MEETING DATE: 4/3/2018
DEPARTMENT: COUNTY COUNSEL
DEPT HEAD/DIRECTOR: Barbara Thompson
AGENDA ITEM PREPARER: Barbara Thompson
SBC DEPT FILE NUMBER: 160
SUBJECT:
COUNTY COUNSEL'S OFFICE - B. THOMPSON
Authorize assignment agreement to the benefit of C3KR Energy, LLC, in return for full payment of $100,000.
SBC FILE NUMBER: 160
AGENDA SECTION:
CONSENT AGENDA
BACKGROUND/SUMMARY:
On March 26, 2018, a check of $100,000 was issued to County's outside counsel Serlin& Whiteford, which is being held in the attorney's trust account, until an assignment agreement is approved by the Board of Supervisors. Due to the County being paid in full, and in return for being paid in full, the County is requested to assign all rights and interest it previously regarding collection of the $100,000, to C3KR Energy, LLC (as C3KR Energy LLC is making the payment of the $100,000 rather than Citadel Exploration Inc.)
As the Board will recall, the County entered into a stipulation for entry of judgment ("Stipulation") in the matter of San Benito County v. Citadel Exploration, Inc., et al., San Benito County Case No. CU-15-00162 (the "Lawsuit") with Citadel Exploration, Inc..
C3KR Energy, LLC is requesting to purchase all rights of County under the Stipulation and in the Lawsuit. Thus, the County is requested to assign its claims and rights in and under the Lawsuit and the Stipulation to C3KR Energy, LLC, in exchange for being paid in full.
BUDGETED: