Putnam Bridge Funding III LLC v. Jenkins

Justia Dockets & Filings Second Circuit New York Southern District Putnam Bridge Funding III LLC v. Jenkins

Putnam Bridge Funding III LLC v. Jenkins

Plaintiff:	Putnam Bridge Funding III LLC
Defendant:	Francis P. Jenkins
Case Number:	1:2016cv07012
Filed:	September 8, 2016
Court:	US District Court for the Southern District of New York
Office:	Foley Square Office
County:	XX Out of U.S.
Presiding Judge:	Debra C. Freeman
Presiding Judge:	Analisa Torres
Nature of Suit:	Other Contract
Cause of Action:	28 U.S.C. § 1332
Jury Demanded By:	None

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Date Filed	Document Text
July 31, 2017	Filing 34 ORDER for 32 Report and Recommendations. This Court has reviewed Judge Freeman's thorough and well-reasoned Report, and finds that it is not erroneous on its face. See 28 U.S.C. § 636(b)(1). Plaintiff's sole objection was invited by Judge Freeman. See Report 13 n.7. Because Plaintiff now has declared under penalty of perjury that it "has not received any interest payments" on the promissory note, Obj. Paragraph 5, the Court concludes, as Judge Freeman contemplate d, that Plaintiff is entitled to those damages. Accordingly, this Court adopts in part and modifies in part the Report to hold that Plaintiff be awarded damages in the amount of (1) $500,000 in outstanding principal due under the promissory n ote and guarantee, plus prejudgment interest based on the contract rate of 3% per annum (assuming a 360-day year) from November 1, 2013, the first date of non-payment, and (2) $14,313.82 in back taxes paid by Plaintiff to prevent foreclosure of the property that secured the mortgage. The Clerk of the Court is directed to enter judgment accordingly. SO ORDERED. (Signed by Judge Analisa Torres on 7/31/17) (yv)

Date Filed

Document Text

July 31, 2017

Filing 34 ORDER for 32 Report and Recommendations. This Court has reviewed Judge Freeman's thorough and well-reasoned Report, and finds that it is not erroneous on its face. See 28 U.S.C. § 636(b)(1). Plaintiff's sole objection was invited by Judge Freeman. See Report 13 n.7. Because Plaintiff now has declared under penalty of perjury that it "has not received any interest payments" on the promissory note, Obj. Paragraph 5, the Court concludes, as Judge Freeman contemplate d, that Plaintiff is entitled to those damages. Accordingly, this Court adopts in part and modifies in part the Report to hold that Plaintiff be awarded damages in the amount of (1) $500,000 in outstanding principal due under the promissory n ote and guarantee, plus prejudgment interest based on the contract rate of 3% per annum (assuming a 360-day year) from November 1, 2013, the first date of non-payment, and (2) $14,313.82 in back taxes paid by Plaintiff to prevent foreclosure of the property that secured the mortgage. The Clerk of the Court is directed to enter judgment accordingly. SO ORDERED. (Signed by Judge Analisa Torres on 7/31/17) (yv)

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Plaintiff: Putnam Bridge Funding III LLC
Represented By:	Mitchell John Baker
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Defendant: Francis P. Jenkins
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