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Jack Edward Angel, Trustee of v. Capital Research Group

June 28, 2012

JACK EDWARD ANGEL, TRUSTEE OF THE ROBERT S. ANGEL LIVING TRUST PLAINTIFF,
v.
CAPITAL RESEARCH GROUP, INC., A HAWAII CORPORATION; DANIEL P. DOYLE; FRED OVERSTREET DEFENDANTS.



ORDER ADOPTING MAGISTRATE JUDGE'S FINDINGS AND RECOMMENDATION TO GRANT PLAINTIFF'S MOTION FOR ENTRY OF DEFAULT JUDGMENT AS TO ALL DEFENDANTS (DOC. 40) AS AMENDED

Findings and Recommendation having been filed and served on all parties on May 24, 2012, and no objections having been filed by any party, IT IS HEREBY ORDERED AND ADJUDGED that, pursuant to Title 28, United States Code, Section 636(b)(1)(C) and Local Rule 74.2, the "MAGISTRATE JUDGE'S FINDINGS AND RECOMMENDATION TO GRANT PLAINTIFF'S MOTIONFOR ENTRY OF DEFAULT JUDGMENT AS TO ALL DEFENDANTS, EXHIBIT A" (Doc. 40) as amended below, are adopted as the opinion and order of this Court.

The Findings and Recommendation is related here in its entirety to correct clerical and typographical errors contained in the original Findings and Recommendation:

MAGISTRATE JUDGE'S FINDINGS AND RECOMMENDATION TO GRANT PLAINTIFF'S MOTION FOR ENTRY OF DEFAULT JUDGMENT AS TO ALL DEFENDANTS

Plaintiff JACK EDWARD ANGEL, Trustee of THE ROBERT S. ANGEL LIVING TRUST's Motion for Entry of Default Judgment as to All Defendants, filed herein on March 15, 2012, having come on for hearing before the Court, the Honorable Kevin S. C. Chang, Magistrate Judge, presiding, with J. Stephen Street appearing for the plaintiff and there being no appearance and no written submission by or on behalf of the Defendants, the Court, after full consideration of Plaintiff's motion and the entire record herein, makes the following Findings and Recommendation:

FINDINGS OF FACT

1. This Court has diversity jurisdiction over these claims under 28 U.S.C. § 1332(a) since the parties hereto are citizens of different states and the amount in controversy exceeds $75,000. Venue is proper in this district under 28 U.S.C. § 1391(a) and § 1391(c).

2. Plaintiff filed his First Amended Complaint herein on September 29, 2011.

3. Based upon the service dates of February 1, 2012, each of Defendants Answers to the Complaint were due on February 22, 2012, and the time for Defendants to answer or otherwise defend against Plaintiff's Amended Complaint was not extended.

4. Defendants have failed to appear or otherwise respond to Plaintiff's First Amended Complaint.

5. Defendants are citizens and residents of the State of Hawaii, and none of the Defendants are infants, incompetent persons, or in active military service.

6. On February 24, 2012, the Clerk of this Court entered the default of all Defendants.

7. This is an action on a Promissory Note dated April 20, 2001, executed by Defendant DANIEL DOYLE ("DOYLE") operating as CAPITAL RESEARCH GROUP, INC. ("CAPITAL RESEARCH") in the original principal amount of $329,709.00 in favor of Robert S. Angel as consideration for a loan received from Robert S. Angel's IRA account in the amount of $329,709.00.

8. On February 18, 2006, the Promissory Note was modified by agreement of the parties to allow for a reduced amount of interest to be paid on the Promissory Note, by Modification signed by Defendant FRED OVERSTREET ("OVERSTREET").

9. Defendants made some payments on the Promissory Note, the last payment occurring on November 13, 2008.

10. On December 1, 2009, CAPITAL RESEARCH was involuntarily dissolved, without DOYLE and OVERSTREET taking appropriate steps to preserve corporate protection for actions taken and debts incurred by them on behalf of the corporation, and without any discharge of those debts in bankruptcy.

11. On March 10, 2009, Robert Angel passed away and the interests in the promissory note passed to Plaintiff, as Trustee of the Living Trust of Robert S. Angel.

12. On or about February 24, 2010, DOYLE acknowledged that he owed the debt on the Promissory Note, as modified, and agreed with Plaintiff to personally resume making payments, beginning March 15, 2010, if Plaintiff would refrain from pursuing legal action.

13. Defendants failed to make any further payments promised pursuant to that agreement and are in default under the terms of ...


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