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Yu v. 2100 North Central

October 20, 2009

RE: KYUNGSUN YU, JOON SUN LEE, AND YOUNGSUH CHO
v.
2100 NORTH CENTRAL, LLC, ET AL.,



The opinion of the court was delivered by: Chambers of William H. Walls Senior District Judge

(973) 645-2564 (973) 645-3436 Fax

Martin Luther King Jr. Federal Courthouse 50 Walnut Street Newark, New Jersey 07102

Dear Counsel:

The Court has reviewed the petition by 111 Debt Acquisition, LLC ("111 Debt") to intervene for the purpose of proceeding with an Order to Show Cause why the Notice of Lis Pendens should not be discharged in the matter between plaintiffs, Joon Sun Lee and Youngsuh Cho ("Plaintiffs"), and defendants, 2100 North Central, LLC, 2100 North Central Road, LLC, Lumen Architectural Engineering, PC, Robert Y. Lee, Jihn U. Rhi, Justin Park, Daniel Moon, Lumen Company, Lumen Development Corporation, Lumen Construction Corporation, Lumen Properties LLC, Lumen Capital Management LLC, Lumen Realty LLC, and John Does 1 through 50 (collectively, "Defendants"). The Court has also reviewed Plaintiffs' opposition letter and documents.

Pursuant to Rule 24(a) of the Federal Rules of Civil Procedure, the Court grants 111 Debt's petition to intervene for the purpose of proceeding with the Order to Show Cause why the Notice of Lis Pendens should not be discharged.

BACKGROUND

This suit arises from a dispute about investments that Plaintiffs made in a property located at 2100 North Central Road, Fort Lee, New Jersey (the "Property" or the "Subject Property"). Plaintiffs allege that the investments were made based on false or misleading representations by Defendants.

On April 20, 2009, Plaintiffs brought an action in this Court to recover damages and obtain equitable and injunctive relief based on the alleged unlawful actions and omissions by Defendants. (Pl.'s First Am. Compl. First & 2.) Plaintiffs allege that they relied on Defendants' false representations when they invested in North Central. (Id. at & 8.) Specifically, they aver that Defendants falsely represented to Plaintiffs that North Central would purchase the Subject Property and re-develop it into condominiums and that it would be bought at a price below the market. (Id. at & 8.)

111 Debt contends that it is the holder of a purchase money mortgage lien on the Subject Property. (111 Debt's Letter Brief & 1.) 111 Debt further claims that the mortgage it holds secures a debt presently in excess of $24 million. (Id.) 111 Debt maintains that the mortgage is in default and that 111 Debt has been negotiating the sale of the loan to a third party for approximately $11 million, based on several factors including the believed present fair market value of the Property. (Id.)

On May 14, 2009, Plaintiffs recorded in the Office of the Clerk of Bergen County a Notice of Lis Pendens purporting to assert an interest in the Mortgaged Property. (Id. at & 2.)

On June 25, 2009, 111 Debt's counsel wrote to Plaintiffs' counsel, Joshua Lichtenstein of Kim & Bae, P.C., demanding that the Lis Pendens be discharged of record. (Cert. in Support of 111 Debt's Letter Brief & 2.)

On August 17, 2009, this Court granted in part Plaintiffs' request for preliminary injunction, ordering that no documents or papers relating to the current case may be destroyed or removed from this country. On July 15, 2009, 111 Debt filed a Complaint in the Superior Court of New Jersey, Chancery Division, Bergen County (Docket No. BER-C-224-09). That court entered an Order to Show Cause on July 27, 2009, which directed that the Plaintiffs herein show cause why an order should not be entered directing the discharge of the Lis Pendens. (111 Debt's Letter Brief & 3.) However, the Superior Court did not discharge the Lis Pendens in deference to this Court's rulings in the pending matter, specifically, the preliminary injunction entered on August 17, 2009. (Id.)

On September 21, 2009, 111 Debt filed with this Court an Application for Intervention and an Order to Show Cause why the Notice of Lis Pendens should not be discharged. The Court now reviews the ...


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