Free Motion to Supplement - District Court of Colorado - Colorado

Case 1:01-cv-01644-REB-CBS

Document 446

Filed 01/17/2008

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IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF COLORADO Civil Action No. 01-cv-1644-REB-CBS CARTEL ASSET MANAGEMENT, a Colorado corporation, Plaintiff, v. OCWEN FINANCIAL CORPORATION, a Florida corporation; OCWEN FEDERAL BANK FSB, a subsidiary of OCWEN FINANCIAL CORPORATION; and OCWEN TECHNOLOGY XCHANGE, INC., a subsidiary of OCWEN FINANCIAL CORPORATION, Defendants. DEFENDANT OCWEN FEDERAL BANK FSB'S SUPPLEMENT TO MOTION FOR SUBSTITUTION OF PARTY AND FOR AMENDMENT OF CAPTION Defendant Ocwen Federal Bank FSB (the "Bank") respectfully supplements its Motion for Substitution of Party and for Amendment of Caption (the "Motion") (docket no. 442), as follows: 1. On December 21, 2007, the Bank moved to substitute Ocwen Loan

Servicing LLC ("OLS") for the Bank, on the grounds that the Bank no longer exists as a discrete legal entity and that OLS is the sole successor-in-interest to the Bank. See Motion at 2 ¶¶ 1-3. OLS is a wholly owned subsidiary of Ocwen Financial Corporation ("OFC"). See id. at 1 ¶ 1. 2. Cartel responded to the Motion by asking the Court to substitute both OLS

and OFB for the Bank, see Response to "Defendant Ocwen Federal Bank FSB's Motion

Case 1:01-cv-01644-REB-CBS

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Filed 01/17/2008

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for Substitution of Party and for Amendment of Caption" at 2 ¶ 4 (docket no. 443), even though OFB is not a successor-in-interest of the Bank. See Defendant Ocwen Federal Bank FSB's Reply in Support of Motion for Substitution of Party and for Amendment of Caption at 2 ¶ 3 (docket no. 444). 3. The Bank files this Supplement to advise the Court that, on January 15,

2008, OFC announced that its Board of Directors has received a proposal from a group of investors to acquire all of the outstanding shares of OFC. In the event that the investors make a formal offer to acquire OFC, and such offer is accepted, OFC would no longer be a publicly-traded company. See http://www.irconnect.com/cfonews/ocn/ocn_news.html. The decision to take OFC private would have no material impact on any party to this litigation and would not transform OFC into a successor-in-interest to OLS. Respectfully submitted this 17th day of January, 2008.

/s/Lino S. Lipinsky de Orlov_________ Lino S. Lipinsky de Orlov Sandra Wick Mulvany MCKENNA LONG & ALDRIDGE LLP 1875 Lawrence Street, Suite 200 Denver, CO 80202 (303) 634-4000 ATTORNEYS FOR DEFENDANT OCWEN FEDERAL BANK FSB

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Case 1:01-cv-01644-REB-CBS

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Filed 01/17/2008

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CERTIFICATE OF SERVICE I hereby certify that on this 17th day of January, 2008, a true and correct copy of the foregoing DEFENDANT OCWEN FEDERAL BANK FSB'S SUPPLEMENT TO MOTION FOR SUBSTITUTION OF PARTY AND FOR AMENDMENT OF CAPTION was electronically filed with the clerk of court using the CM/ECF System, which will send notification of such filing to the following: Glenn W. Merrick, Esq. G.W. Merrick & Associates, LLC 5445 DTC Parkway, Suite 912 Greenwood Village, CO 80111 [email protected] /s/Lino S. Lipinsky de Orlov_________
DN:32135060.1

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