Opinion
Civil Action No. 1:06-cv-1048-GET.
July 14, 2006
ORDER
The above-styled matter is presently before the court on defendants' motion to stay proceedings [docket no. 5].
On May 2, 2006, plaintiff filed this "Complaint on Contracts, Promissory Notes and Personal Guaranty" against defendants alleging default as to a Line of Credit Note and a Term Note based on failure to make payment on a timely basis, failure to provide current financial statements, and the death of the principal of defendant Ultimate. On May 31, 2006, defendants filed a motion to stay proceedings until the pending Probate Court proceedings related to Mr. Jones' death are resolved or, in the alternative, for a period of 180 days to permit the parties to work toward an arrangement to resolve the issues in the case.
Plaintiff objects to the motion to stay on the grounds that (1) the motion does not comply with the requirements of this court because it is not accompanied by a memorandum of law, (2) defendants fail to cite any supporting authority, (3) the grounds cited by defendants are not valid grounds for a stay, and (4) there is a substantial likelihood of loss to plaintiff if a stay is granted because "it is within the power of Defendants to conceal, waste, encumber, convert, convey, sell, or remove the property which is the subject matter of Plaintiff's perfected security interest."
Having reviewed the arguments of the parties, the court finds that a stay is unnecessary to permit defendants to pursue resolution of the issues presented in this action and that there is a substantial likelihood that a stay would work as a prejudice against plaintiff. Therefore, defendants' motion for stay [docket no. 5] is DENIED.
Summary
Defendants' motion to stay proceedings [docket no. 5] is DENIED.
SO ORDERED.