Gerber Trade Finance Inc. v. J.A.D.E. Fisheries, Inc.

Full title: GERBER TRADE FINANCE INC., Plaintiff against J.A.D.E. FISHERIES, INC…

Court: United States District Court, S.D. New York

Date published: Mar 24, 2004

03 Civ. 1950 (KNF) (S.D.N.Y. Mar. 24, 2004)

Opinion

03 Civ. 1950 (KNF)

March 24, 2004

ORDER

KEVIN FOX, Magistrate Judge

A judgment by default was entered against defendant Krystal Clear Fisheries, Inc. Thereafter, an inquest was held to determine the damages, if any, that should be awarded to the plaintiff, Gerber Trade Finance Inc. ("Gerber"). At the inquest, Jeffrey Koslowsky ("Koslowsky"), Gerber's executive vice president, testified. He explained that he is responsible for all legal matters pertaining to Gerber. He also stated that he was familiar with the loan documents that had been executed by defendant J.A.D.E. Fisheries, Inc., the alter ego of defendant Krystal Clear Fisheries, Inc., through which a loan in the principal sum of $491,104.21 had been made by Gerber to J.A.D.E. Fisheries, Inc. Koslowsky testified that, under the parties' agreement, interest on the principal sum had accrued. He explained that the amount of interest was keyed to the prime rate as announced from time-to-time by Fleet Bank (National Association) in New York City.

In addition to the testimony presented by Koslowsky on behalf of Gerber, documentary proof was received in evidence at the inquest. It consisted principally of invoices that had been sent to J.A.D.E. Fisheries, Inc. by Gerber and contemporaneous billing records for the legal services provided to Gerber by its counsel in connection with the above-captioned action.

The Court has considered Koslowsky's testimony as well as the exhibits that were received in evidence at the inquest. As a result, the Court finds that, in addition to the principal sum loaned to J.A.D.E. Fisheries, Inc., $491,104.21, interest totaling $30,754.56 had accrued to the date of the inquest, that is, November 20, 2003. The Court also finds that reasonable attorney's fees in the amount of $54,734.99 were incurred by the plaintiff in prosecuting this action, as well as costs of $150. Accordingly, Gerber is entitled to and shall recover $576,743.76 from Krystal Fisheries, Inc. based upon its default in this action. The Clerk of Court shall prepare a judgment reflecting this amount.

SO ORDERED.