VFC Partners 20, LLC v. Friedman Properties, Inc.

• Court: Court of Chancery of Delaware
• Decided: February 25, 2015
• Docket: CA 9368-MA
• Status: Published

Opinion

COURT OF CHANCERY OF THE STATE OF DELAWARE KIM E. AYVAZIAN CHANCERY COURTHOUSE MASTER IN CHANCERY 34 The Circle GEORGETOWN, DELAWARE 19947 AND NEW CASTLE COUNTY COURTHOUSE 500 NORTH KING STREET, SUITE 11400 WILMINGTON, DELAWARE 19980-3734

February 25, 2015

Kathleen A. Murphy, Esquire J. Jack Shrum, Esquire Buchanan Ingersoll & Rooney, P.C. Werb & Sullivan, P.A. 919 N. Market St., Ste 1500 300 Delaware Avenue Wilmington, DE 19801 Wilmington, DE 19899

RE: VFC Partners 20, LLC v. Friedman Properties Inc. Civil Action No. 9368-MA

Dear Counsel:

Pending before me are exceptions filed by Defendant Friedman Properties,

Inc. to my draft report issued orally from the bench on August 15, 2014, following

oral argument on Plaintiff VCF Partners 20 LCC’s Motion for the Appointment of

Receiver Pendente Lite. In my draft report, I recommended the appointment of a

receiver because I concluded that the plaintiff had the contractual right to the

appointment of a receiver upon default. After reviewing the parties’ briefs, I am

vacating my draft report and recommending, in the interest of judicial economy,

that this matter be stayed until the resolution of the related foreclosure case that

Page 1 of 2 was filed on January 2, 2014, in the Superior Court in and for New Castle County.1

The parties are referred to Rule 144 for the process of taking exception to a

Master’s Final Report.

Respectfully,

/s/ Kim E. Ayvazian

Kim E. Ayvazian Master in Chancery

KEA/kekz

1 See VFC Partners 20 LLC v. Friedman Properties, Inc., N14L-01-006 CLS. Page 2 of 2