Federal Deposit Insurance Corporation v. Old Republic Insurance Company

Filing 12

ORDER signed by Judge J.P. Stadtmueller on 6/21/2017: GRANTING 11 Plaintiff's Expedited Motion to Stay; STAYING matter through 8/3/2017; and VACATING Scheduling Conference set for 6/27/2017. See Order. (cc: all counsel)(jm)

UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF WISCONSIN
FEDERAL DEPOSIT INSURANCE
CORPORATION, as Receiver
for Guaranty Bank,
Plaintiff,
Case No. 17-CV-734-JPS

v.
OLD REPUBLIC INSURANCE
COMPANY,

ORDER

Defendant.
On June 12, 2017, the plaintiff Federal Deposit Insurance
Corporation (“FDIC”) filed a motion to stay this matter. (Docket #11). The
FDIC was appointed as receiver for Guaranty Bank on May 5, 2017. Id. at 2.
It thereafter removed this action to this Court on May 25, 2017. (Docket #1).
The FDIC requests that this matter be stayed for ninety days. (Docket #11
at 4). The Court is constrained to grant the request. See 12 U.S.C. §
1821(d)(12); Farnik v. Fed. Deposit Ins. Corp., 707 F.3d 717, 722 n.2 (7th Cir.
2013). The stay will remain in place for 90 days from the date on which the
FDIC was appointed as receiver. See Praxis Props., Inc. v. Colonial Sav. Bank,
S.L.A., 947 F.2d 49, 71 (3d Cir. 1991) (analyzing the legislative history and
language of 12 U.S.C. § 1821(d)(12) and concluding that the mandatory 90day stay is calculated from the date of appointment). The parties’
preservation obligations will remain in effect throughout the duration of
the stay.

Accordingly,
IT IS ORDERED that the plaintiff Federal Deposit Insurance
Corporation’s motion to stay (Docket #11) be and the same is hereby
GRANTED;
IT IS FURTHER ORDERED that this matter be and the same is
hereby STAYED through August 3, 2017; and
IT IS FURTHER ORDERED that the Scheduling Conference set for
June 27, 2017 and related deadlines (Docket #10) be and the same are hereby
VACATED.
Dated at Milwaukee, Wisconsin, this 21st day of June, 2017.
BY THE COURT:

J.P. Stadtmueller
U.S. District Judge

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