Opinion
Case Number 02 Civ. 10114 (LAK).
March 29, 2005
BINGHAM McCUTCHEN LLP Ted Poretz, New York, NY, Attorneys for Defendant Emperor Group, Inc.
WHITE FLEISCHNER FINO, LLP Evan A. Richman, New York, New York, Attorneys for Defendant RIMA Investors Corp.
DAVID N. KELLEY UNITED STATES ATTORNEY FOR THE SOUTHERN DISTRICT OF NEW YORK Rebecca C. Martin, Assistant United States Attorney, New York, New York, Attorney for the United States of America.
STIPULATION AND ORDER
WHEREAS, the United States of America brought this interpleader action (the "Interpleader") to determine title and ownership to the two diamonds described in the Complaint, to wit, a) an 83.48 carat cut modified rectangular step cut, Fancy Intense Yellow, Natural Color diamond and b) a 6.56 carat Yellow diamond (collectively, the "Diamonds"); and
WHEREAS, after service of the Interpleader Complaint on all parties, only defendants RIMA Investors Corporation ("RIMA") and the Emperor Group, Inc. and Emperor Watch Jewellery (collectively, the "Emperor Group, Inc.") have asserted that they have a right to title and possession of the Diamonds; and
WHEREAS, no other party has appeared to assert that it has any right to title and possession of the Diamonds; and
WHEREAS, Felicia Davis has been adjudged in default in the Interpleader; and
WHEREAS, RIMA and the Emperor Group, Inc. have reached a settlement between themselves that will fully resolve each of their claims to title and possession of the Diamonds, and now wish to have the Court effectuate such settlement by ordering the release of the Diamonds in accordance with the terms of their agreement; and
WHEREAS, the United States of America has asserted a claim as against RIMA and the Emperor Group, Inc. for payment of its costs and attorneys' fees for effectuating service of process of this action as to all named parties; and
WHEREAS, in order to resolve all of the claims for compensation raised by the United States of America and in order to expedite the prompt release of the Diamonds, the United States of America as parties of the first part, and RIMA and the Emperor Group, Inc. as parties of the second part have reached a settlement of all of the claims of the United States of America against them;
IT IS HEREBY STIPULATED AND AGREED AS FOLLOWS:
1. RIMA and the Emperor Group Inc. (collectively, the "Settling Parties") are hereby declared and adjudged to have an equal fifty percent (50%) ownership interest in each of the Diamonds.
2. RIMA and the Emperor Group Inc. shall each pay to the United States of America the sum of thirty five thousand dollars ($35,000.00) in full and final satisfaction of every claim the United States of America raised or could have raised in the Interpleader in connection with the Diamonds, such payment to be made by bank check to the order of the United States Treasury within ten (10) business days after entry of this Stipulation and Order.
3. Within ten (10) business days of payment of the sums set forth in paragraph no. 2 of this Stipulation and Order, the United States of America is directed to release the Diamonds to the authorized representative of the Settling Parties pursuant to the procedures used by the Federal Bureau of Investigation.
4. RIMA and the Emperor Group Inc. hereby release and discharge the United States, its departments, bureaus, commissions and other subdivisions, and its agents, servants, officers and employees, individually and in their official capacities, from any and all liability with respect to the Diamonds.
5. This Stipulation and Order contains the entire agreement between the United States of America and RIMA and between the United States of America and the Emperor Group Inc.