Breach of Contract: Ford Motor Credit Co. LLC v. Simao

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U.S. District Court, Northern District of New York

Breach of Contract

Damages

Ford Motor Credit Co. LLC v. Simao
10-CV-859
Judge McAvoy

Background: The plaintiff commenced the instant action on July 15, 2010, seeking to recover monies owed pursuant to personal guaranties signed by defendant Picarazzi. On Dec. 15, 2010, the court granted the plaintiff’s motion for a default judgment. Presently before the court is the plaintiff’s motion for entry of final judgment as to Picarazzi.
The plaintiff entered into financing agreements with a Ford automobile dealership named B&J Auto Sales Inc. The defendant was a principal and officer of B&J. The defendant executed individual continuing guaranties of B&J’s financial obligations to the plaintiff. B&J defaulted under the financing agreements and under certain later executed forebearance agreements. The defendant has not fulfilled his obligations as guarantor. Pursuant to certain state court actions, the plaintiff obtained and sold collateral to offset the amounts owed to it. As of April 27, 2010, the amount of $1,538,391 remained outstanding. The plaintiff sought to hold the defendant liable for this amount pursuant to his personal guaranty.

Ruling: Considering the facts that the ultimate resolution of this case may take months or years, that the claim against the defendant is liquidated as the court already determined the amount to which the plaintiff is entitled, and that there is little risk of inconsistent damages determinations, the court finds that there is no just reason for delaying an entry of judgment. The court orders that judgment be entered in favor of the plaintiff and against defendant Picarazzo in the principal sum of $1,420,504 including pre-judgment interest in the amount of $216,811 calculated from April 1, 2009 through Dec. 14, 2010 and calculated pursuant to N.Y.C.P.L.R. §§5001 and 5004.

David L. Tillem for the plaintiff; Jan S. Kublick for the defendants