Opinion
97 Civ. 7102 (LAK)
July 31, 2000
ORDER
Defendants Gem Quality Institute, Inc. ("GQI"), Thomas E. Tashey, Jr., and Myriam Tashey move for a stay of execution on a money judgment of nearly $500,000 pending appeal. They contend that they lack sufficient liquid assets to procure a supersedeas bond and that alternate arrangements would be appropriate to secure plaintiff's interests pending appeal.
The moving defendants already have deposited $200,000 with the Clerk as a condition of an interim stay. They have offered as additional security a pledge of accounts receivable of GQI and a prohibition on further encumbering the Tasheys' equity in their homes.
In all the circumstances, the Court grants the motion to the extent that execution on the judgment is stayed pending appeal on the conditions that:
1. The $200,000 already deposited with the Clerk shall stand security pending the outcome of the appeal.
2. The Tasheys shall establish to the satisfaction of the plaintiff or, failing that, the Court that the unencumbered equity in their homes is at least $325,000 and execute such documents as plaintiff reasonably may request to create a security interest or interests in favor of plaintiff in that property to the extent of $325,000.
Accordingly, execution on the judgment is stayed. This stay shall terminate at the close of business on August 22, 2000 if the condition set forth in paragraph 2 has not been satisfied by then or upon issuance of the Court of Appeals' mandate resolving the moving defendants' appeal, whichever first occurs.
SO ORDERED.