Free Published Opinion/Order - District Court of Federal Claims - federal

Case 1:92-cv-00265-LAS

Document 166

Filed 03/06/2008

Page 1 of 2

In the United States Court of Federal Claims
***************************** REPUBLIC SAVINGS BANK, et al., Plaintiffs, v. THE UNITED STATES, Defendant. ***************************** * * * * * * * * * * *

Case No. 92-265C Filed: March 6, 2008 Senior Judge Loren A. Smith

ORDER

The Court has received the February 27, 2008 Stipulation of Dismissal of Counts I, II, IV, and V of the Amended Complaint. Pursuant to the Stipulation of Dismissal and Rule 41(a) of the Rules of the United States Court of Federal Claims, it is hereby ORDERED that: Counts I, II, IV, and V of the Amended Complaint are DISMISSED, with prejudice. The Clerk is directed to enter the dismissal of Counts I, II, IV, and V of the Amended Complaint. In addition, on January 25, 2008, the Court entered an opinion in the above-captioned case (the "Opinion"). Following the issuance of the Opinion, the Court received a Joint Status Report from the parties informing the Court of new information relevant to the damages awarded in the Opinion. In accordance with the Opinion and the Joint Status Report, and with the understanding that filing the status report, the parties have preserved for appeal all contested issued raised in the Motions for Summary Judgment and Motions to Dismiss, it is hereby ORDERED that: Plaintiffs' Motion for Summary Judgment as to Liability with respect to Defendant's counterclaim is GRANTED and Defendant's Cross-Motion for Summary Judgment with respect to Defendant's counterclaim is DENIED; Defendant's Motion to Dismiss Republic Savings Bank, F.S.B. is DENIED; Plaintiff's Motion for Summary Judgment as to Liability and Damages With Respect to Count III of the Amended Complaint is GRANTED and Defendant's Cross-Motion for Summary Judgment as to Liability and Damages is DENIED. Further, Plaintiff Meadows Resources, Inc. is DISMISSED with prejudice for lack of standing. The Clerk is directed to dismiss Meadows Resouces, Inc. from the litigation. The Court on this day filed an Amended Opinion which reflected the following changes: 1

Case 1:92-cv-00265-LAS

Document 166

Filed 03/06/2008

Page 2 of 2

(1)

The sentences on page 10 of the January 25, 2008 Opinion which read: The Government's breach led to the seizure of Republic and eventually to the sale of that company to a third party for $926,000. As this sum represents a profit resulting from the breach, it must be returned to the Plaintiffs.

was amended as follows: The Government's breach led to the seizure of Republic and eventually to the sale of that company to a third party for $926,000. As this sum represents a profit resulting from the breach, it must be returned to the Plaintiffs. In October 2004, the sum of $284,940.71 was paid to Meadows Resources, Inc., an owner of preferred stock in Republic, as the final distribution of the Republic receivership. Therefore, Plaintiffs are entitled to an award in the amount of $641,059.29, representing the difference between the profit recognized by the sale and the amount that has been returned to Meadows. (2) The sentence on page 12 of the January 25, 2008 Opinion which read: Plaintiffs are AWARDED $17 million for the value of their initial capital contribution minus the $3 million cash contribution by the Government plus $926,000 in restitution for a total damages award of $14,926,000. was amended as follows: Plaintiffs are AWARDED $17 million for the value of their initial capital contribution minus the $3 million cash contribution by the Government plus $926,000 in restitution, less $284,940.71 that already has been returned, for a total damages award of $14,641,059.29. Plaintiffs Republic Savings Bank, F.S.B., Republic Holding Company, and MCB Financial Group, Inc. are hereby AWARDED $14,641,059.29 pursuant to the March 6, 2008 Opinion. The Clerk shall enter FINAL JUDGMENT consistent with this order.

IT IS SO ORDERED. s/Loren A. Smith LOREN A. SMITH SENIOR JUDGE

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