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Wells Fargo Equipment Finance, Inc. v. Inchon LLC

UNITED STATES DISTRICT COURT DISTRICT OF NEW JERSEY


October 18, 2007

WELLS FARGO EQUIPMENT FINANCE, INC., PLAINTIFF,
v.
INCHON LLC, ET AL., DEFENDANTS.

The opinion of the court was delivered by: Hochberg, District Judge

OPINION and ORDER

This matter having come before the Court upon Plaintiff Wells Fargo Equipment Finance's ("Wells Fargo") October 11, 2007 Motion for Default Judgment against Defendant Inchon LLC ("Inchon") pursuant to Federal Rule of Civil Procedure 55, and the Court having considered the arguments of the parties on the papers pursuant to Federal Rule of Civil Procedure 78;*fn1 and it appearing that in its September 11, 2007 order, the Court directed the Clerk of Court to enter default against Defendant Inchon; and it appearing that the Court requested that Plaintiff Wells Fargo move for entry of default judgment within 14 days after the clerk's entry of default and, pursuant to Federal Rule of Civil Procedure 55(b)(2),*fn2 ordered Plaintiff to submit to the Court additional proof of damages with the motion for default judgment; and it appearing that Plaintiff Wells Fargo has provided documents sufficient to establish the following damages:

* $72,531.27 for payments due and owing under Equipment Schedule No. 1 (See Affidavit of Michael Vanadia in Support of Plaintiff's Motion for Entry of Default Judgment Against Defendant Inchon LLC ("Vanadia Aff.") Ex. C (Amendment to Equipment Schedule No. 1, ¶ 14);

* $7,253.13 in late fees, pursuant to Master Contract paragraph 4(b), on the outstanding balance due under Equipment Schedule No. 1 (See Vanadia Aff. Ex. A (Master Lease), ¶ 15);

* $72,922.50 for payments due and owing under Equipment Schedule No. 2 (See Vanadia Aff. Ex. D (Equipment Schedule No. 2), ¶ 19);

* $7,292.25 in late fees, pursuant to Master Contract paragraph 4(b), on the outstanding balance due under Equipment Schedule No. 2 (See Vanadia Aff. Ex. A (Master Lease), ¶ 15);

* $45,501.51 in attorney's fees pursuant to Master Contract paragraph 19(k) (See Certification of Michael S. Re in Support of Plaintiff's Motion for Entry of Default Judgment Ex. 2 (invoices for legal services rendered in connection with this suit)); and it appearing that Plaintiff also requests $2,200.50 in "post-termination interest" under Equipment Schedule No. 1 (see Vanadia Aff. ¶ 16), and $2,304.82 in "post-termination interest" under Equipment Schedule No. 2 (see Vanadia Aff. ¶ 21); and it appearing that Plaintiff directs the Court to paragraph 7 of both Equipment Schedules as the basis for this request (see Vanadia Aff. ¶¶ 16, 21) and that the language of paragraph 7 in both Equipment Schedules is substantially the same (see Vanadia Aff. Ex. C (Equipment Schedule No. 1), D (Equipment Schedule No. 2)); and it appearing that paragraph 7 of both Equipment Schedules concerns the payment of monthly rent; and it appearing that paragraph 7 is not sufficiently clear as to why Plaintiff is "entitled to 6.7% on the amounts due and owing . . . during the post-termination period" under Equipment Schedule No. 1 (see Vanadia Aff. ¶ 16), and why Plaintiff is "entitled to 6.98% on the amounts due and owing . . . during the post termination period" under Equipment Schedule No. 2 (see Vanadia Aff. ¶ 21), and Plaintiff does not provide ths Court with an explanation of paragraph 7 sufficient for the Court to award this interest;*fn3 and it appearing, therefore, that Plaintiff has failed to satisfy the Court that the entry of default judgment should include $2,200.50 and $2,304.82 in "post-termination interest";

ACCORDINGLY IT IS on this 16th day of October, 2007, thereby ORDERED that Plaintiff Wells Fargo have judgment against Defendant Inchon in the amount of $205,500.66 for amounts due and owing under Equipment Schedules No. 1 and No. 2, late fees, and attorney's fees.

HON. FAITH S. HOCHBERG, U.S.D.J.


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