In the Matter of the Trusts established under the Pooling and Servicing Agreements
| U.S Bank National Association |
| Federal Home Loan Mortgage Corporation, Federal National Mortgage Association, Appaloosa Investment L.P.I. and Palomino Master Ltd., CWCapital Asset Management LLC and PSW NYC LLC |
| INESSOFT, LLC |
| 1:2017cv01998 |
| March 20, 2017 |
| US District Court for the Southern District of New York |
| Foley Square Office |
| Katherine Polk Failla |
| Other Contract |
| 28 U.S.C. ยง 1441 |
| None |
Follow case documents by RSS
Available Case Documents
The following documents for this case are available for you to view or download:
| Document Text |
|---|
Filing
473
POST-REMAND ORDER ISSUING JUDICIAL INSTRUCTIONS: NOW, THEREFORE, the Court having considered all of the issues raised in the Settlement Agreement, Appaloosa's Proposed Allocation, and Appaloosa's Motion for Attorneys' Fees and all obje ctions thereto, it is hereby ORDERED that: The Settlement Agreement is APPROVED. Appaloosa's Proposed Allocation is APPROVED. Appaloosa's Motion for Attorneys' Fees is GRANTED IN PART. Within 20 days of this Order being entered, CWC shall pay the sum of $27,500,000.00 (the "Settlement Payment") to an escrow agent (the "Escrow Agent"), which may be U.S. Bank National Association or another nationally recognized financial institution acceptable to Appaloos a and CWC, to hold the Settlement Payment in an escrow account subject to a reasonable escrow agreement (the "Escrow Agreement") and appropriate compensation for the Escrow Agent to be agreed upon by the Escrow Agent, Appaloosa, and CWC, un til this Order becomes final and non-appealable. Within 30 days of this Order becoming final and non-appealable, pursuant to the terms of the Escrow Agreement, the Escrow Agent shall distribute the Settlement Payment, net of any compensation paid to the Escrow Agent (the "Net Settlement Payment"), as follows: and further set forth in this Order. The April 2020 Order and the April 2020 Judgment remain in full force and effect except to the extent inconsistent with (and hence superse ded by) the terms of this Order and the March 2024 Decision. The Clerk of the Court is directed to enter judgment in accordance with this Order, terminate all pending motions, adjourn all remaining conferences, and close this case. (Signed by Judge Katherine Polk Failla on 4/8/2024) (rro) (Signed by Judge Katherine Polk Failla on 4/8/2024) (rro) Transmission to Finance Unit (Cashiers) for processing. Transmission to Orders and Judgments Clerk for processing.
|
|
Filing
467
OPINION AND ORDER re: 445 MOTION for Attorney Fees and Expenses. filed by Appaloosa Investment L.P.I. and Palomino Master Ltd.., Case Stay Lifted. For the foregoing reasons, the Court REJECTS the objection to the proposed settlemen t filed by Cobalt and APPROVES the Parties proposed settlement. The Court also finds that Appaloosa is entitled to reimbursement from the Settlement Payment in the amounts of $6,329,642.24 in attorneys fees and $744,351.90 in litigation expenses. The Court directs the Trustee to submit a revised proposed Order Issuing Judicial Instructions on or before March 22, 2023. The Clerk of Court is directed to unstay this case and terminate the motion at docket entry 445. (Signed by Judge Katherine Polk Failla on 3/5/2024) (rro)
|
|
Filing
464
ORDER Any party wishing to be heard on the legal standards pursuant to which the Court should evaluate the proposed settlement - including the proposed allocation of the settlement fund - is directed to submit a supplemental letter brief on or befor e October 13, 2023. Once submissions are received, the Court will prioritize the completion of its review. The Clerk of Court is directed to stay this matter pending further order of the Court. (And as further set forth herein.) SO ORDERED. (Signed by Judge Katherine Polk Failla on 9/22/2023) (jca)
|
|
Filing
439
ORDER: NOW, THEREFORE, it is hereby ORDERED that: 1. On or before the later of: (a) two business days after the entry of this Order or (b) December 30, 2022, the Trustee shall cause notice of the Proposed Settlement, Appaloosa's Motion for Atto rneys' Fees, the Schedule and the Hearing to be provided in the following manner: (i) by causing the mailing of the notice in the form attached hereto as Exhibit A, along with copies of the proposed agreement between CWC and Appaloosa memorializ ing the Proposed Settlement, Appaloosa' Motion for Attorneys' Fees, and the Order approving the Schedule (collectively, the "Notice") to all registered holders of the Certificates at the address of such holders as shown in the Cer tificate register; (ii) by causing the publication of the Notice one time in a legal newspaper in Ramsey County, Minnesota; (iii) with respect to the Certificates held through the Depository Trust Company, by causing the electronic transmission of th e Notice to The Depository Trust Company, which will post the Notice in accordance with its established procedures; and (iv) by causing the posting of the Notice on any applicable investor reporting website maintained by the Trustee or another Trust administrator (collectively, the "Notice Program"). 2. Within seven days of completing the steps above, the Trustee shall file with the Court an affidavit certifying the Trustee's compliance with the Notice Program. 3. The Notice Progr am is approved, is reasonably calculated to put interested parties on notice of the Schedule, the Proposed Settlement, Appaloosa's Motion for Attorneys' Fees and the Hearing, and constitutes sufficient notice thereof. (Signed by Judge Katherine Polk Failla on 12/12/2022) (rro)
|
|
Filing
429
ORDER: The parties are hereby ORDERED to file a joint letter on or before September 29, 2022, proposing next steps in this litigation. (Signed by Judge Katherine Polk Failla on 8/30/2022) (rro)
|
|
Filing
425
ORDER EXTENDING DEADLINE FOR FED. R. CIV. P. 54 MOTIONS: NOW, THEREFORE, it is hereby ORDERED that the deadline for filing motions for attorneys' fees and expenses pursuant to Fed. R. Civ. P. 54(d) is hereby extended until 14 days after an appellate mandate issues that affirms the Final Judgment, or 45 days after the Clerk of the Court entered the Final Judgment in this case, whichever is later. SO ORDERED. (Signed by Judge Katherine Polk Failla on 5/1/2020) (rro)
|
|
Filing
421
CLERK'S JUDGMENT re: 420 Order. in favor of CW Capital Asset Management LLC against Appaloosa Investment L.P.I. and Palomino Master Ltd. It is hereby ORDERED, ADJUDGED AND DECREED: That for the reasons stated in the Court's Opinion and Order dated March 19, 2020 and Order Issuing Judicial Instructions dated April 19, 2020, CWC's motion for summary judgment is GRANTED; the GSEs' motion for summary judgment is GRANTED; Appaloosa's motion for partial summary judgmen t is DENIED; CWC's and the GSEs' motions to exclude are DENIED as moot; and Appaloosa's motion to exclude is DENIED insofar as the Court considered it in the Opinion and Order dated March 19, 2020; accordingly, the Court orders as foll ows:1.The Trustee, CWC, the holders and beneficial owners of the Certificates issued by the Trusts, each of the parties to the PSAs and any other interested parties are hereby instructed that the proper allocation of the Disputed Fund s is as follows: (i) CWC is entitled to retain $614,424,024.57 in Penalty Interest and (ii) the $104,413,116.71 of escrowed Stuy Town sale proceeds (the Escrowed Funds) constitutes Yield Maintenance (as defined in the March 19, 2020 Opini on and Order) distributable in accordance with the PSAs for the YM Trusts (together, the "YM PSAs") to holders and beneficial owners of Certificates of the YM Trusts (the "YM Certificates") as of December 31, 2015 (the "Recor d Date"), including the YM Certificates bearing the CUSIP numbers 19075CAE3, 92978QAF4, and 92978TAG6 beneficially owned on the Record Date by the GSEs.2.The relevant parties (and, to the extent applicable, their agents) to the YM PSAs are autho rized to (i) release the $104,413,116.71 of currently escrowed Yield Maintenance from escrow; (ii) allocate such amount to the three YM Trusts, with (a) $78,398,927 to the C30 Trust, (b) $12,947,702 to the C31 Trust, and (c)$13,06 6,488 to the COBALT 2007-C2 Trust, and (iii) take any and all reasonable steps in connection therewith.3.Within 30 days of receipt of such amounts for each YM Trust, the relevant Parties to each YM PSA (and, to the extent applicable their agents) sha ll take all necessary and reasonable steps to distribute, in accordance with the respective PSA for each YM Trust, such allocated Yield Maintenance as follows:a.the relevant parties to the C30 Trust PSA shall, in accordance with the terms of the C30 Trust PSA, distribute $78,398,927 of the Escrowed Funds to registered holders of the C30 Trust YM Certificates as of the Record Date, including to The Depository Trust Company (DTC) as registered holder on the Record Date of CUSIP 92978QAF4, CUS IP 92978QBZ9 and CUSIP 92978QBX4. With respect to the distribution paid to DTC, Wells Fargo Bank, N.A., as Paying Agent of the C30 Trust, shall instruct DTC to allocate the distribution among the DTC Participants that held C30 Trust YM Certificates, including CUSIP 92978QAF4, CUSIP 92978QBZ9 and CUSIP 92978QBX4, on the Record Date as interest, at the rate provided by the Paying Agent of the C30 Trust, in accordance with DTC rules and procedures;b.the relevant parties to the C31 Trust PSA shall, in accordance with the terms of the C31 Trust PSA, distribute $12,947,702 of the Escrowed Funds to registered holders of the C31 Trust YM Certificates as of the Record Date, including to DTC as registered holder o n the Record Date of CUSIP 92978TAG6 and CUSIP 92978TBU4. With respect to the distribution paid to DTC, Wells Fargo Bank, N.A., as Paying Agent of the C31 Trust, shall instruct DTC to allocate the distribution among the DTC Participants that held YM Certificates, including CUSIP 92978TAG6 and CUSIP 92978TBU4, on the Record Date as interest, at the rate provided by the Paying Agent of the C31 Trust, in accordance with DTC rules and procedures; andc.the relevant parties to the COBALT 2007-C2 Trust PSA shall, in accordance with the terms of the COBALT 2007-C2 Trust PSA, distribute $13,066,488 of the Escrowed Funds to registered holders of the COBALT 2007-C2 Trust YM Certificates as of the Record Date, including to DTC as registered holder on the Record Date of CUSIP 19075CAE3 and CUSIP 19075CBE2. With respect to the distribution paid to DTC, Wells Fargo Bank, N.A., as Paying Agent of the COBALT 2007-C2 Trust, shall instruct DTC to allocate the distribution among the DTC Participants that held COBALT 2007-C2 Trust YM Certificates, including CUSIP 19075CAE3 and CUSIP 19075CBE2, on the Record Date as interest, at the rate provided by the Paying Agent of the COBALT 2007-C2 Trust, in accordance with DTC rules and procedures. Simultan eous with its delivery to DTC of the paying instruction referenced in paragraphs "a," '"b," and "c" above, Wells Fargo Bank, N.A., as Paying Agent for the YM Trusts, through its coun sel shall provide notice via electronic mail to counsel for each of the GSEs herein that the Paying Agent has delivered to DTC the payment instructions described in in paragraphs "a," "b," and "c" above.4.Any actions tak en (or omissions made) by the Trustee, Wells Fargo Bank, N.A. as Paying Agent of the YM Trusts, CWC or the other parties to the PSAs in accordance with this Order shall be deemed to comply with all applicable duties under, and be fully authorized and protected by, the PSAs and any other document governing the administration of the Trusts. Because neither Wells Fargo Bank, N.A., as Paying Agent for the YM Trusts, nor the other parties to the YM PSAs have any ability or responsibility under the YM PSAs to ensure that DTC complies with this Order, neither Wells Fargo Bank, N.A., as Paying Agent for the YM Trusts, nor the other parties to the YM PSAs shall have any liability for any actions taken or any failure to act by DTC. 5.The holders and beneficial owners of the Certificates issued by the Trusts, each of the parties to the PSAs and any other interested parties are barred from asserting claims against the Trustee, Wells Fargo Bank, N.A., as Paying Agent of the YM Trusts, CWC or the o ther parties to the PSAs in respect of the issues addressed in the March 19, 2020 Opinion and Order or any acts or omissions in accordance with this Orderincluding, without limitation, distributing the Escrowed Funds in accordance with this Order. 6. Neither the Trustee nor the Trusts shall be subject to the continuing supervision of the Court. 7.This Order is final as to all matters determined by it and binding on the Trusts, the Trustee, Wells Fargo Bank, N.A., as Paying Agent of the YM Trusts, CWC, all other parties involved in the administration of the Trusts, all persons or entities claiming any legal or beneficial interest in the Trusts (including, without limitation, the holders and beneficial owners of the Certificates issued by the Trusts) and any other interested parties. (Signed by Clerk of Court Ruby Krajick on 04/30/2020) (Attachments: # 1 Notice of Right to Appeal) (dt)
|
|
Filing
420
ORDER ISSUING JUDICIAL INSTRUCTIONS: NOW, THEREFORE, the Court having considered all of the issues raised in the Trustee's Petition and all objections thereto, it is hereby ORDERED that, for the reasons set forth in the March 19, 2020 Opinion and Order: The Trustee, CWC, the holders and beneficial owners of the Certificates issued by the Trusts, each of the parties to the PSAs and any other interested parties are hereby instructed that the proper allocation of the Disputed Funds is as f ollows: (i) CWC is entitled to retain $614,424,024.57 in Penalty Interest and (ii) the $104,413,116.71 of escrowed Stuy Town sale proceeds (the "Escrowed Funds") constitutes Yield Maintenance (as defined in the March 19, 2020 O pinion and Order) distributable in accordance with the PSAs for the YM Trusts (together, the "YM PSAs") to holders and beneficial owners of Certificates of the YM Trusts (the "YM Certificates") as of December 31, 2015 (the " ;Record Date"), including the YM Certificates bearing the CUSIP numbers 19075CAE3, 92978QAF4, and 92978TAG6 beneficially owned on the Record Date by the GSEs. The relevant parties (and, to the extent applicable, their agents) to the YM PSAs are authorized to (i) release the $104,413,116.71 of currently escrowed Yield Maintenance from escrow; (ii) allocate such amount to the three YM Trusts, with (a) $78,398,927 to the C30 Trust, (b) $12,947,702 to the C31 Trust, and (c ) $13,066,488 to the COBALT 2007-C2 Trust, and (iii) take any and all reasonable steps in connection therewith. Neither the Trustee nor the Trusts shall be subject to the continuing supervision of the Court. This Order is final as to all mat ters determined by it and binding on the Trusts, the Trustee, Wells Fargo Bank, N.A., as Paying Agent of the YM Trusts, CWC, all other parties involved in the administration of the Trusts, all persons or entities claiming any legal or beneficial i nterest in the Trusts (including, without limitation, the holders and beneficial owners of the Certificates issued by the Trusts) and any other interested parties. The Clerk of the Court is directed to enter judgment in accordance with this Order and the March 19, 2020 Opinion and Order and to close this case and further set forth in this Order. (Signed by Judge Katherine Polk Failla on 4/29/2020) (rro) Transmission to Orders and Judgments Clerk for processing.
|
|
Filing
419
ORDER: Accordingly, the Court invites the parties to discuss proposing a schedule by which motions for attorneys' fees and expenses would follow resolution of any appeal from the judgment in this case. (Signed by Judge Katherine Polk Failla on 4/27/2020) (rro)
|
|
Filing
414
ORDER granting 413 Letter Motion for Extension of Time to File. Application GRANTED. The parties should submit their joint letter by April 10, 2020. (Signed by Judge Katherine Polk Failla on 4/3/2020) (rro)
|
|
Filing
412
OPINION AND ORDER re: 301 MOTION for Summary Judgment . filed by CWCapital Asset Management LLC, 311 MOTION in Limine of the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association to Exclude E xpert Testimony From Ann Hambly, Michael Hartzmark, Ph.D., and Andrew Berman. filed by Federal Home Loan Mortgage Corporation, Federal National Mortgage Association, 317 JOINT MOTION for Summary Judgment . filed by Federal Ho me Loan Mortgage Corporation, 324 MOTION in Limine to Exclude Expert Testimony From Ann Hambly, Michael Hartzmark, Ph.D., and Andrew Berman. filed by CWCapital Asset Management LLC, 327 MOTION in Limine to Exclude the Pro posed Testimony of Ronald F. Greenspan, Thomas F. Nealon III, and Brian Olasov. filed by Appaloosa Investment L.P.I. and Palomino Master Ltd., 322 MOTION for Summary Judgment . filed by Appaloosa Investment L.P.I. and Palomino Master Ltd. For the foregoing reasons, CWC's motion for summary judgment is GRANTED; the GSEs' motion for summary judgment is GRANTED; Appaloosa's motion for partial summary judgment is DENIED; CWC's and the GSEs' motions t o exclude are DENIED as moot; and Appaloosa's motion to exclude is DENIED insofar as the Court considered it above. The Clerk of Court is directed to terminate the motions at Docket Entries 301, 311, 317, 322, 324, and 327. The parties are directed to submit a joint letter on or before April 3, 2020, concerning next steps in this action. SO ORDERED. (Signed by Judge Katherine Polk Failla on 3/19/2020) (rro)
|
|
Filing
284
OPINION AND ORDER: For the reasons detailed above, CWCs motion to dismiss the cross-claim filed by Appaloosa is GRANTED. The Clerk of Court is directed to terminate Docket Entry 244. The next pretrial conference in this matter will take place on Apr il 9, 2019, at 4:00 p.m. in Courtroom 618 of the Thurgood Marshall U.S. Courthouse, 40 Foley Square, New York, New York 10007. SO ORDERED. (Pretrial Conference set for 4/9/2019 at 04:00 PM in Courtroom 618, 40 Centre Street, New York, NY 10007 before Judge Katherine Polk Failla.) (Signed by Judge Katherine Polk Failla on 3/25/2019) (jca)
|
|
Filing
195
OPINION AND ORDER re: 176 JOINT MOTION for Judgment on the Pleadings . filed by Federal Home Loan Mortgage Corporation, 169 FIRST MOTION for Judgment on the Pleadings . filed by Appaloosa Investment L.P.I. and Palomin o Master Ltd., 173 MOTION for Judgment on the Pleadings . filed by CWCapital Asset Management LLC. For the reasons referenced above, the parties' cross-motions for judgment on the pleadings are DENIED. The Clerk of Court is directed to terminate Docket Entries 169, 173, and 176. The parties are hereby ORDERED to file a Case Management Plan on or before March 30, 2018. (Signed by Judge Katherine Polk Failla on 3/9/2018) (kgo)
|
Use the links below to access additional information about this case on the US Court's PACER system. A subscription to PACER is required.
Access this case on the New York Southern District Court's Electronic Court Filings (ECF) System
- Search for Party Aliases
- Associated Cases
- Attorneys
- Case File Location
- Case Summary
- Docket Report
- History/Documents
- Parties
- Related Transactions
- Check Status
Disclaimer: Justia Dockets & Filings provides public litigation records from the federal appellate and district courts. These filings and docket sheets should not be considered findings of fact or liability, nor do they necessarily reflect the view of Justia.
