Free Motion to Deposit Funds - District Court of Delaware - Delaware



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Excerpt: P Corporation ("Columbia SLP”); Ocwen 2000-L.L.C. ("Ocwen 2000"); PNC Bank; and PNC Fund IV, Inc. (Fund IV, Inc.") (collectively, "Plaintiffs") bring this Motion for Leave to Deposit Funds into the Court Registry pursuant to Fed.R.Civ.P. 67, as follows: l. By this lawsuit, Plaintiffs seek a declaration of their and various other pa1ties’ rights and
Case 1 :06-cv-00371-GIVIS Document 2 Filed 06/05/2006 Page 1 of 3
IN THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF DELAWARE
COLUMBIA HOUSING/PN C §
INSTITUTIONAL FUND IV LIMITED § NO.
PARTNERSHIP, COLUMBIA §
HOUSING SLP CORPORATION, §
OCWEN 2000-LLC, PNC BANK, and §
COLUMBIA HOUSING/PNC §
FUND IV, INC., §
§
Plaintiffs, §
§
v. §
§
OCWEN FEDERAL BANK FSB, §
OCWEN INVESTMENT §
CORPORATION, and OCWEN §
LOAN SERVICING, LLC, §
§
Defendants. §
MOTION FOR LEAVE TO DEPOSIT FUNDS INTO THE COURT REGISTRY
Plaintiffs Columbia Housing/PNC Institutional Fund IV Limited Partnership ("PNC Fund
IV"); Columbia Housing SLP Corporation ("Columbia SLP”); Ocwen 2000-L.L.C. ("Ocwen
2000"); PNC Bank; and PNC Fund IV, Inc. (Fund IV, Inc.") (collectively, "Plaintiffs") bring this
Motion for Leave to Deposit Funds into the Court Registry pursuant to
Fed.R.Civ.P. 67, as follows:
l. By this lawsuit, Plaintiffs seek a declaration of their and various other pa1ties’
rights and obligations under a series of agreements that have been impacted by the dissolution of
defendant Ocwen Federal Bank FSB ("Ocwen FSB").
2. A Purchase and Sale Agreement ("PSA") dated as of September I, 2000, was
entered into by Oewen FSB (en its ewn behalf and on behalf of Selling Paitnersliips identi tied in
the PSA), Ocwen 2000, Ocwen Investment Corporation, and PNC Fund IV. An Eighth

Case 1:06-cv—00371-G|\/IS Document 2 Filed 06/05/2006 Page 2 of 3
Amendment to the Purchase and Sale Agreement lncluding Capital Contribution Agreement
("Bighth Amendment”) was also entered into effective September 1, 2001. Pursuant to Section
1.1 of the Eighth Amendment, PNC Fund IV is to make certain payments to Ocwen 2000 on
certain conditions. Section 1.1 further provides that Ocwen 2000 will, in turn, make certain
payments to Ocwen FSB "as agent" for the owner of "remaining subject interests," such owners
being the "remaining operating partners1iips."
3. Because an actual controversy exists between the parties regarding the effect of
the dissolution of Ocwen FSB on the parties’ respective rights and obligations, if any, pursuant
to the PSA, Eighth Amendment, and other applicable agreements, Plaintiffs request leave to
deposit all payments that are due or may become due to Ocwen 2000 or any Defendant into the
registry of the Court, pending final resolution of this case or other order of the Court.
For the foregoing reasons, Plaintiffs respectfully request that the Court grant them leave
to deposit all payments that are due or may become due to Ocwen 2000 or any Defendant into
the registry of the Court, pending final resolution of this case or other order of the Court, and for
such other and further relief that in the interest of justice are appropriage.
”°”t‘ 4
Michael G. Busenkell (No. 3933)
300 Delaware Avenue
Suite 1630
Wilmington, DE 19801
(302) 425-0430
— and -
2

Case 1:06-cv—00371-G|\/IS Document 2 Filed 06/05/2006 Page 3 0f 3
Charles L. Perry
ANDREWS KURTH LLP
1717 Main Street, Suite 3700
Dallas, Texas 75201
E—mai1: eperry@ak11p.e0m
Facsimile: (214) 659-4894
(pre hac vice pending)
ATTORNEYS FOR PLAINTIFF S
U0001987
3

File Size: 121.8 kB
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Date: December 31, 1969
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State: Delaware
Category: District Court of Delaware
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