BREACH OF FORBEARANCE: $26,374,576.13 judgment for wrongful seizure of funds from start-up office products business affirmed EXCEPT $7,535,593.18 attorney fees erroneously awarded under Montana law when Michigan law does not allow contract reciprocity fees… Dayton affirmed, reversed. [Read more…]
Breach of forbearance, $34,286,950 supersedeas bond
BREACH OF FORBEARANCE: Judgment for $26,374,576.13 with 10% post-judgment interest under 2005 statute for breach of bank’s Forbearance Agreement with office products entity reaffirmed… appeal bond set at 130% of amount of Judgment for appeal through Montana Supreme Court (not beyond)… Dayton. [Read more…]
Breach of forbearance, $7,535,593 fees, $8,067,406 interest
BREACH OF FORBEARANCE: $7,535,593.18 attorney fees, $8,067,405.60 prejudgment interest, $176,063.19 costs awarded on previous $10,595,414.16 judgment for breach of bank’s Forbearance Agreement with office products entity, applying Montana reciprocity law for fees (with 40% contingency), Michigan law for interest, Montana law for costs, plus post-judgment interest at 10% per 2005 statute… Dayton. [Read more…]
$10,595,514 judgment, breach of forbearance agreement
BENCH JUDGMENT: $10,595,514.16 seized from start-up international office products facility causing its demise awarded as damages for breach of bank’s forbearance agreement… trial on contract damages under Michigan law on remand from reversal of $52,037,593 verdict which was improperly based on Montana law… Dayton. [Read more…]
Lending breach, $52,037,593 verdict, TARP
LENDING BREACH: Montana law improperly applied over Michigan contract provision… under Michigan law constructive fraud, prospective economic advantage, and deceit would not have been permitted to go to jury as stand-alone tort, only remaining claims are contractual in nature, do not provide basis for punitives… improper evidence of failure to use TARP money for borrower irrelevant, prejudicial, could have influenced jury… $52,037,593 verdict for start-up international office products facility based in Butte that failed when accounts were swept reversed, remanded for new trial on contract claims… punitives cap vis-à-vis $10.5 million award not addressed… Krueger affirmed, reversed. [Read more…]
Lending breach, $52,037,593 verdict appeal issues
LENDING BREACH: Issues narrowed in appeal of $52,037,593 verdict including punitives cap constitutionality… order. [Read more…]
Choice of law, Michigan bank, supervisory control
CHOICE OF LAW: Request for supervisory control of Krueger as to “deemed denied” rulings on claim of Michigan law not sufficiently supported… order. [Read more…]
$155,930 discovery sanctions
SANCTIONS: $155,990.39 for discovery abuse… not necessary to compare opposing counsel’s fees… default too severe as no bad faith in responding to discovery following sanctions order… Krueger. [Read more…]