Pacific Premier Bank v. Paul Steelman Design Group, Incorporated et al, No. 2:2021cv00690 - Document 24 (D. Nev. 2021)
Court Description: ORDER Granting 23 Stipulated/Consent Judgment in favor of Plaintiff and against Defendants. Signed by Judge James C. Mahan on 9/23/2021. (Copies have been distributed pursuant to the NEF - MR)
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Pacific Premier Bank v. Paul Steelman Design Group, Incorporated et al 2 3 4 Doc. 24 JACOI3 D. BUNDICK Nevada Bar No. 9772 GREENBERG TRAURIG, LLP I 0845 Griffith Peak Drive, Su ite 600 Las Vegas, Nevada 89 135 Tel: 702.792.3773 Fax: 702.792.9002 Email: bunclick j@gtlaw.com 5 6 Attorneys fur Plaintiff 7 8 UNITED STATES DISTRICT COURT 9 DISTIUCT OF NEVADA 10 PACIFIC PREMIER BANK, a California commercial bank, 11 Plaintifl~ 12 Case No.: 2:2 l-cv-00690-JCM-VCF v. 13 PAUL STEELMAN DESCGN GROUP, 14 INCORPORATED, a Nevada corporation; 15 16 17 18 19 20 21 STEELMAN PARTNERS LLP, a N evada limited liability partnership; PAUL C. STEELMAN, an individual; MARYANN T. STEELMAN, an individual; CHRISTIANIA, LLC, a Nevada limited liability company; PAUL STEELMAN, LTD., a Nevadu professional corporation; KEEPSAKE, INC., a Nevada corporation; THE PAUL C. STEELMAN AND MARYANNE T. STEELMAN REVOCABLE LIVING TRUST DATED NOVEMBER 17, 2015 ; and THE STEELMAN ASSET PROTECTION TRUST DATED MAY 22, 2013, STIPULATION AND [PROPOSED] ORDER FOR ENTRY OF JUDGMENT Defendants. 22 23 Pursuant to Federal Rules of C ivil Procedure 54 and 58 and Loca l Rules LR [A 6 2 and LR 24 7~1, Plaintiff Pac ific Premier Bank (" Pacific Premier") and Defendants Paul Steelman Design Group, 25 lnc., Steelman Partners, LLP, Paul C. Steelman, Mat'yann T . Steelman, Christiania, LLC, Paul 26 Steelman, Ltd., Keepsake, Inc., The Paul C. Stee lman and Maryanne T. Steelman Revocable Living 27 Trust Dated November 17, 2015, and The Steelman Asset Protection Trust Dated May 22, 2013 28 (collectively the "Defendants" and together with Plaintift: the "Patties"), hert:by stipulate and agree Dockets.Justia.com Case 2:21-cv-00690-JCM-VCF Document 23 Filed 09/21/21 Page 2 of 6 that judgment should be entered in favor of Pacific Premier and against Defendants, and respectfully 2 requesl that the Co urt enter its order and j udgmcnt approving the stipulation sought herein. The 3 Parties stipulate and agree that the basis for enlry of judgment in favor of Pacific Premier and against 4 Defendants is as follows: 5 A. In 20 12, Paul Steelman Design Group, lnc. and Steelman Partners LLP (colleclively, 6 "Borrowers") began borrowing money from Plaza Bank ("Plaza"), and since at leasl 20 17, Paul C. 7 Steelman, Maryanne T. Steelman, Christiania, LLC, Paul Steelman, Ltd., Keepsake, fnc., The Paul C. 8 Steelman and Maryanne T. Steelman Revocable Living Trust Dated November 17, 2015, and The 9 Steelman Asset Protection Trust Dated May 22, 2013 (collectively, "Guarantors") guaranteed 10 11 Borrowers' indebtedness to Plaza. B. On or about N ovember 1, 2017, Pacific Premier succeeded to all of Plaza' s rights and 12 interests related to Borrowers and Guarnntors. Borrowers and Guarantors currently owe Pac ific 13 Premier an amount not Jess than $2,994,926.00 as of August 12, 2021 , plus fees, costs, and expenses, 14 including attorneys' fees, with additional interest, fees, costs, and expenses continuing to accrue 15 under the Loan Documents (as defined below). 16 C. O n or about December 26, 2012, Borrowers entered into a loan (the "Loan") with 17 Plaza by executing a P romissory N ote (the "Note") in favor of Plaza in the original principa l amount 18 of $3,000,000.00. 19 D. The Loan is secured by a Commercial Security Agreement (as further amended, 20 supplemented, or o therwise modified from time to lime prior to the date hereof, collectively, the 21 "Security A greement") dated December 26, 201 2, executed by Borrowers in favor of Plaza. 22 E. Pursuant to the Securily Agreement, Borrowers granted Plaza a security interest in 23 substantially all of Borrowers' personal property assets, as further defined in the Security Agreement 24 (the "Collateral"). Plaza properly perfected ils interest in the Co llateral. 25 F. On or about December 26, 20 I 2, Borrowers and Plaza entered into a Business Loan 26 Agreement governing the Loan, including Borrowers' o bligations to Plaza under the Note and the 27 Secudty A greement (the "Lo11n Agreemenl," and, collectively with the Note and Security Agreement, 28 the "Loan Documents"). 2 Case 2:21-cv-00690-JCM-VCF Document 23 Filed 09/21/21 Page 3 of 6 G. Each Guarantor "absolutely and unconditionally guarantees full and punctual payment 2 and satisfaction" of Borrowers' indebtedness to Plaza, and "the r erformance and discharge of all 3 [Borrowers'] obligations" under the Loan Documents. Pursuant to lhc terms of the Loan Documet\ts, Borrowers were required to pay to 4 5 P acific Premier all outstanding principal and interest due under the Loan Documents on February l, 6 2021. Borrowers did not comply with this requirement and, therefore, defaulted under the Loan 7 Documents. 8 9 I. On April 26, 2021 , Pacific Premier commenced the above-captioned action by filing the Complaint [Docket No. lJ (the "Complaint") against Borrowers and Guarnntors. The Complaint 10 asserts claims against Borrowers and Guarantors for breach of the Loan Documents and seeks 11 appointment of a receiver. 12 13 14 L5 16 J. On September1.L, 2021 the Parties entered into a Settlement Agreement, attached hereto as Exhibit 1, to resolve the claims asserted in the Complaint. Based on the foregoing, the Parties stipulate and agree that Judgment should be entered in favor of Pacific Premier and against Defendants on the following terms: 1. Judgement shall be entered in favor of Pacific Premier and against Defondants,jointly 17 and severally, in the principal amount of$2,994,926.00 as of August 12, 2021, plus fees, costs, and 18 expenses, including attorneys' foes, with additional interest, fees , costs, and expenses pursuant to the 19 terms of the Loan Documents (the "Total Payment Amount"). Borrowers and Guarantors shall pay 20 the Total Payment Amount to Pacific Premier pursuant to the terms set forth in the Settlement 21 Agreement, attached hereto as Exhibit 1. 22 2. Upon Court approval of this Stipulation, Pacific Premier shall forebear from executing 23 on this Judgment so tong as Borrowers timely make the payments in ii I supra. For clarity, if 24 Borrowers fail to make timely-payment, Pacific Premier may execute on this Judgment. 25 3. The Settlement Agreement, attached hereto as Exhibit 1, is approved by the Court and 26 all restrictive covenants and obligations contained therein are valid, binding, and enforceable by 27 Pacific Premier against all Defendants. 28 3 Case 2:21-cv-00690-JCM-VCF Document 23 Filed 09/21/21 Page 4 of 6 Defendants are warned that any act by them in violation of any of the terms of this 4. 2 Judgment after proper notice to them, may be considered and prosecuted as contempt of this Court. 3 Further, any representation or warranty rnade by Defendants pursuant to the Agreement that arc 4 known by the Defendants to be falsely made at tile time of the statement, may also be considered and 5 prosecuted as contempt of this Court. 6 7 The Court reserves jurisdiction to enforce the terms of this Judgment and the 5. Settlement Agreement, and award appropriate relief. 8 9 10 1I IT IS SO STIPULATED. _21st day of September, 2021 . DATED tbis 21st GREENBERG TRAURIG, LLP 12 13 14 J5 /s/ Jacob D. Bundick JACOB D. BUNDICK Nevada Bar No. 9722 I 0845 Griffith Peak Dr., Suite 600 Las Vegas, Nevada 891 35 16 I7 18 I 9 Attorneysjor Pacific Premier PAUL ST 1 1 LMAN DESIGN GROUP, INC. STEELMAN PARTNERS LLP 20 21 22 23 24 Date: _ _ _ _ _ _ _ __ _ _ Date: _ _ _ __ _ _ _ _ __ 25 26 27 28 ~~ MARYANNE T. STEELMAN Name: _ __ _ _ _ __ __ _ 4 Case 2:21-cv-00690-JCM-VCF Document 23 Filed 09/21/21 Page 5 of 6 Date: _ __ _ _ _ _ __ _ L)ate: _ _ _ _ _ _ _ _ __ 2 3 CHRISTIA 4 5 6 7 8 Date: _ __ _ _ _ _ _ __ Date: _ _ _ _ _ _ _ _ __ 9 10 TIU~PAU ND MARYA 1l REVO T 12 13 14 15 16 Date: _ _ _ _ _ _ _ __ _ 17 18 19 20 21 22 23 24 25 26 27 28 5 ORDER FOR ENTRY OF JUDGMENT 2 Based on the foregoing stipulation of tile Parties and good cause uppearing therefor, 3 IT IS HEREBY ORDERED, ADJUDGED, AND DECREED that Judgment is hereby entered 4 in favor of Pacific Premier and against the Defendants, jointly and severally, on the terms set forth 5 the Stipulation above. 6 IT IS SO ORDERED: 7 8 JAMES C. MAHAN United States District Judge 9 Dated: _September _ _ _ _ 23, __ 2021 _ _ _ __ 10 l1 12 13 Respectfully submitted by: GREENBERG TRAURIG, LLP 14 15 /s/ /s/Jacob D. Bundick Bundick /s/ Jacob D. 16 JACOB D. BUN DICK Nevada Bar No. 9722 10845 Griffith Peak Dr., Suite 600 Las Vegas, Nevada 89135 17 J 8 l9 Attorneys/or Pac/fie P1·emier 20 21 22 {ATTACH SETTLEMENT AGREEMENT AS EXHIBIT] 23 24 25 26 27 28 6 i11 Case 2:21-cv-00690-JCM-VCF Document 23-1 Filed 09/21/21 Page 1 of 18 EXHIBIT “1” EXHIBIT “1” Case 2:21-cv-00690-JCM-VCF Document 23-1 Filed 09/21/21 Page 2 of 18 Case 2:21-cv-00690-JCM-VCF Document 23-1 Filed 09/21/21 Page 3 of 18 Case 2:21-cv-00690-JCM-VCF Document 23-1 Filed 09/21/21 Page 4 of 18 Case 2:21-cv-00690-JCM-VCF Document 23-1 Filed 09/21/21 Page 5 of 18 Case 2:21-cv-00690-JCM-VCF Document 23-1 Filed 09/21/21 Page 6 of 18 Case 2:21-cv-00690-JCM-VCF Document 23-1 Filed 09/21/21 Page 7 of 18 Case 2:21-cv-00690-JCM-VCF Document 23-1 Filed 09/21/21 Page 8 of 18 Case 2:21-cv-00690-JCM-VCF Document 23-1 Filed 09/21/21 Page 9 of 18 Case 2:21-cv-00690-JCM-VCF Document 23-1 Filed 09/21/21 Page 10 of 18 Case 2:21-cv-00690-JCM-VCF Document 23-1 Filed 09/21/21 Page 11 of 18 Case 2:21-cv-00690-JCM-VCF Document 23-1 Filed 09/21/21 Page 12 of 18 Case 2:21-cv-00690-JCM-VCF Document 23-1 Filed 09/21/21 Page 13 of 18 Case 2:21-cv-00690-JCM-VCF Document 23-1 Filed 09/21/21 Page 14 of 18 Case 2:21-cv-00690-JCM-VCF Document 23-1 Filed 09/21/21 Page 15 of 18 Case 2:21-cv-00690-JCM-VCF Document 23-1 Filed 09/21/21 Page 16 of 18 Case 2:21-cv-00690-JCM-VCF Document 23-1 Filed 09/21/21 Page 17 of 18 Case 2:21-cv-00690-JCM-VCF Document 23-1 Filed 09/21/21 Page 18 of 18
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