Free Motion for Release of Bond Obligation - District Court of Colorado - Colorado

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

Document 441

Filed 12/11/2007

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IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF COLORADO Civil Action No. 01-cv-1644-PSF-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. DEFENDANTS OCWEN FEDERAL BANK FSB'S AND OCWEN TECHNOLOGY XCHANGE, INC.'S UNOPPOSED MOTION FOR RELEASE OF SUPERSEDEAS BOND Defendants Ocwen Federal Bank FSB (the "Bank") and Ocwen Technology Xchange, Inc. ("OTX") respectfully move for an order releasing the Civil Supersedeas Bond (the "Bond") posted in this matter on March 15, 2005, for the reasons set forth below. CERTIFICATION PURSUANT TO D.C.COLO.LCIVR 7.1(A) Counsel for the Bank and OTX conferred with Glenn Merrick, counsel for plaintiff, Cartel Asset Management ("Cartel"), regarding this motion by telephone on December 7, 2007. This motion is unopposed. ARGUMENT 1. The Bank and OTX posted the Bond to stay execution on the final judgment (the

"Judgment") entered in favor of Cartel, and against the Bank and OTX, on November 4, 2004.

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

Document 441

Filed 12/11/2007

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2.

On September 18, 2007, the United States Court of Appeals for the Tenth Circuit

vacated the judgment against the Bank; remanded the case for adjudication of the amount of damages, if any, to be awarded to Cartel and against the Bank; and affirmed this Court's entry of judgment against OTX. The Tenth Circuit remanded the case to this Court on November 29, 2007. 3. On December 10, 2007, OTX paid in full the amount of the judgment entered

against OTX and in favor of Cartel, together with accrued interest thereon. 4. The Bond can be released because OTX has satisfied the judgment entered against

it, and because the Tenth Circuit vacated the judgment entered against the Bank. WHEREFORE, the Bank and OTX respectfully request that this Court enter an order releasing the Bond. Respectfully submitted this 11th day of December, 2007.

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

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

Document 441

Filed 12/11/2007

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CERTIFICATE OF SERVICE I hereby certify that on this 11th day of December, 2007, a true and correct copy of the foregoing DEFENDANTS OCWEN FEDERAL BANK FSB'S AND OCWEN TECHNOLOGY XCHANGE, INC.'S UNOPPOSED MOTION FOR RELEASE OF SUPERSEDEAS BOND was electronically filed with the clerk of court using the CM/ECF System: Glenn W. Merrick, Esq. T.W. Merrick & Associates, LLC 5445 DTC Parkway, Suite 912 Greenwood Village, CO 80111 [email protected] /s/Lino S. Lipinsky de Orlov_________
DN:32133387.3

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