Opinion
Case No. 17-CV-734-JPS
06-21-2017
FEDERAL DEPOSIT INSURANCE CORPORATION, as Receiver for Guaranty Bank, Plaintiff, v. OLD REPUBLIC INSURANCE COMPANY, Defendant.
ORDER
On June 12, 2017, the plaintiff Federal Deposit Insurance Corporation ("FDIC") filed a motion to stay this matter. (Docket #11). The FDIC was appointed as receiver for Guaranty Bank on May 5, 2017. Id. at 2. It thereafter removed this action to this Court on May 25, 2017. (Docket #1). The FDIC requests that this matter be stayed for ninety days. (Docket #11 at 4). The Court is constrained to grant the request. See 12 U.S.C. § 1821(d)(12); Farnik v. Fed. Deposit Ins. Corp., 707 F.3d 717, 722 n.2 (7th Cir. 2013). The stay will remain in place for 90 days from the date on which the FDIC was appointed as receiver. See Praxis Props., Inc. v. Colonial Sav. Bank, S.L.A., 947 F.2d 49, 71 (3d Cir. 1991) (analyzing the legislative history and language of 12 U.S.C. § 1821(d)(12) and concluding that the mandatory 90-day stay is calculated from the date of appointment). The parties' preservation obligations will remain in effect throughout the duration of the stay.
Accordingly,
IT IS ORDERED that the plaintiff Federal Deposit Insurance Corporation's motion to stay (Docket #11) be and the same is hereby GRANTED;
IT IS FURTHER ORDERED that this matter be and the same is hereby STAYED through August 3, 2017; and
IT IS FURTHER ORDERED that the Scheduling Conference set for June 27, 2017 and related deadlines (Docket #10) be and the same are hereby VACATED.
Dated at Milwaukee, Wisconsin, this 21st day of June, 2017.
BY THE COURT:
/s/_________
J.P. Stadtmueller
U.S. District Judge