The opinion of the court was delivered by: 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
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.
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