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Muddling Through

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Member since: Fri Jun 13, 2014, 07:54 AM
Number of posts: 18,177

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Gibsons Bakery: there is serious concern about [Oberlin Colleges] ability to pay

With interest running at over $4k per day, Oberlin College seeks stay of execution of Gibson’s Bakery $32 million judgment, but doesn’t want to post a bond.

"Post-judgment interest in Ohio is 5%, which if my math is correct, on $32 million equals $1.6 million a year just in interest, or $4,384 per day. So that $32 million is going to keep growing as the inevitable appeal winds its way through the courts.










Interest aside, Oberlin College doesn’t want Gibson’s Bakery to start collecting the judgment by seizing bank accounts, college equipment, and anything else they can get their hands on.

Not surprisingly, Oberlin College has filed a Motion for a Stay of Execution of Judgment (pdf.)(full embed at bottom of post). The motion also requests that Oberlin College not be required to post a bond to secure the judgment while the trial court rules on post-trial motions Oberlin College says it will be filing.

Here is Oberlin College’s key argument:


Defendants intend to file motions under Civ.R. 50, 59, and/or 60. And per the express provisions of Civ.R. 62(A), a stay of execution may be issued at any time after a judgment is issued and before the time for filing motions pursuant to Civ.R. 50, 59, and 60 and while such motions are pending.

Defendants further respectfully request that they not be required to post a bond in the amount of the Judgment at this time. In the event that Defendants’ post-trial motions are not successful and require Defendants to appeal, Defendants will then file a supersedeas bond as required by Civ.R. 62(B) at the time Defendants file their notice of appeal. This supersedeas bond, if necessary, will be in the amount of the Judgment, plus any additional amount that may potentially be awarded by the Court in attorneys’ fees.

Gibson’s Bakery has filed an Opposition to the Motion (pdf.)(full embed at bottom of post) which opposes the stay and also argued that if a stay of execution is granted, that a bond be required.

After noting that post-judgment interest at 5% is pretty much automatic, Gibson’s Bakery pointed out the math:


The judgment interest rate in 2019 is 5%. Therefore, if appeals of this case last just three years, the total amount of post-judgment interest that Defendants will have to pay is $4,742,179.77 –which is $1,580,726.59 per year or $4,330.76 per day."

Balance of article at the link: https://legalinsurrection.com/2019/07/gibsons-bakery-court-filing-there-is-serious-concern-about-oberlin-colleges-ability-to-pay-this-sizeable-judgment-three-years-from-now/
Posted by Muddling Through | Wed Jul 24, 2019, 07:07 PM (12 replies)

Apollo 11 What We Saw

This is freaking awesome! Note, it's a Daily Wire podcast on YouTube so it has ads.

Posted by Muddling Through | Wed Jul 17, 2019, 07:03 PM (7 replies)
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