Opinion
No. 1:03-CV-00565.
June 22, 2006
OPINION AND ORDER
The Court held a hearing in this matter on June 22, 2006, in order to establish the amount of damages due Plaintiff, subsequent to a previous finding of liability, on October 21, 2005 (doc. 63). At such hearing the Court heard the testimony of Stu Scales, an Agent for LINC Acquisition One, LLC, the Plaintiff in this matter. Mr. Scales also submitted an affidavit, on December 22, 2005 (doc. 67).
Mr. Scales identified the loan agreement documents pertinent to the Falcon aircraft, and after crediting all amounts due Defendants under such loan agreement, reported the principal amount due, $3,542,127.48 as of June 22, 2006; and the interest accrued, $2,484,812.73, as of June 22, 2006. Mr. Scales further indicated that the loan agreement document set post-default interest on the loan at 18% per annum, which amounts to $1746.80 per day on the principal. The total amount due as of June 22, 2006, is $6,026,940.21.
Mr. Scales further identified the Cessna lease documents and after crediting all amounts due Defendants under such lease agreement, reported the principal amount due, $989,047.66, and the interest accrued, $305,331.21, as of June 22, 2006. Mr. Scales testified as to the provision in the lease agreement pertaining to the default amount of interest applicable to outstanding unpaid payments, 18% per annum, which amounts to $487.75 per day on the principal. The total amount due as of June 22, 2006, is $1,294,378.87.
Counsel for Defendant Stephanie Valentine cross-examined Mr. Scales.
Having heard the testimony of Mr. Scales, and having reviewed in open court the underlying agreements and the account balances on each aircraft, the Court finds such testimony and documentation credible and accurate. Consistent with its October 20, 2005 Order, the Court reiterates that Defendant Chell.com is liable for the combined amount of the Cessna and Falcon indebtedness in accordance with Count One of Plaintiff's Complaint; Defendant Cameron Chell is liable for the amount of the Cessna indebtedness in accordance with Count Two; Mark Valentine is liable for the combined amount of the Cessna and Falcon indebtedness in accordance with Count Three; and Stephanie Valentine is liable for the combined amount of the Cessna and Falcon indebtedness in accordance with Count Four.
Accordingly, as to the Falcon indebtedness, the Court FINDS Defendants Chell.com, Mark Valentine, and Stephanie Valentine jointly and severally liable for $6,026,940.21 as of June 22, 2006, with simple interest to accrue thereafter in the amount of $1746.80 per day, that is, at the rate of 18% per annum, and ENTERS Judgment in favor of Plaintiff in such amounts. As to the Cessna indebtedness, the Court FINDS ALL DEFENDANTS, Chell.com, Cameron Chell, Mark Valentine, and Stephanie Valentine jointly and severally liable for $1,294,378.87 as of June 22, 2006, with simple interest to accrue thereafter in the amount of $487.75 per day, that is the rate of 18% per annum, and ENTERS Judgment in favor of Plaintiff in such amounts. The Court further AWARDS court costs to Plaintiff, at an amount to be determined by the Clerk.
SO ORDERED.