Sharp
Sharp v. Federal Deposit Insurance (In re Vineyard National Bancorp)
Opinion
Lead Opinion
Neiter, J.
MEMORANDUM OF DECISION AFTER TRIAL ON (i) COUNT IV OF THE COMPLAINT; AND (ii) COUNT I OF THE AMENDED COUNTERCLAIM
INTRODUCTION
Bradley Sharp, as Liquidating Trustee of the Liquidating Trust of Vineyard National Bancorp (“Plaintiff”), commenced this action on May 5, 2010 raising five claims for relief that seek to disallow the claim of Defendant and Counter-Plaintiff FDIC-R (“Defendant ” or “FDIC-R ”), as receiver for Vineyard Bank, N.A. (“Bank ”), against the chapter 11 estate of Vineyard National Bancorp (“Debtor”). Among other things, Count IV of the complaint asserts the Debtor’s entitlement to certain tax refunds in connection with the Debtor and the Bank’s consolidated tax returns for the tax year 2008. 1 (Compl. ¶¶ 50-66.) With its Amended Counterclaim to the Complaint (“Am. Countercl.”), the FDIC-R rejects Plaintiffs position that the FDIC-R is merely an unsecured creditor of the Debtor’s estate on account *439 of the Bank’s entitlement to the tax refunds and instead, asserts its right to the said tax refunds as property of the FDIC-R. (Am. Countercl. ¶¶ 5-14.)
On May 3, 2013, this Court issued its Memorandum of Decision Re: (1) Motion of the Federal Deposit Insurance…