2900
SEATTLE, WASHINGTON 98104-1158
TELEPHONE: [phone]
FACSIMILE: [phone]

Case 2:20-cv-01628-BJR Document 96 Filed 05/22/23 Page 2 of 5

Peter A. Talevich
K&L Gates LLP
925 Fourth Avenue, Suite 2900
Seattle, WA 98104

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d. Amount of Principal owed:
To Klein:

33 Bitcoin (“BTC”) and $15,000.00

To Covalence:

20 BTC and $400,000.00

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e. Amount of interest owed through
October 19, 2022:

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To Klein:

303.94 BTC and $1,106,812.50

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To Covalence:

48.48 BTC and $592,084.93

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f. Prejudgment and post-judgment
interest:

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Interest from 10/20/22 through the date of
judgment to run at rate in loan agreements
(at the per diem of Klein: 0.2425 BTC and
$937.50, and Covalence: 0.04 BTC and
$460.27). Interest from date of judgment
until paid to run at rate governed by 28
U.S.C. § 1961.

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g. Attorneys’ fees:

$217,287.31

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h. Costs:

$3,201.30

i. Expiration of Judgment:

10 years from entry with option to renew for
10 additional years

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JUDGMENT
This action came to consideration before the Court. The issues have been considered and

22 a judgment has been rendered. Judgment is entered in favor of Plaintiffs Josh Klein and Covalence
23 Capital Fund I, LP, on their claim for breach of contract against Defendant Douglas Jae Woo Kim.
24 Judgment is entered in the following amounts:
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ORDER GRANTING MOTION FOR ENTRY OF JUDGMENT
AND DIRECTING CLERK TO ENTER JUDGMENT IN A CIVIL
CASE - 2
Case No. 2:20-cv-01628-BJR

K&L GATES LLP
925 FOURTH AVENUE, SUITE 2900
SEATTLE, WASHINGTON 98104-1158
TELEPHONE: [phone]
FACSIMILE: [phone]

Case 2:20-cv-01628-BJR Document 96 Filed 05/22/23 Page 3 of 5

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For plaintiff Josh Klein, on the following loans as set forth in the Declaration of Josh Klein

2 filed November 4, 2022:
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5

April 25, 2019

Outstanding
Principal Amount
0

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May 7, 2019

5 BTC

0.65 BTC

5.65 BTC

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May 19, 2019

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May 21, 2019

15 BTC
5 BTC and
$15,000

187.35 BTC
77.94 BTC and
$233,812.50

202.35 BTC
82.94 BTC and
$248,812.50

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June 30, 2019

3 BTC

36.21 BTC

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August 12, 2019

5 BTC

$873,000

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Total

33 BTC and
$15,000.00

303.94 BTC and
$1,106,812.50

39.21 BTC
5 BTC and
$873,000
336.94 BTC and
$1,121,812.50

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Origination date

Outstanding Interest Total due through
through 10/19/22
10/19/22
1.79 Bitcoin (“BTC”) 1.79 BTC

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For plaintiff Covalence Capital Fund I, LP, on the following loans as set forth in the
Declaration of Josh Klein filed November 4, 2022:

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Origination date

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“Revolver”;
February 21, 2019,
and inclusive of
January 28, 2019
loan
June 25, 2019
Total

Outstanding
Principal
Amount

Outstanding
Total due through 10/19/22
Interest through
10/19/22

$400,000

$592,084.93

992,084.93

20 BTC
20 BTC and
$400,000.00

48.48 BTC
48.48 BTC and
$592,084.93

68.48 BTC
68.48 BTC and $992,084.93

The Court has awarded attorneys’ fees to plaintiffs in the amount of $217,287.31 and costs

24 in the amount of $3,201.30.
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ORDER GRANTING MOTION FOR ENTRY OF JUDGMENT
AND DIRECTING CLERK TO ENTER JUDGMENT IN A CIVIL
CASE - 3
Case No. 2:20-cv-01628-BJR

K&L GATES LLP
925 FOURTH AVENUE, SUITE 2900
SEATTLE, WASHINGTON 98104-1158
TELEPHONE: [phone]
FACSIMILE: [phone]

Case 2:20-cv-01628-BJR Document 96 Filed 05/22/23 Page 4 of 5

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The judgment will accrue interest at the following rates from October 20, 2022, until the

2 date of judgment:
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Klein loans:

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Origination Date

Interest rate

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April 25, 2019

N/A

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May 7, 2019

N/A

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May 19, 2019

4% per 4 days

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May 21, 2019

5% per 4 days

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June 30, 2019

1% per day

August 12, 2019

$3,000 per four days

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11 Collective per diem: 0.2425 BTC and $937.50.
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Covalence Loans:
Origination Date
Interest rate
“Revolver”; February 21, 2019, and inclusive
42% per annum
of January 28, 2019 loan
June 25, 2019
Collective per diem: 0.04 BTC and $460.27.

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2% per 10 days

The judgment will accrue interest from the date of entry of judgment until paid at the
applicable rate pursuant to 28 U.S.C. § 1961, namely, the weekly average 1-year constant maturity
Treasury yield, as published by the Board of Governors of the Federal Reserve System, for the
calendar week preceding the date of judgment.
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ORDER GRANTING MOTION FOR ENTRY OF JUDGMENT
AND DIRECTING CLERK TO ENTER JUDGMENT IN A CIVIL
CASE - 4
Case No. 2:20-cv-01628-BJR

K&L GATES LLP
925 FOURTH AVENUE, SUITE 2900
SEATTLE, WASHINGTON 98104-1158
TELEPHONE: [phone]
FACSIMILE: [phone]

Case 2:20-cv-01628-BJR Document 96 Filed 05/22/23 Page 5 of 5

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IT IS SO ORDERED.

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DATED this 22nd day of May 2023.

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A

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Barbara J. Rothstein
United States District Judge

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8 Presented by:
9 K&L GATES LLP

10 By s/ Peter A. Talevich
Michael D. McKay, WSBA # 7040
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Peter A. Talevich, WSBA # 42644
925
Fourth Ave., Suite 2900
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Seattle, WA 98104-1158
13 Phone: [phone]
Fax: [phone]
14 Email : [e-mail]
[e-mail]
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Attorneys for Plaintiffs Josh Klein and
16 Covalence Capital Fund I, LP
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ORDER GRANTING MOTION FOR ENTRY OF JUDGMENT
AND DIRECTING CLERK TO ENTER JUDGMENT IN A CIVIL
CASE - 5
Case No. 2:20-cv-01628-BJR

K&L GATES LLP
925 FOURTH AVENUE, SUITE 2900
SEATTLE, WASHINGTON 98104-1158
TELEPHONE: [phone]
FACSIMILE: [phone]