IMH Special Asset NT 168 LLC v. Beck

• Decision Date: 19 May 2022
• Docket Number: 1 CA-CV 21-0414
• Parties: IMH SPECIAL ASSET NT 168 LLC, et al., Plaintiffs/Appellants/Cross-Appellees, v. GREGORY M. BECK, Intervenor/Appellee/Cross-Appellant.
• Court: Arizona Court of Appeals

IMH SPECIAL ASSET NT 168 LLC, et al., Plaintiffs/Appellants/Cross-Appellees,
v.
GREGORY M. BECK, Intervenor/Appellee/Cross-Appellant.

No. 1 CA-CV 21-0414

Court of Appeals of Arizona, First Division

May 19, 2022

Not for Publication - Rule 111(c), Rules of the Arizona Supreme Court

Appeal from the Superior Court in Maricopa County No. CV2010-010943 No. CV2010-010990 (Consolidated) The Honorable James D. Smith, Judge The Honorable Karen A. Mullins, Judge (retired)

Snell & Wilmer L.L.P., Phoenix

By Christopher H. Bayley, Benjamin W. Reeves, and James G. Florentine

Counsel for Plaintiffs/Appellants/Cross-Appellees

Udall Shumway, Mesa

By Joel E. Sannes and Eli T. Enger

Counsel for Intervenor/Appellee/Cross-Appellant

1

Presiding Judge Paul J. McMurdie delivered the Court's decision, in which Vice Chief Judge David B. Gass and Judge Angela K. Paton joined.

MEMORANDUM DECISION

McMURDIE, Judge:

¶1 Appellants, IMH Special Asset NT 161, LLC and IMH Special Asset NT 168, LLC (collectively "IMH"), ^[1] challenge the superior court's compliance with our mandate in IMH Special Asset NT 168 LLC v. Beck, No. 1 CA-CV 19-0156, 2020 WL 6192846 (Ariz. App. Oct. 22, 2020) (mem. decision). Because the superior court complied with our mandate, we affirm.

FACTS AND PROCEDURAL BACKGROUND

¶2 In 2012, the superior court entered summary judgment for IMH in its post-foreclosure deficiency action. IMH was awarded around $8.6 million. The court temporarily froze the judgment debtor's bank accounts pending satisfaction of the judgment. IMH stipulated to releasing the bank accounts and temporarily ceasing enforcement of the judgment if the debtor, among other things, transferred his corporate stock to an entity ("Stockholder," LLC) created by IMH. The court ordered the debtor's shares transferred to Stockholder and appointed a receiver to manage, maintain, and preserve the assets. The transfer included a 9.6% ownership interest in Recorp Partners, Inc. ("RPI"). RPI was the managing general partner of Recorp New Mexico Associates, LP ("RNMA I"), which owns a large land parcel northwest of Albuquerque, New Mexico. Stockholder later acquired 100% of RPI, and the receiver appointed an individual to serve as RPI's sole director and president.

¶3 RNMA I was set to dissolve in December 2015. Under the partnership agreement, the dissolution would follow "a liquidation period not to exceed 12 months." No one extended the term before the dissolution date passed. In December 2016, more than 75% of the limited partners gave notice that they...