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April 24, 2014

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FDIC wants Tarkanian to pay up $17 million; CD4 hopeful asks court to let him off hook

A hearing a week from Monday in federal court could have a huge impact on the race for Nevada's new congressional seat as the legal battle between the FDIC and Danny Tarkanian will come to a head.

Tarkanian, who is facing Steven Horsford in the CD4 race, is seeking to have a $17 million judgment set aside while the Federal Deposit Insurance Corporation wants the candidate to pay up tout de suite.

A lot has happened since I revealed the judgment two months ago:

June 25 -- The bank filed a "writ of execution" asking federal marshals to enforce the $17 million judgment, which is accuring interest at the amazing rate of $4,600 a day.

July 5 -- Tarkanian's attorneys filed a brief asking for a stay, accusing the bank and others of fraud and making various procedural arguments.

July 10 -- Five days later, Tarkanian, through his attorneys, filed a motion to set aside the judgment.

July 27 -- The FDIC filed a motion opposing the stay and said Tarkanian must at least post a bond while the legal process plays out. That same day, the FDIC also filed a motion against the plea to set aside the judgment.

I have posted some of the relevant documents at right.

The bottom line: Aug. 13 could prove to be the most important day in the CD4 race.

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