Wells Fargo Bank, National Association v. Lake of the Torches Economic Development Corporation

Filing 8

Order that hearing to be held today or tomorrow re: appointment of temporary receiver. Signed by Chief Judge Barbara B. Crabb on 12/28/09. (rep)

IN THE UNITED STATES DISTRICT COURT FO R THE WESTERN DISTRICT OF WISCONSIN --------------------------------------------W EL LS FARGO BANK, N AT IO N AL ASSOCIATION, A S TRUSTEE, ORDER Plaintiff, 0 9 - cv -7 6 8 - b b c v. L A K E OF THE TORCHES EC O N O M IC DEVELOPMENT C O R P O R A T IO N , D efendan t. --------------------------------------------P lain tiff Wells Fargo Bank, National Association, As Trustee has moved for app oin tm ent of a temporary receiver to exercise oversight over the revenues, issues, p aym en ts and profits of defendant Lake of the Torches Economic Development Corporation u n ti l such time as the outstanding principal and interest on the bonds identified in the com plaint are repaid to the bondholders. From the materials submitted by plaintiff in support of its motion, it appears that ap po in tm en t of a temporary receiver is warranted. However, I will reserve a final decision on the motion until I have held an expedited hearing on the matter by telephone later today

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or tomorrow morning. C ou nsel for plaintiff is to notify counsel for defendant of the hearing, work out with co un sel a time at which the telephone hearing will take place (no later than noon on T u esd ay, December 29, 2009) and make arrangements for the conference call. In addition, it would be helpful to the court if counsel for plaintiff would be prepared to give the court na m es of persons that would be capable of handling the responsibilities of a receiver in this situ atio n , as well as willing to do so. E n tered this 28th day of December, 2009. B Y THE COURT: /s/ B AR B AR A B. CRABB D istrict Judge

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