M&T Capital and Leasing Corporation v. Freon Logistics

CourtDistrict Court, E.D. California
DecidedOctober 1, 2025
Docket2:23-cv-01171
StatusUnknown

This text of M&T Capital and Leasing Corporation v. Freon Logistics (M&T Capital and Leasing Corporation v. Freon Logistics) is published on Counsel Stack Legal Research, covering District Court, E.D. California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
M&T Capital and Leasing Corporation v. Freon Logistics, (E.D. Cal. 2025).

Opinion

1 2 3 4 5 6 7 8 UNITED STATES DISTRICT COURT 9 FOR THE EASTERN DISTRICT OF CALIFORNIA 10 11 M&T CAPITAL AND LEASING Case No. 2:23-cv-01171-WBS-CSK CORPORATION, 12 Plaintiff, 13 FINDINGS AND RECOMMENDATIONS v. GRANTING PLAINTIFF’S FOURTH 14 MOTION FOR DEFAULT JUDGMENT FREON LOGISTICS, 15 (ECF No. 42) Defendant. 16 17 Pending before the Court is Plaintiff M&T Capital and Leasing Corporation’s fourth 18 motion for default judgment pursuant to Federal Rules of Civil Procedure 55(b)(2). Pl. 19 Fourth Mot. (ECF No. 42).1 This motion was set for hearing for August 28, 2025. Id. 20 Defendant Freon Logistics did not file a response to the motion, nor has it appeared in 21 this case in any way. See Docket. On July 23, 2025, Plaintiff’s motion was taken under 22 submission without argument pursuant to Local Rule 230(g). 7/23/2025 Order (ECF No. 23 44). For the reasons stated below, the Court recommends Plaintiff’s fourth motion for 24 default judgment be GRANTED, and that judgment be entered in favor of Plaintiff. 25 / / / 26 / / / 27 1 This matter proceeds before the undersigned pursuant to 28 U.S.C. § 636(b)(1)(A) 28 and Local Rule 302(c)(19). 1 I. BACKGROUND 2 A. Factual Background 3 On or about February 15, 2018, Plaintiff’s predecessor by merger, People’s 4 Capital and Leasing Corp. (“People’s Capital”),2 entered into a Master Loan and Security 5 Agreement No. 5113 (“Master Loan Agreement”) with Defendant. Compl. ¶ 5, Exh. A 6 (ECF No. 1). On or about February 15, 2018, People’s Capital also entered into 7 Schedule No. 001 to the Master Loan Agreement (“Schedule No. 1,” and collectively with 8 Master Loan Agreement referred to as “Loan Agreement”) with Defendant for People’s 9 Capital to finance and obtain a security interest in certain identified equipment (“Loan 10 Equipment”). Id. ¶ 6, Exh. B. Defendant acknowledged the Loan Equipment had been 11 delivered and approved by Defendant on February 15, 2018. Id. ¶ 7, Exh. C. Pursuant to 12 the Loan Agreement, Defendant agreed to pay People’s Capital sixty (60) consecutive 13 monthly payments of $6,732.08. Id. ¶ 9. The total principal value for Schedule No. 1 was 14 $334,075. Id. On or about February 15, 2018, Amarinder S. Gorwara and Hardeep Singh 15 each entered into individual guaranties in favor of People’s Capital (“Loan Guaranties”). 16 Id. ¶¶ 10-12, Exhs. E, F. Plaintiff alleges the Loan Guaranties were made to induce 17 People’s Capital to enter into the Master Loan Agreement with Defendant. Id. ¶ 12. 18 Between April 23, 2021 and August 2, 2022, People’s Capital’s successor-in- 19 interest, Top Mark Funding, LLC (“Top Mark”), entered into fifteen (15) Equipment 20 Finance Agreements and fifteen (15) corresponding Schedule A’s (“EFA Schedules”) 21 with Defendant. Compl. ¶¶13-14, 19. Pursuant to the EFA Schedules, Top Mark 22 financed and obtained a security interest in a variety of equipment (“EFA Equipment”). 23 Gorwara and Singh also entered into fifteen (15) guaranties for each of the Equipment 24 Finance Agreements (“EFA Guaranties”) between April 23, 2021 and August 2, 2022. Id. 25 ¶ 18, Exh. G.3 Defendant had agreed to pay certain monthly payments as provided in

26 2 People’s Capital merged with, and became a subsidiary of, Plaintiff as of April 2, 27 2022. Compl. ¶ 20, Exh. J. On or about August 29, 2022, People’s Capital amended its name with the Connecticut Secretary of State to Plaintiff’s name. Id. ¶ 21. 28 3 On or about August 27, 2020, Top Mark entered into a Master Sale of Chattel Paper 1 the Equipment Finance Agreements and EFA Schedules. Id. ¶ 17. Plaintiff alleges the 2 EFA Guaranties were made to induce People’s Capital to enter into the Equipment 3 Finance Agreements with Defendant. Id. ¶ 19. 4 On December 22, 2022, Plaintiff sent to Defendant a Notice of Default, 5 Acceleration, and Demand for Payment based on Defendant’s failure to make all 6 payments due pursuant to the Loan Agreement and EFA Documents (collectively “Loan 7 Documents”). Compl. ¶ 23, Exh. K. As of June 25, 2025, Defendant has failed to cure its 8 default and remains obligated pursuant to the Loan Documents for the outstanding 9 balance remaining in the amount of $4,441,172.57, which sum includes default interest, 10 costs, expenses, and attorneys’ fees. Pl. Fourth Mot. at 8 (ECF No. 42). 11 On or about November 8, 2022, Defendant filed a Chapter 11 bankruptcy petition 12 in the United States Bankruptcy Court for the Eastern District of California (Case No. 22- 13 11907) which was later converted to a Chapter 7 bankruptcy on December 14, 2022. 14 Compl. ¶¶ 27-28. On or about December 14, 2022, the Bankruptcy Court granted 15 Plaintiff partial relief from the automatic stay for purposes of repossessing the Loan 16 Equipment and EFA Equipment and further required Defendant to provide the location 17 and immediate delivery and surrender of the Loan Equipment and EFA Equipment to 18 Plaintiff. Id. ¶¶ 29. On or about February 9, 2023, the Bankruptcy Court granted Plaintiff 19 complete relief from the automatic stay to continue to repossess the Loan Equipment 20 and EFA Equipment and to dispose of the Loan Equipment and EFA Equipment in 21 accordance with Article 9 of the Uniform Commercial Code. Id. ¶ 30. To date, Plaintiff 22 has sold five (5) units of the repossessed Loan Equipment and EFA Equipment and has 23 applied the sales proceeds to the debt owed by Defendant but has been unable to 24 repossess or locate the following remaining fifteen (15) units of Equipment (“Missing 25 Equipment”): 26

27 and Security Agreement with People’s Capital and sold to People’s Capital “all its rights, interest in and title” to the Equipment Finance Agreements, EFA Schedules, and EFA 28 Guaranties (collectively “EFA Documents”). Compl. ¶ 15, Exh. H. 1 • Seven (7) 2022 Peterbilt Model 579, Serial Nos. 1XPBD49X0ND782853, 1XPBD49X1ND782893, 2 1XPBD49XXND782861, 1XPBD49X5ND782864, 1XPBD49X0ND782819, 1XPBD49X0ND782822, and 3 1XPBD49X1ND782862; 4 • Two (2) 2016 Kenworth T680, Serial Nos. 1NKYL49X0GJ117002 and 1NKYL49X2GJ117003; 5 and 6 • Six (6) 2018 Great Dane TRAI ESS-1114-11053, Serial Nos. 1GRAA0624JW103081, 7 1GRAA0620JW116104, 1GRAA0623JW116114, 1GRAA0627JW116102, 1GRAA0624JW116123, and 8 1GRAA062XJW120287. 9 Pl. Fourth Mot. at 9; 7/3/2025 Declaration of Robert Van Tine ¶¶ 27-28 (ECF No. 42-3). 10 On or about February 16, 2023, Plaintiff initiated a federal action against the 11 individual guarantors of the same Loan Documents in the United States District Court for 12 the District of Connecticut alleging breach of guaranty claims. M&T Capital and Leasing 13 Corporation v. Amarinder Singh Gorwara, Hardeep Singh, et al., 3:23-cv-00205-JAM, 14 ECF No. 1 (D. Conn. Feb. 16, 2023) (“M&T Capital I”); see also 1/2/2024 Pl. Status 15 Report at 3 (ECF No. 13). On June 15, 2023, Plaintiff moved for default judgment 16 against Gorwara and Singh as guarantors on the same Loan Documents, seeking 17 $4,923,090.77 in damages for the outstanding balance on the Loan Documents as of 18 June 12, 2023, which includes default interest, costs, expenses, and attorneys’ fees. 19 M&T Capital I, ECF No. 15 at 6 (D. Conn. June 15, 2023). On September 5, 2023, the 20 District Court for the District of Connecticut granted Plaintiff’s motion for default judgment 21 in the amount of $4,383,596.53 in damages, $485,447.04 in interest, and $54,047.20 in 22 attorney’s fees, for a total amount of $4,923,090.77, with post-judgment interest to 23 accrue pursuant to 28 U.S.C. § 1961. M&T Capital I, ECF No. 17 (D. Conn. Sept. 5, 24 2023). As of January 2, 2024, the District of Connecticut judgment remains unsatisfied. 25 See 1/2/2024 Pl. Status Report at 3. 26 B.

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