Lansuppe Feeder, LLC v. Wells Fargo Bank, National Association et al
| Lansuppe Feeder, LLC |
| Wells Fargo Bank, National Association and Soloso CDO 2005-1 Ltd. |
| Oxford University Bank, Citizens Bank & Trust Company of Marks, Coastal Commerce Bank, Guaranty Bank and Trust Company, BankFirst Financial Services as Successor-in-Interest to Newton County Bank, The First, A National Banking Association, Copiah Bank, N.A. and PriorityOne Bank |
| 1:2015cv07034 |
| September 8, 2015 |
| US District Court for the Southern District of New York |
| Foley Square Office |
| New York |
| Laura Taylor Swain |
| Other Contract |
| 28 U.S.C. ยง 1391 |
| None |
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Filing
141
MEMORANDUM OPINION AND ORDER re: 36 CROSS MOTION for Summary Judgment . filed by The First, A National Banking Association, Coastal Commerce Bank, Oxford University Bank, Copiah Bank, N.A., BankFirst Financial Services as Succe ssor-in-Interest to Newton County Bank, Guaranty Bank and Trust Company, Citizens Bank & Trust Company of Marks, PriorityOne Bank. For these reasons and those set forth in Lansuppe Feeder, LLC v. Wells Fargo Bank, NA ex rel. Soloso CDO 2005-1 Ltd., 2015 WL 6455274 (S.D.N.Y. Oct. 26, 2015), Lansuppe's motion for summary judgment is granted in full and Intervenors' cross-motion for summary judgment is denied. The Trustee is hereby authorized and directed to distribute the procee ds of the liquidation in accordance with the priority of payments waterfall provisions of the Indenture. The Intervenors are hereby directed to show cause by written submission, filed within fourteen (14) days of the date of this order, as to why th eir cross-claims for declaratory and injunctive relief and rescission of their purchases should not be dismissed in light of the determinations set forth in this Memorandum Opinion and Order. This Memorandum Opinion and Order resolves Docket Entry Numbers 3, 36, and 87. (As further set forth in this Order.) (Signed by Judge Laura Taylor Swain on 9/29/2016) (cf)
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Filing
95
MEMORANDUM OPINION AND ORDER re: 56 AMENDED MOTION to Intervene Reference Docket #33, Amended Notice of Motion annexing Intervenors' Answer and Cross-Claim, filed by The First, A National Banking Association, Coastal Commerce B ank, Oxford University Bank, Copiah Bank, N.A., BankFirst Financial Services as Successor-in-Interest to Newton County Bank, Guaranty Bank and Trust Company, Citizens Bank & Trust Company of Marks, PriorityOne Bank, 33 MOTION to In tervene . filed by The First, A National Banking Association, Coastal Commerce Bank, Oxford University Bank, Copiah Bank, N.A., BankFirst Financial Services as Successor-in-Interest to Newton County Bank, Guaranty Bank and Trust Co mpany, Citizens Bank & Trust Company of Marks, PriorityOne Bank. The Intervenors' motion to intervene is granted, and their motion to stay or dismiss this proceeding is denied. The Intervenors are authorized to file their proposed Answer and Cross-Claims. Cross-Defendants' time to respond to the Cross-Claims is extended pending further order of the Court. Lansuppe's motion for summary judgment is granted insofar as it seeks an instruction from this Court that the Trustee liqui date the assets of the Trust Estate. The Trustee is hereby authorized and directed to liquidate the assets of the Trust Estate in accordance with the provisions of the Indenture. Such assets are to be held, pending further order of the Court, in a ma nner designed to preserve their value. The Trustee shall not be held liable to any Noteholder or other third party for any actions taken in compliance with this Memorandum Opinion and Order. The remaining issues raised in Lansuppe's motion for s ummary judgment, and the Intervenors' cross-motion, continue under submission. This Memorandum Opinion and Order resolves Docket Entry Numbers 33 and 56. (As further set forth in this Order.) (Signed by Judge Laura Taylor Swain on 10/26/2015) (spo)
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