Opinion
Case No.: 5:12-CV-233 (WLS)
02-03-2014
BUCK CREEK VENTURES, LLC, Plaintiff, v. FOWLERS HOLDINGS LLLP et al, Defendants.
ORDER
Before the Court is Plaintiff Buck Creek Ventures LLC's Motion to Dissolve Receivership. (Doc. 64.) In the motion, Buck Creek requests that the Court dissolve a receivership over property owned by Defendant Fowlers Holdings and Fowlers Furniture because the plaintiff "is currently negotiating with Defendants to resolve its claims against Defendants . . . and is satisfied based on its ongoing negotiations with Defendants that there is no longer any continued need for a receiver to marshal, monitor, and report on the collateral subject to the receivership." (Id. at 2.)
The discharge of a receiver is within a district court's discretion. United States v. Amodeo, 44 F.3d 141, 146 (2d Cir. 1995). "When the reason for continuing the receivership has ceased," however, "the property should be discharged and restored to the owner." Consol. Rail Corp. v. Fore River Ry. Co., 861 F.2d 322, 327 (1st Cir. 1988) (quoting James Wm. Moore, Moore's Federal Practice § 66.04[7] (2d. ed. 1988)).
Based on Buck Creek's representations, and CertusBank's earlier dismissal from this case, the Court concludes a receivership is no longer necessary. Accordingly, the court-appointed receiver his hereby DISCHARGED from any further obligation under the Court's previous orders.
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W. LOUIS SANDS, JUDGE
UNITED STATES DISTRICT COURT