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In re Ravenstar Investments, LLC

United States District Court, D. Nevada

March 27, 2018

IN RE RAVENSTAR INVESTMENTS, LLC, Debtor.
v.
RAVENSTAR INVESTMENTS, LLC, Appellee. CITIBANK, N.A., NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY AS TRUSTEE FOR NRZ PASS-THROUGH TRUST VI, Appellant,

          DARBY LAW PRACTICE, LTD. Kevin A. Darby, Esq. Attorney for Debtor

          WRIGHT, FINLAY & ZAK, LLP Ace C. Van Patten, Esq. Ace C. Van Patten, Esq. Attorneys for Citibank N.A.

          STIPULATION REGARDING DISMISSAL OF APPEAL

         Appellant, Citibank, N.A., not in its individual capacity but solely as Trustee for NRZ Pass-Through Trust VI (“Citibank”), and the Appellee Debtor, Ravenstar Investments, LLC (“Ravenstar” or “Debtor”) by and through their respective counsel, hereby agree to the following stipulated order (the “Stipulation”) dismissing the appeal in light of the subsequent settlement of the issues underlying the instant appeal.

         I. BRIEF BACKGROUND

         1. On or about April 25, 2006, How-Tzu Huang (hereinafter “Borrower”) executed a promissory note secured a Deed of Trust encumbering the real property located at 4832 Meadow Springs, Reno, Nevada 89509 (the “Meadow Springs Property”). All beneficial interest in the Deed of Trust was formally assigned to Citibank.

         2. Following the Borrower's death, on March 5, 2009, a Verified Petition for Appointment of Special Administrator and Issuance of Special Letters of Administration over Borrower's estate was filed in the Second Judicial District Court, County of Washoe, State of Nevada and was assigned case number PR09-00095 (the “Probate Case”). On March 17, 2009, an Order granting Petition for Appointment of Special Administrator and Issuance of Special Letters of Administration was filed, appointing Tudor Chirila as Special Administrator over Borrower's estate (the “Special Administrator”).

         3. On May 31, 2017, a Quitclaim Deed was recorded in the Washoe County Recorder's Office purporting to reflect The Estate of How Tzu Huang, Tudor Chirila, Executor, as Grantor, transferred all interest in the Meadow Springs Property to Debtor (the “Quitclaim Deed”). No. approval of this transaction was obtained from the Probate Court.

         4. On June 18, 2017, Debtor filed the instant Chapter 11 case.

         5. That same day, on June 18, 2017, Debtor filed an Objection to Citibank's Claim [ECF 6][1] (hereinafter “Objection to Claim”), a Motion to Avoid Citibank's Deed of Trust [ECF 7] (hereinafter “Motion to Avoid”), and a Motion to Sell the Property Free and Clear of All Liens [ECF 8] (hereinafter “Motion to Sell”) (collectively, “Debtor's Motions”).

         6. An Order Granting the Motion to Sell [ECF 43] was entered on July 13, 2017, the Order Granting the Objection to Claim [ECF 55] and Order Granting Motion to Avoid Lien [ECF 56] were then entered on August 4, 2017.

         7. On October 4, 2017, Debtor filed an Application for Order: (1) Finding Citibank, N.A. in Contempt; (2) Enforcing this Courts Orders by Compelling Citibank, N.A. and Barrett Daffin Frappier Treder & Weiss, LLP to Comply with NRS 107.077; (3) Awarding Coercive Civil Sanctions to Compel Compliance with this Court's Orders; and (4) Awarding of Attorneys Fees & Costs to Debtor [ECF 135] (hereafter “Motion for Contempt”). On October 13, 2017, Citibank filed its Opposition to the Motion for Contempt [ECF 152] (“Opposition”), and Debtor filed a Reply on October 16, 2017 [ECF 156], and Citibank filed a Sur-Reply on October 25, 2017 [ECF 217].

         8. On October 25, 2017, the Bankruptcy Court entered an Order Regarding Hearing on Debtor's Motion for Order (ECF No. 135) [ECF 209] ordering that Citibank record a reconveyance by October 26, 2017. On November 1, 2017, the Bankruptcy Court entered an Order Granting the Motion for Contempt [ECF 267] sanctioning Citibank and Aldridge Pite which both doubled and compounded each day after October 30, 2017, on which the Deed of Trust had not been reconveyed.

         9. Collectively, the Order Regarding Hearing on Debtor's Motion for Order [ECF 209] and Order Granting the Motion for Contempt [ECF 267] are referred to as “the Debtor's Contempt Orders.

         10. Citibank subsequently appealed the Order Granting the Motion for Contempt to the instant Court as case number 3:17-cv-00565 ...


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