A. BACKGROUND
On November 27, 2018, Sterling Pacific Lending, Inc. (“Sterling”) filed this action against IVDC, LLC (“IVDC”) and Gerald Robinson (collectively with IVDC,
“Defendants”). The complaint seeks damages for breach of contract, a judicial foreclosure, and appointment of a receiver as well as states claims for money lent and account stated. A first amended complaint filed on October 30, 2019 added a cause of action for fraud.
Prior to that on January 22, 2019, IVDC had filed a cross-complaint for breach of contract, breach of duty of good faith and fair dealing, breach of fiduciary duty, injunctive relief, declaratory relief, receipt of stolen property, negligence, and unfair competition. Sterling and Ciano Real Estate, Inc. are named as the cross-defendants.
The parties dispute arises out of loans to Defendants which were funded by Sterling for the development of an eight-unit condominium complex in Avila Beach (the “Project”). The first loan, in the amount of $1,500,000, was
Hearing Date
November 20, 2019
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A. BACKGROUND
On November 27, 2018, Sterling Pacific Lending, Inc. (“Sterling”) filed this action against IVDC, LLC (“IVDC”) and Gerald Robinson (collectively with IVDC,
“Defendants”). The complaint seeks damages for breach of contract, a judicial foreclosure, and appointment of a receiver as well as states claims for money lent and account stated. A first amended complaint filed on October 30, 2019 added a cause of action for fraud.
Prior to that on January 22, 2019, IVDC had filed a cross-complaint for breach of contract, breach of duty of good faith and fair dealing, breach of fiduciary duty, injunctive relief, declaratory relief, receipt of stolen property, negligence, and unfair competition. Sterling and Ciano Real Estate, Inc. are named as the cross-defendants.
The parties dispute arises out of loans to Defendants which were funded by Sterling for the development of an eight-unit condominium complex in Avila Beach (the “Project”). The first loan, in the amount of $1,500,000, was