HomeMy WebLinkAbout08b] Stipulation AgreementSTATE OF MINNESOTA
HENNEPIN COUNTY
DISTRICT COURT
FOURTH JUDICIAL DISTRICT
Bank of Scotland plc,
Plaintiff,
Court File No. 27 -CV -08 -22657
The Honorable Ann Alton
vs.
Lakeland Construction Finance, LLC,
Defendant,
STIPULATION CONCERNING
CLAIM 16
WHEREAS, this Court on October 31, 2008, ordered Lakeland Construction
Finance, LLC ( "Lakeland ") into receivership and appointed James A. Bartholomew and
Lighthouse Management Group, Inc. ( "Receiver ") as the Receiver to oversee Lakeland's
operations and assets;
WHEREAS, the Court established a procedure for creditors to file claims against
Lakeland;
WHEREAS, on August 6, 2009, the City of St. Joseph ( "St. Joseph ") filed an
unsecured claim against Lakeland in the receivership in the amount of $91,659.60 that was
designated Claim 16;
WHEREAS, St. Joseph also served but did not file a lawsuit in Stearns County
( "Stearns County Litigation ") related to St. Joseph's claim in the receivership, titled City of
St. Joseph v. Lakeland Construction Finance, L.L. C., dated November 14, 2008;
WHEREAS, on November 10, 2009, the Receiver objected to St. Joseph's claim and
related litigation, filed its omnibus objection to claims, and moved to stay the resolution of
claims objections;
WHEREAS, this Court ordered on November 1, 2011, to continue the stay of all
proceedings to resolve the Receiver's objections to claims until May 7, 2012, or until the
Receiver concluded that any particular claims objections should be resolved and requested a
hearing regarding the objections;
WHEREAS, the Receiver and St. Joseph have negotiated a resolution to St. Joseph's
claim and related litigation;
WHEREAS, the Receiver and St. Joseph have agreed that St. Joseph's unsecured
claim should be allowed in the amount of $45,829.80;
WHEREAS, the Receiver concludes that his objection to Claim 16 has been
resolved, and the Receiver and. St. Joseph request that this Court hear and approve resolution
of this claim as an allowed general unsecured claim at a hearing scheduled for December 19,
2011, before the Honorable Denise Reilly;
NOW THEREFORE, it is hereby stipulated, by and through counsel, as follows:
1. This stipulation is subject to approval by the Court;
2. St. Joseph has an allowed general unsecured claim in the amount of $45,829.80 that is
eligible to receive pro rata distributions with Lakeland's other general unsecured
creditors;
3. St. Joseph releases any and all claims against Lakeland and its Receiver;
4. St. Joseph agrees never to file or pursue its claims in the Stearns County Litigation;
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5. Nothing in this Stipulation, nor any action taken pursuant to this Stipulation, shall be
construed or deemed to be evidence of any admission on the part of Lakeland, the
Receiver, or St. Joseph, of any fact, matter, or thing, other than the terms of this
Stipulation.. In addition, neither this Stipulation nor any of its terms shall be offered or
received as evidence in any proceeding in any forum as an admission of liability on
the part of Lakeland, the Receiver, or St. Joseph.
IT IS STIPULATED AND AGREED:
Dated. oo P/544, 30 , 2011 RAJKOWA HAN M I R LTD.
By:
Thomas G. J arovi h ( #5284X)
11 Seventh Av ue North
P.O. Box 143
St. Cloud, MN 56302
Telephone: (320) 251 -1055
Facsimile: (320) 251 -5896
ATTORNEYS FOR CITY OF
ST. JOSEPH
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Dated; , 2011 FAEGRE & BENSON LLP
In
Edward T. Wahl ( #15409X)
Theresa H. Dylcoschak ( #0349999)
2200 Wells Fargo Center
90 South Seventh Street
Minneapolis, MN 55402 -3901
Telephone: (612) 766 -7000
Facsimile: (612) 766 -1600
ATTORNEYS FOR JAMES A.
BARTHOLOMEW AND
LIGHTHOUSE MANAGEMENT
GROUP, INC. AS RECEIVER FOR
LAKE' LAND CONSTRUCTION
FINANCE, LLC
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IT IS ORDERED:
Dated: , 2011
Hon. Denise Reilly
Judge of District Court
ib,us.7675171.01