Silverlake Park LLC v. Stewart Title Guaranty Company

I. INTRODUCTION & BACKGROUND

Presently before the Court is defendant and third-party plaintiff Stewart Title Guaranty Company’s (“STG”) motion for default judgment against third-party defendants First Capital Real Estate Investments, LLC (“First Capital”), VC Visions, LLC (“VCV”), and Sherr, LLC (“Sherr”). Dkt. 146 (“Mot.”). The Court finds this motion appropriate for decision without oral argument. See Fed. R. Civ. P. 78; C.D. Cal. Local Rule 7-15. Accordingly, the matter is hereby taken under submission. The history and facts of this case are well-known to the parties and set forth in the Court’s October 2, 2017, order. See dkt. 38. On August 21, 2017, plaintiff Silverlake Park, LLC (“Silverlake’) filed its operative complaint against STG seeking $13,000,000 in damages for breach of fiduciary duty and negligence. Dkt. 26. The gravamen of Silverlake’s complaint is that Silverlake invested $13,000,000 in a real estate transaction, but STG, in its capacity as escrow holder, impermissibly released those funds to other parties. On October 30, 2017, STG filed a third-party complaint against defendants First Capital, VCV, Sherr, Saper, Inc. (“Saper’’), and Dromy…