Free Motion for Bond - District Court of Colorado - Colorado

Case 1:00-cv-01282-JLK

Document 334

Filed 12/20/2007

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IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF COLORADO Judge John L. Kane Case No. 00-cv-1282-JLK THE PERSONNEL DEPARTMENT, INC., Plaintiff, v. PROFESSIONAL STAFF LEASING CORPORATION, a Maryland corporation, and BALAJI RAMAMOORTHY, an individual, Defendants.

PLAINTIFF'S UNOPPOSED MOTION TO REQUIRE DEFENDANTS TO INCREASE THE AMOUNT OF THEIR SUPERSEDEAS BOND

Plaintiff, The Personnel Department, Inc., respectfully moves this Court to enter an order requiring defendants, by January 17, 2008, to increase the amount of their supersedeas bond to $4,882,160.37 in order to maintain the stay of execution of the judgments entered in this proceeding pending the outcome on appeal. This Motion has been discussed by the parties. Plaintiff has been authorized to represent to the Court that defendants do not oppose the relief sought, as confirmed below. The parties specifically discussed the new amount and the proposed date for compliance (January 17) in light of the holiday season. As grounds for this Motion, plaintiff states: 1. On August 25, 2005, this Court entered judgments in favor of plaintiff against

defendants, jointly and severally, in the amount of $4,382,182.00 plus post-judgment interest at

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the statutory rate. (Doc. ## 266, 267.) On September 14, 2005, defendants posted their initial bond for said amount of $4,382,182.00. (Doc. #280.) 2. On September 22, 2005, the court clerk taxed costs in favor of plaintiff in the

amount of $24,047.85. Following this Court's denial of defendants' post-trial motions (Doc. #297) and defendants' subsequent appeal from the judgments entered against them (Doc. #298), plaintiff moved this Court to increase the amount of the supersedeas bond to include the sum of (i) the principal amount of the judgments, (ii) the costs taxed in plaintiff's favor, and (iii) postjudgment interest on these principal amounts for one year from the date of entry on the judgments at the statutory rate of 3.89% compounded annually (Doc. #329). On March 23, 2006, this Court granted plaintiff's motion and ordered defendants to increase the amount of their supersedeas bond to $4,577,560.00 (Doc. #330), and on April 5, 2006, defendants satisfied this Court's order and increased the amount of their bond by $195,378.00 (Doc. #332). 3. In its successful initial motion to increase the amount of the supersedeas bond,

plaintiff reserved the right to seek a further increase in the bond amount for additional postjudgment interest if the appeal were to take longer than one year. Plaintiff noted that defendants had no objection to such further increase in the bond amount. (Doc. #329.) 4. On January 18, 2007, the Court of Appeals for the Tenth Circuit heard oral

argument on the appeals from this Court's Final Judgment. The appeals were taken under advisement and no ruling has been issued as of the date of this Motion. 5. More than 27 months have passed since this Court's Final Judgment. The bond

amount is now insufficient because it included an amount for estimated post-judgment interest

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through only August 2006. Therefore, plaintiff seeks a further increase in the bond amount for additional post-judgment interest with the passage of time. 6. Post-judgment interest accrues on the principal amount of the judgments at the

statutory rate of 3.89%, compounded annually, from the date that the judgments were entered (August 25, 2005). See 28 U.S.C. § 1961; Bonjorno v. Kaiser Aluminum & Chemical Corp., 494 U.S. 827, 835 (1990). Post-judgment interest accrues on the costs awarded to plaintiff at the statutory rate of 3.89% annually from the date that the costs were taxed by the court clerk (September 22, 2005). See 28 U.S.C. § 1961; Wheeler v. John Deere Co., 986 F.2d 413, 416 (10th Cir. 1993); Doc. #329, pg. 3, ¶ 4. 7. Plaintiff therefore moves the Court to order defendants to increase the amount of

their supersedeas bond to $4,882,160.37. This figure represents the sum of (i) the principal amount of the judgments ($4,382,182.00); (ii) the costs taxed in plaintiff's favor on the judgments ($24,047.85); and (iii) post-judgment interest on these amounts at the statutory rate of 3.89% compounded annually from the date of judgment, August 25, 2005, and the date of the award of costs, September 22, 2005, through May 1, 2008 ($475,930.52). 8. Plaintiff reserves the right to seek a further increase in the bond amount for

additional post-judgment interest as appropriate. 9. Pursuant to D.C.COLO.LCivR 7.1 (a), counsel for plaintiff discussed the grounds

for this Motion and the relief requested with counsel for defendants, and counsel for defendants reports that defendants do not oppose increasing their bond to $4,882,160.37 by January 17, 2008. The parties specifically negotiated the January 17, 2008, date for compliance, subject to review by the Court, in order to accommodate possible timing difficulties during the holidays.

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10.

Plaintiff attaches hereto for review, consideration, and entry by the Court a form

of order granting the relief requested herein. WHEREFORE, plaintiff prays the Court to order defendants to increase the amount of their supersedeas bond to $4,882,160.37 by January 17, 2008 in order to maintain the stay of execution of the judgments entered in this proceeding pending the outcome on appeal.

DATED: December 20, 2007

Respectfully submitted, s/ Bruce A. Featherstone Bruce A. Featherstone Jayme N. Moss FEATHERSTONE PETRIE DESISTO LLP 600 17th Street, Suite 2400S Denver, CO 80202-5424 Telephone: (303) 626-7100 Facsimile: (303) 626-7101 E-mail: [email protected] E-mail: [email protected] ATTORNEYS FOR PLAINTIFF THE PERSONNEL DEPARTMENT, INC.

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CERTIFICATE OF SERVICE I hereby certify that on December 20, 2007, I electronically filed the foregoing PLAINTIFF'S UNOPPOSED MOTION TO REQUIRE DEFENDANTS TO INCREASE THE AMOUNT OF THEIR SUPERSEDEAS BOND with the Clerk of Court using the CM/ECF system, which will send notification of such filing to the following attorneys of record at the listed email addresses: Stanley H. Goldschmidt Stanley H. Goldschmidt, P.C. [email protected] Tamir Damari Stanley H. Goldschmidt, P.C. [email protected] Robert C. Troyer Hogan & Hartson L.L.P. [email protected] s/ Bruce A. Featherstone Bruce A. Featherstone FEATHERSTONE PETRIE DESISTO LLP 600 17th Street, Suite 2400S Denver, CO 80202-5424 Telephone: (303) 626-7100 Facsimile: (303) 626-7101 E-mail: [email protected] ATTORNEYS FOR PLAINTIFF THE PERSONNEL DEPARTMENT, INC.

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