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Kallingal}{\insrsid10555848 , Opinion \tab Page }{\field{\*\fldinst { \cs16\insrsid10555848 PAGE }}{\fldrslt {\cs16\lang1024\langfe1024\noproof\insrsid661510 10}}}{\insrsid10555848 of }{\field{\*\fldinst {\cs16\insrsid10555848 NUMPAGES }}{\fldrslt {\cs16\lang1024\langfe1024\noproof\insrsid3495628 15}}}{\insrsid10555848 ____________________________________________________________________________________________ \par }\pard \s24\ql \li0\ri0\nowidctlpar\tqc\tx4320\tqr\tx8640\faauto\rin0\lin0\itap0 {\insrsid10555848 \par }}{\*\pnseclvl1\pnucrm\pnstart1\pnindent720\pnhang {\pntxta .}}{\*\pnseclvl2\pnucltr\pnstart1\pnindent720\pnhang {\pntxta .}}{\*\pnseclvl3\pndec\pnstart1\pnindent720\pnhang {\pntxta .}}{\*\pnseclvl4\pnlcltr\pnstart1\pnindent720\pnhang {\pntxta )}} {\*\pnseclvl5\pndec\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl6\pnlcltr\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl7\pnlcrm\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl8 \pnlcltr\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl9\pnlcrm\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}\pard\plain \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid661510 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\b\fs24\insrsid5141911\charrsid661510 IN THE SUPREME COURT OF GUAM}{\fs24\insrsid661510\charrsid661510 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid661510 {\fs24\insrsid661510\charrsid661510 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid661510 {\b\fs24\insrsid5141911\charrsid661510 THE HONGKONG and SHANGHAI }{\b\fs24\insrsid16715257\charrsid661510 \par }{\b\fs24\insrsid5141911\charrsid661510 BANKING CORPORATION, LTD.,}{\fs24\insrsid5141911\charrsid661510 \par Plaintiff-Appellant, \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid661510 {\fs24\insrsid5141911\charrsid661510 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid661510 {\b\fs24\insrsid5141911\charrsid661510 vs.}{\fs24\insrsid5141911\charrsid661510 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid661510 {\fs24\insrsid5141911\charrsid661510 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid661510 {\b\fs24\insrsid5141911\charrsid661510 DR. GEORGE KALLINGAL and }{\b\fs24\insrsid16715257\charrsid661510 \par }{\b\fs24\insrsid5141911\charrsid661510 DR. MATILDA KALLINGAL,}{\fs24\insrsid5141911\charrsid661510 \par Defendants-Appellees.}{\fs24\insrsid661510\charrsid661510 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid661510 {\fs24\insrsid661510\charrsid661510 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid661510 {\fs24\insrsid5141911\charrsid661510 Supreme Court Case No.: CVA04-001 \par Superior Court Case No.: CV0089-03}{\fs24\insrsid661510\charrsid661510 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid661510 {\fs24\insrsid661510\charrsid661510 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid661510 {\b\fs24\insrsid5141911\charrsid661510 OPINION}{\fs24\insrsid661510\charrsid661510 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid661510 {\fs24\insrsid661510\charrsid661510 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid661510 {\b\fs24\insrsid7030767\charrsid661510 Filed:}{\b\fs24\insrsid661510\charrsid661510 }{\b\fs24\insrsid7030767\charrsid661510 August 30, 2005}{\b\fs24\insrsid661510\charrsid661510 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid661510 {\b\fs24\insrsid661510\charrsid661510 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid661510 {\b\fs24\insrsid5141911\charrsid661510 Cite as:}{\b\fs24\insrsid661510\charrsid661510 }{\b\fs24\insrsid5141911\charrsid661510 2005 Guam }{\b\fs24\insrsid9009800\charrsid661510 13}{ \fs24\insrsid661510\charrsid661510 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid661510 {\fs24\insrsid661510\charrsid661510 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid661510 {\fs24\insrsid5141911\charrsid661510 Appeal from the Superior Court of Guam \par Argued and submitted on October 29, 2004 \par Hag\'e5t\'f1a, Guam}{\fs24\insrsid661510\charrsid661510 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid661510 {\fs24\insrsid5141911\charrsid661510 \par }\trowd \irow0\irowband0\lastrow \ts11\trqc\trgaph115\trleft-115\trftsWidth1\trpaddl115\trpaddr115\trpaddfl3\trpaddfr3 \clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth4680\clshdrawnil \cellx4565 \clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth4680\clshdrawnil \cellx9245\pard \ql \li0\ri0\nowidctlpar\intbl\faauto\rin0\lin0\pararsid661510 {\fs24\insrsid5141911\charrsid661510 \par }{\fs24\ul\insrsid5141911\charrsid661510 Appearing for the Plaintiff-Appellant}{\fs24\insrsid5141911\charrsid661510 : \par Joyce C.H. Tang, }{\i\fs24\insrsid5141911\charrsid661510 Esq}{\fs24\insrsid5141911\charrsid661510 ., \par Civille & Tang, PLLC \par fka Teker Civille Torres & Tang PLLC \par 330 Hernan Cortez Avenue Suite 200 \par Hag\'e5t\'f1a, Guam 96910\cell \par }{\fs24\ul\insrsid5141911\charrsid661510 Appearing for the Defendants-Appellees}{\fs24\insrsid5141911\charrsid661510 : \par Ron}{\fs24\insrsid16715257\charrsid661510 ald P.}{\fs24\insrsid5141911\charrsid661510 Moroni, }{\i\fs24\insrsid5141911\charrsid661510 Esq.,}{\fs24\insrsid5141911\charrsid661510 \par Tarpley & Moroni, LLP \par }\pard\plain \s2\ql \li0\ri0\keepn\nowidctlpar\intbl\faauto\outlinelevel1\rin0\lin0\pararsid661510 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\insrsid5141911\charrsid661510 Bank of Hawaii Building \par }\pard\plain \ql \li0\ri0\nowidctlpar\intbl\faauto\rin0\lin0\pararsid661510 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid5141911\charrsid661510 134 West Soledad Avenue Suite 402 \par Hag\'e5t\'f1a, Guam 96910\cell }\pard \ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 {\fs24\insrsid5141911\charrsid661510 \trowd \irow0\irowband0\lastrow \ts11\trqc\trgaph115\trleft-115\trftsWidth1\trpaddl115\trpaddr115\trpaddfl3\trpaddfr3 \clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth4680\clshdrawnil \cellx4565\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth4680\clshdrawnil \cellx9245\row }\pard \qj \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid661510 {\fs24\insrsid5141911\charrsid661510 \par }\pard\plain \s22\qj \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid661510 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\insrsid5141911\charrsid661510 BEFORE: F. PHILIP CARBULLIDO, Chief Justice; FRANCES M. TYDINGCO-GATEWOOD, Associate Justice; ROBERT J. TORRES, Jr., Associate Justice }{\insrsid661510\charrsid661510 \par \par }\pard\plain \qj \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid661510 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\b\fs24\insrsid5141911\charrsid661510 CARBULLIDO, C.J.:}{\fs24\insrsid5141911\charrsid661510 \par \par }\pard\plain \s18\qj \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid661510 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\b\insrsid5141911\charrsid661510 [1]}{\insrsid5141911\charrsid661510 \tab This case arises from an agreement made during the pendency of a bankruptcy case and a lawsuit on personal guaranties of the assets held by the bankrupt estate.}{\insrsid661510\charrsid661510 }{\insrsid5141911\charrsid661510 The issue on appeal is whether the Superior Court erred in granting a preliminary injunction stopping a private foreclosure sale on the basis of irreparable harm and likelihood of success on the merits.}{\insrsid661510\charrsid661510 }{ \insrsid5141911\charrsid661510 We find no error in the ruling of the Superior Court and we affirm.}{\insrsid661510 \par \par }\pard\plain \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid661510 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\b\fs24\insrsid5141911\charrsid661510 I.}{\fs24\insrsid661510 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid661510 {\fs24\insrsid661510 \par }\pard \qj \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid661510 {\b\fs24\insrsid5141911\charrsid661510 [2]\tab }{\fs24\insrsid5141911\charrsid661510 George and Matilda Kallingal together own Kallingal P.C.}{\fs24\insrsid661510\charrsid661510 }{ \fs24\insrsid5141911\charrsid661510 (\'93Kallingal P.C.\'94 or \'93the P.C.\'94)}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 The P.C. was one partner of a joint venture that borrowed $1.4 million from the HongKong and Shanghai Banking Corporation Ltd. (\'93HSBC\'94 or \'93the Bank\'94) in 1995.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 The apparent purpose of the joint venture was to acquire a sublease of land and develop a commercial property adjacent to the Tamuning Cost-U-Less known as Monticello Plaza.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 The joint venture entered into a sublease with the lessee of the land, originally Tamuning Capital Investment.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 After many m ore unrelated transactions, the Baptist Foundation of Arizona (\'93BFA\'94) succeeded to the Tamuning Capital Investment leasehold interest and became Kallingal P.C.\rquote s landlord.}{\fs24\insrsid661510 \par \par }{\b\fs24\insrsid5141911\charrsid661510 [3]\tab }{\fs24\insrsid5141911\charrsid661510 HSBC lent the $1.4 million to the joint venture and it received mortgages on two of the Kallingal P.C. assets to secure the loan:}{\fs24\insrsid661510\charrsid661510 }{ \fs24\insrsid5141911\charrsid661510 (1) an apartment complex in Barrigada near Bello Road owned by Kallingal P.C., and (2) the joint venture\rquote s lease on the Monticello Plaza land.}{\fs24\insrsid661510\charrsid661510 }{ \fs24\insrsid5141911\charrsid661510 In addition, George and Matilda Kallingal executed personal guaranties of the loans.}{\fs24\insrsid661510 \par \par }{\b\fs24\insrsid5141911\charrsid661510 [4]\tab }{\fs24\insrsid4080733\charrsid661510 On January 24, 2001, BFA filed unlawful detainer against Kallingal PC because the PC had not been paying rent.}{\fs24\insrsid661510\charrsid661510 }{ \fs24\insrsid4080733\charrsid661510 Kallingal did not pay rent, however, because there emerged a sinkhole in the parking lot that caused financial loss to the PC.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid4080733\charrsid661510 Kallingal wanted to litigate the liability for the parking problem}{\f2\fs24\insrsid4080733\charrsid661510 .}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 Around this time, however, BFA itself went into bankruptcy in Arizona, so any claims Kallingal P.C. would have brought against BFA were stayed.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 Kallingal P.C. could not liti gate against }{\fs24\expnd0\expndtw-2\insrsid5141911\charrsid661510 BFA, and also fell behind on its payments due to HSBC on its $1.4 million loan. HSBC therefore began pursuing its remedies under the loan documents, including foreclosing on its security. }{\fs24\expnd0\expndtw-2\insrsid661510 \par \par }{\b\fs24\insrsid5141911\charrsid661510 [5]\tab }{\fs24\insrsid5141911\charrsid661510 While HSBC pursued}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 its remedies against the Kallingals, and BFA sued}{ \fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 Kallingal P.C. for back rent, Kallingal P.C. itself filed for Chapter 11 reorganization in the District Court of Guam Bankruptcy Division in Bankruptcy Case No. 01-00161.}{ \fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 HSBC\rquote s foreclosure proceedings against the P.C. were thus stayed, but HSBC noticed signs of possible preferential transfers prior to the bankruptcy.}{ \fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 Therefore, HSBC asked the bankruptcy judge to appoint a Chapter 11 trustee to operate Kallingal P.C.\rquote s businesses, to protect against further loss to creditors.}{ \fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 The bankruptcy judge appointed Robert Steffy, C.P.A., a panel trustee, as the Chapter 11 case trustee.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 Attorney George Butler represented BFA and had been their Guam counsel throughout the Arizona reorganization as well.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 The day-to-day affairs of Kallingal P.C. were managed by Mr. Steffy, and the creditors\rquote efforts were spearheaded by the attorney for the largest creditor, who in this case was BFA. }{\fs24\insrsid661510 \par \par }{\b\fs24\insrsid5141911\charrsid661510 [6]}{\fs24\insrsid5141911\charrsid661510 \tab Immediately after Steffy was appointed trustee, the issue arose whether to assume or reject the lease.}{\fs24\insrsid661510\charrsid661510 }{ \fs24\insrsid5141911\charrsid661510 Under 11 U.S.C. \'a7 365, a debtor has 60 days after the order for relief in which to assume the lease, or it is deemed rejected.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 The Kallingals had not attended to this after filing, so the trustee immediately asked for an extension of time within which to reject or deny the lease.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 Ultimately, the estate rejected the lease, however, before the lease was rejected, the bankruptcy judge ordered that post-petition rent due to BFA under the lease was to become an administrative claim of the estate.}{\fs24\insrsid661510\charrsid661510 }{ \fs24\insrsid5141911\charrsid661510 At some point after the bankruptcy filing, the P.C. lost the benefit of counsel and the P.C. was unrepresented in the bankruptcy proceeding for some time.}{\fs24\insrsid661510\charrsid661510 }{ \fs24\insrsid5141911\charrsid661510 As trustee, Steffy collected approximately $120,000 in rents and other assets of the P.C.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid661510 \par \par }{\b\fs24\insrsid5141911\charrsid661510 [7]\tab }{\fs24\insrsid5141911\charrsid661510 During the bankruptcy, no plan of reorganization was ever put forth.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 HSBC could still not proceed against its security for the loan because both parcels were tied up in bankruptcy, so it was left with only the personal guaranties of the $1.4 million loan executed by the Kallingals.}{\fs24\insrsid661510\charrsid661510 }{ \fs24\insrsid661510 \par \par }{\b\fs24\insrsid5141911\charrsid661510 [8]\tab }{\fs24\insrsid5141911\charrsid661510 In December of 2001, HSBC proposed a settlement with the Kallingals.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 Under this proposed settlement, the Kallingals would mortgage their personal residence over to HSBC and dismiss the P.C.\rquote s bankruptcy.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 The Kallingals were agreeable to this and it became known as the \'93first workout agreement.\'94}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 Although the first workout agreement contemplated that the bankruptcy would be dismissed, the bankruptcy judge denied the dismissal because the problem of preferential transfers had not been resolved.}{\fs24\insrsid661510\charrsid661510 }{ \fs24\insrsid5141911\charrsid661510 Thus, the first workout agreement between HSBC and the Kallingals failed.}{\fs24\insrsid661510 \par \par }{\b\fs24\insrsid5141911\charrsid661510 [9]}{\fs24\insrsid5141911\charrsid661510 \tab In October of 2002, HSBC offered a second workout agreement to the Kallingals.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 HSBC offer ed the following terms to the Kallingals:}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 (1) HSBC would discount the outstanding balance of the loan by ten percent, (2) the Kallingals would begin payments two months after dismissal of the bankruptcy case, (3) the Kallingals could keep the funds that h ad been recovered by Steffy subject to approval by the bankruptcy court, and (4) the Kallingals would make the following payments: $8000 per month for the first year, $12,000 per month for the next four years, and after the fifth year the parties would re negotiate the payment terms of the loan. }{\fs24\insrsid661510 \par \par }{\b\fs24\insrsid5141911\charrsid661510 [10]\tab }{\fs24\insrsid5141911\charrsid661510 In a November 22, 2002 letter, Attorney Moroni, who by then had been hired to represent both the Kallingal P.C. and the Kallingals personally, agreed to the terms of what is now called the \'93second workout agreement.\'94}{ \fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 The letter stated, \'93[t]his is to confirm our conversation indicating we have a settlement with respect to the above matter based on your letter of October 24, 2002.\'94}{ \fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 Appellant\rquote s Supplemental Excerpts of Record (\'93SER\'94), Ex. 22 (}{\fs24\insrsid8403733\charrsid661510 L}{\fs24\insrsid5141911\charrsid661510 etter from Attorne y Moroni to Attorney Tang}{\fs24\insrsid8403733\charrsid661510 of 11/22/02}{\fs24\insrsid5141911\charrsid661510 ).}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 On January 22, 2003, Attorney Tang presented Attorney Moroni with}{\fs24\insrsid8403733\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 a \'93Forbearance Agreement\'94 for the Kallingals to sign.}{\fs24\insrsid661510\charrsid661510 }{ \fs24\insrsid5141911\charrsid661510 Appellant\rquote s Excerpts of Record (\'93ER\'94), Ex. 12 (Letter from Attorney Tang to Attorney Moroni of }{\fs24\insrsid8403733\charrsid661510 0}{\fs24\insrsid5141911\charrsid661510 1/22/03).}{ \fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 It outlined the terms by which the bank agreed not to foreclose on the Bello Road apartments.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 In transmitting the Forbearance Agreement, Attorney Tang stated \'93[i]f we are unable to sign the forbearance agreement this week the HongKong and Sha nghai Banking Corp. Ltd., will immediately begin pursuing its remedies, including filing a motion to lift the stay.\'94}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 ER, Ex. 12 (Letter from Attorney Tang to Attorney Moroni of }{\fs24\insrsid5441782\charrsid661510 0}{\fs24\insrsid5141911\charrsid661510 1/22/03).}{\fs24\insrsid661510 \par \par }{\b\fs24\insrsid5141911\charrsid661510 [11]\tab }{\fs24\insrsid5141911\charrsid661510 Attorney Moroni responded with letters dated January 24, 2003 and January 28, 2003, questioning whether the Kallingals should sign on behalf of a P.C. in bankruptcy, asking for slight modifications in terms, and requesting the original loan documents.}{\fs24\insrsid661510\charrsid661510 }{ \fs24\insrsid5141911\charrsid661510 In a third letter of February 18, 2003, Attorney Moroni stated that the Forbearance Agreement contained terms that were not in the original settlement agreement.}{\fs24\insrsid661510\charrsid661510 }{ \fs24\insrsid5141911\charrsid661510 In this same letter, however, Attorney Moroni asserted that the Kallingals were operating under the assumption that there was a settlement agreement in place.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid661510 \par \par }{\b\fs24\insrsid5141911\charrsid661510 [12]\tab }{\fs24\insrsid5141911\charrsid661510 Because the Kallingals did not sign the Forbearance Agreement, Attorney Tang filed suit against the Kallingals in the Superior Court of Guam against their personal guaranties under Civil Case No. CV0089-03, while the bankruptcy of the P.C. was ongoing.}{ \fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 In the Superior Court action, the Kallingals counterclaimed, alleging breach of contract -- the \'93contract\'94 being the \'93settlement agreement\'94 that HSBC disavowed.}{ \fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 Meanwhile, HSBC filed a Motion to Lift Stay on January 29, 2003.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 The Kallingals did not oppose the Motion to Lift Stay.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 On February 28, 2003, the Motion to Lift Stay was granted. }{\fs24\insrsid661510 \par \par }{\b\fs24\insrsid5141911\charrsid661510 [13]\tab }{\fs24\insrsid5141911\charrsid661510 Also in February of 2003, the Kallingals pursued dismissal of the bankruptcy, operating under the assumption that the second workout agreement was going forward.}{ \fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 The Kallingals proceeded toward dismissal of the bankruptcy case, ready to begin the settlement outlined by the bank.}{\fs24\insrsid661510\charrsid661510 }{ \fs24\insrsid5141911\charrsid661510 It took several months to secure the dismissal, however, because of protracted litigation over some $70,000 that the trustee had collected.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 A stipulated distribution was finally approved by the bankruptcy court.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 The hearing on this proposed distribution of post-petition assets was held in June 2003, and the Order of Dismissal was finally signed on August 15, 2003.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid661510 \par \par }{\b\fs24\insrsid5141911\charrsid661510 [14]\tab }{\fs24\insrsid5141911\charrsid661510 The Kallingals maintained throughout this case that their duties under the \'93Settlement Agreement\'94 did not arise until that dismissal order was signed.}{ \fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 The Bank, however, was operating under different assumptions.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 HSBC had pursued its collection remedies with the understanding that, since the Kallingals had refused to sign the Forbearance Agreement, there was no settlement.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 Since the stay was no longer in place, the bank initiated a non-judicial sale of the Bello Road apartments.}{\fs24\insrsid661510 \par \par }{\b\fs24\insrsid5141911\charrsid661510 [15]\tab }{\fs24\insrsid5141911\charrsid661510 The Bank scheduled the non-judicial sale for May 2003.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 Attorney Moroni, on behalf of the Kallingals as 100 percent owners of the P.C., filed an Ex Parte Motion for a Temporary Restraining Order and a Preliminary Injunction, seeking to restrain the foreclosure sale.}{\fs24\insrsid661510\charrsid661510 }{ \fs24\insrsid5141911\charrsid661510 The Bank opposed this.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 Judge Bordallo (the TRO judge) heard the motion on May 30, 2003 and issued the TRO on June 2, 2003, on the basis that the Kallingals faced irreparable harm.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 Two weeks later, the parties agreed to stipulate to continue the mandatory hearing on the preliminary injunction}{\fs24\insrsid13715534\charrsid661510 and they filed}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid13715534\charrsid661510 b}{ \fs24\insrsid5141911\charrsid661510 riefs in anticipation of an August 2003 hearing}{\fs24\insrsid13715534\charrsid661510 . This }{\fs24\insrsid5141911\charrsid661510 hearing was }{\fs24\insrsid13715534\charrsid661510 reschedul}{ \fs24\insrsid5141911\charrsid661510 ed}{\fs24\insrsid609147\charrsid661510 and heard}{\fs24\insrsid5141911\charrsid661510 }{\fs24\insrsid609147\charrsid661510 on}{\fs24\insrsid13715534\charrsid661510 October 30, 2003.}{ \fs24\insrsid661510\charrsid661510 }{\fs24\insrsid13715534\charrsid661510 A continued hearing was set but was rescheduled}{\fs24\insrsid5141911\charrsid661510 four times.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 The hearing on the preliminary injunction concluded on November 6, 2003, and closing briefs were filed on November 20, 2003.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 Judge Manibusan (the preliminary injunction judge) issued a decision on December 3, 2003, granting the preliminary injunction.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 That order is on appeal to this court.}{ \fs24\insrsid661510 \par \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid661510 {\b\fs24\insrsid5141911\charrsid661510 II.}{\fs24\insrsid661510 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid661510 {\fs24\insrsid661510 \par }\pard \qj \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid661510 {\b\fs24\insrsid5141911\charrsid661510 [16]\tab }{\fs24\insrsid5141911\charrsid661510 Though a preliminary injunction is essentially interlocutory in nature, there is proper appellate jurisdiction in this case.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid661510 \par \par }\pard\plain \s23\qj \li720\ri720\nowidctlpar\faauto\rin720\lin720\itap0\pararsid661510 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\insrsid5141911\charrsid661510 [W]e have jurisdiction over this interlocutory appeal pursuant to Title 7 GCA \'a7 25102 which states that \'93[a]n appeal in a civil action or proceeding may be taken from the Superior Court . . . [f]rom an order granting or dissolving an injunction, or refusing to grant or dissolve an injunction,\'94 and Title 7 GCA \'a7 3108(b) which states that \'93[o]rders other than final judgments shall be available to immediate appellate review as provided by law.\'94 }{\insrsid661510 \par }\pard \s23\qj \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid661510 {\insrsid661510 \par }\pard\plain \qj \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid661510 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\i\fs24\insrsid5141911\charrsid661510 Guam Imaging Consultants, Inc. v. Guam Mem\rquote l Hosp.}{ \fs24\insrsid5141911\charrsid661510 , 2004 Guam 15, \'b6 14 (citation omitted).}{\fs24\insrsid661510 \par \par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid661510 {\b\fs24\insrsid5141911\charrsid661510 III.}{\b\fs24\insrsid661510 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid661510 {\fs24\insrsid661510\charrsid661510 \par }\pard \qj \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid661510 {\b\fs24\insrsid5141911\charrsid661510 [17]\tab }{\fs24\insrsid5141911\charrsid661510 \'93[A] lower court\rquote s grant of a preliminary injunction is generally reviewed for an abuse of discretion.\'94}{\fs24\insrsid661510\charrsid661510 }{\i\fs24\insrsid5141911\charrsid661510 Carlson v. Guam Tel. Auth.}{\fs24\insrsid5141911\charrsid661510 , 2002 Guam 15, \'b6 15 n.3.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 Issues of law underlying a trial court\rquote s grant of a preliminary injunction are reviewed }{\i\fs24\insrsid5141911\charrsid661510 de novo. Guam Fresh, Inc. v. Ada}{ \fs24\insrsid5141911\charrsid661510 , 849 F.2d 436, 437 (9th Cir. 1988).}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 The issue of whether the trial court abused its discretion in finding either irreparable harm or a likelihood of success on the merits is reviewed for abuse of discretion.}{\fs24\insrsid661510\charrsid661510 }{\i\fs24\insrsid5141911\charrsid661510 Clear Channel Outdoor, Inc. v. City of Los Angeles}{\fs24\insrsid5141911\charrsid661510 , 340 F.3d 810, 813 (9th Cir. 2003).}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 The trial court abuses its discretion when it \'93 misapprehend[s] the law with respect to the underlying issues in the litigation.\'94}{\fs24\insrsid661510\charrsid661510 }{\i\fs24\insrsid5141911\charrsid661510 Id}{\fs24\insrsid5141911\charrsid661510 .}{\fs24\insrsid661510 \par \par }\pard\plain \s25\qc \fi720\li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid661510 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\insrsid5141911\charrsid661510 IV. }{\insrsid661510 \par }\pard \s25\ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid661510 {\b0\insrsid661510\charrsid661510 \par }\pard \s25\qj \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid661510 {\insrsid5141911\charrsid661510 [18]\tab }{\b0\insrsid5141911\charrsid661510 The issue before us is whether the trial court abused its discretion in granting the preliminary injunction.}{\b0\insrsid661510\charrsid661510 }{\b0\insrsid5141911\charrsid661510 In order to grant a preliminary injunction, it is necessary that the movant show:}{\b0\insrsid661510\charrsid661510 }{ \b0\insrsid5141911\charrsid661510 (1) irreparable injury and (2) likelihood of success on the merits.}{\b0\insrsid661510\charrsid661510 }{\b0\i\insrsid5141911\charrsid661510 Carlson}{\b0\insrsid5141911\charrsid661510 , 2002 Guam 15 at \'b6 8.}{ \b0\insrsid661510 \par \par }{\insrsid5141911\charrsid661510 [19]}{\b0\insrsid5141911\charrsid661510 \tab While only the preliminary injunction is on appeal, (because the temporary restraining order expired by operation of law under Rule 65(b) of the Guam Rules of Civil Procedure), we note that the Order Granting Preliminary Injunction incorporated the findin g made by the TRO judge into the order granting the preliminary injunction.}{\b0\insrsid661510\charrsid661510 }{\b0\insrsid5141911\charrsid661510 The order granting the preliminary injunction stated:}{\b0\insrsid661510\charrsid661510 }{ \b0\insrsid5141911\charrsid661510 \'93Judge Bordallo [the TRO judge] noted that, \lquote real property and its attributes are considered unique and loss of real property rights generally results in irreparable harm.\rquote \'94}{ \b0\insrsid661510\charrsid661510 }{\b0\insrsid667294\charrsid661510 Appellant\rquote s }{\b0\insrsid5141911\charrsid661510 ER, Tab 46, p. 7 (Decision and Order, Dec. 3, 2003).}{\b0\insrsid661510\charrsid661510 }{\b0\insrsid5141911\charrsid661510 This court reviews the TRO court\rquote s finding only as it is incorporated into the Decision and Order on the preliminary injunction.}{\b0\insrsid661510\charrsid661510 }{\b0\insrsid661510 \par \par }{\insrsid5141911\charrsid661510 [20]}{\b0\insrsid5141911\charrsid661510 \tab The preliminary injunction judge also addressed the likelihood of success on the merits, holding that \'93 the Defendants [Kallingals] may likely prevail at a trial on their application for a permanent injunction.\'94}{\b0\insrsid661510\charrsid661510 }{\b0\insrsid5141911\charrsid661510 Appellant\rquote s ER, Tab 46, p. 10 (Decision and Order, Dec. 3, 2003).} {\b0\insrsid661510\charrsid661510 }{\b0\insrsid5141911\charrsid661510 Upon examination of the two factors for granting preliminary injunctions, this court finds the trial court\rquote s finding to be supported by the facts and law.}{ \b0\insrsid661510\charrsid661510 }{\b0\insrsid5141911\charrsid661510 Under the standard of review noted above, it is appropriate to affirm the findings of the trial court in this case.}{\b0\insrsid661510 \par \par {\listtext\pard\plain\s1 \b\insrsid5141911\charrsid661510 \hich\af0\dbch\af0\loch\f0 A.\tab}}\pard\plain \s1\qj \li0\ri0\keepn\nowidctlpar\jclisttab\tx360\faauto\ls1\outlinelevel0\rin0\lin0\itap0\pararsid661510 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\insrsid5141911\charrsid661510 Whether loss of }{\insrsid667294\charrsid661510 p}{\insrsid5141911\charrsid661510 roperty is irreparable harm}{\b0\insrsid661510 \par }\pard\plain \qj \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid661510 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\expnd0\expndtw-1\insrsid661510\charrsid661510 \par }{\b\fs24\insrsid5141911\charrsid661510 [21]\tab }{\fs24\insrsid5141911\charrsid661510 In issuing the initial TRO, the court found, \'93 [w]hile it is not clear that the Kallingals will probably prevail on the merits, failure to grant the temporary restraining order will result in irreparable harm to the Kallingals.\'94}{\fs24\insrsid661510\charrsid661510 }{ \fs24\insrsid5141911\charrsid661510 Appellant\rquote s ER 24, p. 1 (Decision and Order, June 2, 2003).}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 In reaching this conclusion, the court cited }{ \i\fs24\insrsid5141911\charrsid661510 Dixon v. Thatcher}{\fs24\insrsid5141911\charrsid661510 , 742 P.2d 1029 (Nev. 1987), a case in which the mortgagors were about to lose their residence.}{\fs24\insrsid661510\charrsid661510 }{ \fs24\insrsid5141911\charrsid661510 The court in }{\i\fs24\insrsid5141911\charrsid661510 Dixon}{\fs24\insrsid5141911\charrsid661510 stated that \'93 real property and its attributes are considered unique and loss of real property rights generally results in irreparable harm.\'94}{\fs24\expnd0\expndtw-1\insrsid661510\charrsid661510 }{\i\fs24\expnd0\expndtw-1\insrsid5141911\charrsid661510 Id}{ \fs24\expnd0\expndtw-1\insrsid5141911\charrsid661510 . at 1030.}{\fs24\expnd0\expndtw-1\insrsid661510\charrsid661510 }{\fs24\expnd0\expndtw-1\insrsid5141911\charrsid661510 However, the homeowners in }{ \i\fs24\expnd0\expndtw-1\insrsid5141911\charrsid661510 Dixon}{\fs24\expnd0\expndtw-1\insrsid5141911\charrsid661510 stood to lose a self-built log home.}{\fs24\expnd0\expndtw-1\insrsid661510\charrsid661510 }{ \fs24\expnd0\expndtw-1\insrsid5141911\charrsid661510 We must examine whether the uniqueness-of-property rule applied in }{\i\fs24\expnd0\expndtw-1\insrsid5141911\charrsid661510 Dixon}{\fs24\expnd0\expndtw-1\insrsid5141911\charrsid661510 was appropriately relied on in this case.}{\fs24\expnd0\expndtw-1\insrsid661510\charrsid661510 }{\fs24\expnd0\expndtw-1\insrsid661510 \par \par }{\b\fs24\insrsid5141911\charrsid661510 [22]\tab }{\fs24\insrsid5141911\charrsid661510 Whether loss of property to a foreclosure sale is irreparable is not settled on Guam.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 Loss of property is generally considered to be irreparable but it is not presumed to be so.}{\fs24\insrsid661510\charrsid661510 }{\i\fs24\insrsid5141911\charrsid661510 Mitchell v. Century 21 Rustic Realty}{\fs24\insrsid5141911\charrsid661510 , 233 F. Supp. 2d 418 (E.D.N.Y. 2002).}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 \'93Irreparable harm is not assumed; it must be demonstrated.\'94}{\fs24\insrsid661510\charrsid661510 }{ \i\fs24\insrsid5141911\charrsid661510 Narragansett Indian Tribe v. Guilbert,}{\fs24\insrsid5141911\charrsid661510 934 F.2d 4, 6 (1st Cir. 1991).}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 Even where real property is involved, \'93[s]peculative injury does not constitute a showing of irreparable harm.\'94 }{\i\fs24\insrsid5141911\charrsid661510 Pub. Serv. Co.}{\i\fs24\insrsid661510\charrsid661510 }{\i\fs24\insrsid5141911\charrsid661510 v. Town of W. Newbury}{\fs24\insrsid5141911\charrsid661510 , 835 F.2d 380, 383 (1st Cir. 1987).}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 While \'93real property is often judicially perceiv ed as unique, in this case plaintiffs are faced with the loss of commercial, and not residential, property. They are thus threatened with an economic loss which is compensable in large part, if not entirely, in damages.\'94 }{ \i\fs24\insrsid5141911\charrsid661510 Geneva Ltd. Partners v. Kemp}{\fs24\insrsid5141911\charrsid661510 , 779 F. Supp. 1237, 1241 (N.D. Cal. 1990). }{\fs24\insrsid661510 \par \par }{\b\fs24\insrsid5141911\charrsid661510 [23]\tab }{\fs24\insrsid5141911\charrsid661510 There is a presumption on Guam that loss of real property in a contract for sale of real estate is irreplaceable.}{\cs15\fs24\super\insrsid5141911\charrsid661510 \chftn {\footnote \pard\plain \ql \fi720\li0\ri0\keep\nowidctlpar\tx1170\faauto\rin0\lin0\itap0\pararsid1075803 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\cs15\super\insrsid10555848\charrsid15680986 \chftn }{ \insrsid10555848\charrsid15680986 }{\insrsid10555848 The presumption is stated as follows: \par \par }\pard \qj \fi720\li720\ri0\keep\nowidctlpar\tx1170\faauto\rin0\lin720\itap0\pararsid1075803 {\b\insrsid10555848 \'a7 3222. Distinction between real and personal property. }{\insrsid10555848 It is to be presumed that the breach of an agreement to transfer real property cannot be adequately relieved by pecuniary compensation, and that the breach of an agreement to transfer personal property can be thus relieved. \par }\pard \qj \fi720\li720\ri0\keep\nowidctlpar\faauto\rin0\lin720\itap0 {\insrsid10555848 \par }\pard \qj \li0\ri0\keep\nowidctlpar\faauto\rin0\lin0\itap0 {\insrsid10555848 Title 20 GCA \'a7 3222 (West, }{\scaps\insrsid10555848 Westlaw}{\insrsid10555848 through Guam Pub. L. 28-037 (April 22, 2005)).}}}{\fs24\insrsid661510\charrsid661510 }{ \fs24\insrsid5141911\charrsid661510 This statute, however, does not translate into a rule that loss to foreclosure is irreparable.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 The California Supreme Court, interpreting a law identical to Title 20 GCA \'a7 3222, }{\fs24\insrsid10358477\charrsid661510 h}{\fs24\insrsid5141911\charrsid661510 eld that where the foreclosure is against investment property, it is not sufficiently unique to justify a finding of irreparability.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 In }{\i\fs24\insrsid5141911\charrsid661510 Jessen v. Keystone Sav. & Loan Ass\rquote n}{\fs24\insrsid5141911\charrsid661510 , 191 Cal. Rptr. 104 (Ct. App. 1983), the court held that investment units could be adequately compensated in damages because their price would be fixed by the open market.}{ \fs24\insrsid661510\charrsid661510 }{\i\fs24\insrsid5141911\charrsid661510 Id.}{\fs24\insrsid5141911\charrsid661510 at 106-07.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 This case turned on the factual circumstances surrounding the units that were at issue; two were occupied by the mortgagor, and two were investment units; the two types of units were treated differently.}{\fs24\insrsid661510\charrsid661510 }{ \i\fs24\insrsid5141911\charrsid661510 Id.}{\fs24\insrsid5141911\charrsid661510 at 106-109.}{\fs24\insrsid661510 \par \par }{\b\fs24\insrsid5141911\charrsid661510 [24]\tab }{\fs24\insrsid5141911\charrsid661510 Determining whether loss of real property is irreparable injury depends on the factual circumstances.}{\fs24\insrsid661510\charrsid661510 }{ \fs24\insrsid5141911\charrsid661510 This court agrees with the court in }{\i\fs24\insrsid5141911\charrsid661510 Medgar Evers Houses Assoc., L.P. v. Carro}{\fs24\insrsid5141911\charrsid661510 , No. 01-CV-6107, 2001 WL 1456190 (E.D.N.Y. Nov. 6, 2001), that \'93whether real property loss creates irreparable injury is a {\*\bkmkstart SearchTerm}{\*\bkmkend SearchTerm}fact-sensitive inquiry, and that such loss cannot be said to constitute irreparable harm as a matter of law.\'94}{ \fs24\insrsid661510\charrsid661510 }{\i\fs24\insrsid5141911\charrsid661510 Id. }{\fs24\insrsid5141911\charrsid661510 at *4.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid661510 \par \par }{\b\fs24\insrsid5141911\charrsid661510 [25]\tab }{\fs24\insrsid5141911\charrsid661510 The record in this case adequately shows that the Kallingals depended on the Bello Road apartments in order to emerge from Chapter 11 bankruptcy proceedings and enter into this, or any, settlement agreement with the bank.}{ \fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 In seeking to introduce evidence of irreparability, counsel for the Kallingals argued to the court:}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid661510 \par \par }\pard \qj \fi-2160\li2880\ri720\nowidctlpar\tx0\tx720\tx1440\tx2160\tx2880\tx3600\tx4320\tx5040\tx5760\tx6480\tx7200\tx7920\tqr\tx8640\faauto\rin720\lin2880\itap0\pararsid661510 {\fs24\insrsid5141911\charrsid661510 (by Mr. Moroni):\tab Our position is that he agreed to make these payments.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 One of the assumptions would be that he would have this property to help him make these payments.}{ \fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 And they\rquote re saying he\rquote d still make the payments even if we take the property; it doesn\rquote t really matter, we can still continue with the agreement.}{ \fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 We\rquote re saying no.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 This was -- this was an important thing, it\rquote s got a lot of potential value. }{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid661510 \par }\pard \qj \li0\ri0\nowidctlpar\tx0\tx720\tx1440\tx2160\tx2880\tx3600\tx4320\tx5040\tx5760\tx6480\tx7200\tx7920\tx8640\tqr\tx9360\faauto\rin0\lin0\itap0\pararsid661510 {\fs24\insrsid661510 \par }{\fs24\insrsid5141911\charrsid661510 Tr. vol. II, p. 90 (Hr\rquote g on Continued Prelim. Inj., Oct. 30, 2003).}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 Testimony was also given regarding the importance of the Kallingals \rquote keeping this property:}{\fs24\insrsid661510 \par \par }\pard \qj \fi-2160\li2880\ri720\nowidctlpar\tx0\tx720\tx1440\tx2160\tx2880\tx3600\tx4320\tx5040\tx5760\tx6480\tx7200\tx7920\tqr\tx8640\faauto\rin720\lin2880\itap0\pararsid661510 {\fs24\insrsid5141911\charrsid661510 Q (by Mr. Moroni):\tab Let me ask you this.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 So, why is keeping this property important to you to be able to keep this settlement?}{\fs24\insrsid661510 \par }\pard \qj \li0\ri720\nowidctlpar\tx0\tx720\tx1440\tx2160\tx2880\tx3600\tx4320\tx5040\tx5760\tx6480\tx7200\tx7920\tqr\tx8640\faauto\rin720\lin0\itap0\pararsid661510 {\fs24\insrsid661510 \par }\pard \qj \fi-2160\li2880\ri720\nowidctlpar\tx0\tx720\tx1440\tx2160\tx2880\tx3600\tx4320\tx5040\tx5760\tx6480\tx7200\tx7920\tqr\tx8640\faauto\rin720\lin2880\itap0\pararsid661510 {\fs24\insrsid5141911\charrsid661510 A (by Mr. Kallingal):\tab The property was worth at the time 800,000.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 Prior to that, we were offered 1.2 Million Dollars for sale.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 It\rquote s a big property.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 It is a standard property, prime location, therefore, if they won\rquote t settle this at $250,000, severe damage, irreparable damage will be done to me.}{\fs24\insrsid661510 \par }\pard \qj \li0\ri720\nowidctlpar\tx0\tx720\tx1440\tx2160\tx2880\tx3600\tx4320\tx5040\tx5760\tx6480\tx7200\tx7920\tqr\tx8640\faauto\rin720\lin0\itap0\pararsid661510 {\fs24\insrsid661510 \par }\pard \qj \li720\ri720\nowidctlpar\tx0\tx720\tx1440\tx2160\tx2880\tx3600\tx4320\tx5040\tx5760\tx6480\tx7200\tx7920\tqr\tx8640\faauto\rin720\lin720\itap0\pararsid661510 {\fs24\insrsid5141911\charrsid661510 Q:\tab \tab \tab So, what if you kept it, how would you be able to \endash }{\fs24\insrsid661510 \par }\pard \qj \li0\ri720\nowidctlpar\tx0\tx720\tx1440\tx2160\tx2880\tx3600\tx4320\tx5040\tx5760\tx6480\tx7200\tx7920\tqr\tx8640\faauto\rin720\lin0\itap0\pararsid661510 {\fs24\insrsid661510 \par }\pard \qj \fi-2160\li2880\ri720\nowidctlpar\tx0\tx720\tx1440\tx2160\tx2880\tx3600\tx4320\tx5040\tx5760\tx6480\tx7200\tx7920\tqr\tx8640\faauto\rin720\lin2880\itap0\pararsid661510 {\fs24\insrsid5141911\charrsid661510 A:\tab \tab \tab I would certainly repair it, and I would be able to make 6 - $7,000.00 easily in rent.}{\fs24\insrsid661510 \par }\pard \qj \li0\ri720\nowidctlpar\tx0\tx720\tx1440\tx2160\tx2880\tx3600\tx4320\tx5040\tx5760\tx6480\tx7200\tx7920\tqr\tx8640\faauto\rin720\lin0\itap0\pararsid661510 {\fs24\insrsid661510 \par }\pard \qj \fi-2160\li2880\ri720\nowidctlpar\tx0\tx720\tx1440\tx2160\tx2880\tx3600\tx4320\tx5040\tx5760\tx6480\tx7200\tx7920\tqr\tx8640\faauto\rin720\lin2880\itap0\pararsid661510 {\fs24\insrsid5141911\charrsid661510 Q:\tab \tab \tab And is that money important to you in order to be able to carry out this settlement?}{\fs24\insrsid661510 \par }\pard \qj \li0\ri720\nowidctlpar\tx0\tx720\tx1440\tx2160\tx2880\tx3600\tx4320\tx5040\tx5760\tx6480\tx7200\tx7920\tqr\tx8640\faauto\rin720\lin0\itap0\pararsid661510 {\fs24\insrsid661510 \par }\pard \qj \fi-2171\li2880\ri720\nowidctlpar\tx0\tx720\tx1440\tx2160\tx2880\tx3600\tx4320\tx5040\tx5760\tx6480\tx7200\tx7920\tqr\tx8640\faauto\rin720\lin2880\itap0\pararsid661510 {\fs24\insrsid5141911\charrsid661510 A:\tab \tab \tab To pay off -- That \rquote s correct.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 Each month to pay -- right now it\rquote s $8,000; starting next year it\rquote s $12,000.}{\fs24\insrsid661510\charrsid661510 }{ \i\fs24\insrsid5141911\charrsid661510 I certainly need that apartment to make that money.}{\i\fs24\insrsid661510 \par }\pard \qj \li0\ri0\nowidctlpar\tx0\tx720\tx1440\tx2160\tx2880\tx3600\tx4320\tx5040\tx5760\tx6480\tx7200\tx7920\tx8640\tqr\tx9360\faauto\rin0\lin0\itap0\pararsid661510 {\fs24\insrsid661510 \par }\pard\plain \s21\qj \li0\ri0\nowidctlpar\tx0\tx720\tx1440\tx2160\tx2880\tx3600\tx4320\tx5040\tx5760\tx6480\tx7200\tx7920\tx8640\tqr\tx9360\faauto\rin0\lin0\itap0\pararsid661510 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 { \expnd0\expndtw-3\insrsid5141911\charrsid661510 Tr. vol. II, }{\expnd0\expndtw-3\insrsid11079597\charrsid661510 p}{\expnd0\expndtw-3\insrsid5141911\charrsid661510 p. 92-93 (Hr\rquote g on Continued Prelim. Inj., Oct. 30, 2003) (emphasis added).}{ \expnd0\expndtw-3\insrsid661510\charrsid661510 }{\expnd0\expndtw-3\insrsid5141911\charrsid661510 The record thus supports the finding that the loss of this property would irreparably injure the Kallingals in this case.}{\expnd0\expndtw-3\insrsid661510 \par \par }{\b\insrsid5141911\charrsid661510 [26]\tab }{\insrsid5141911\charrsid661510 While the loss of real property does not result in a presumption of irreparable harm, }{\i\insrsid5141911\charrsid661510 see supra,}{\insrsid5141911\charrsid661510 there was evidence that the Kallingals\rquote loss of this property would irreparably damage them. }{\i\insrsid5141911\charrsid661510 See}{\insrsid5141911\charrsid661510 }{\i\insrsid5141911\charrsid661510 Varsames v. Palazzolo}{ \insrsid5141911\charrsid661510 , 96 F. Supp. 2d 361, 367 (S.D.N.Y. 200}{\insrsid11079597\charrsid661510 0) (holding that deprivation of }{\insrsid5141911\charrsid661510 the movants\rquote ability to make productive use of their own property rises to the level of irreparable injury).}{\insrsid661510\charrsid661510 }{\insrsid5141911\charrsid661510 The T RO court properly found that loss of this property of the Kallingals presented irreparable injury to them.}{\insrsid661510\charrsid661510 }{\insrsid5141911\charrsid661510 We agree that the finding is proper because it was factually supported by the record, which we hold is required when evaluating whether loss of real property to a foreclosure constitutes irreparable harm.}{\insrsid661510\charrsid661510 }{ \insrsid5141911\charrsid661510 It was also not an abuse of discretion for the trial judge to integrate this finding of irreparable injury in his Decision and Order.}{\insrsid661510\charrsid661510 }{\insrsid5141911\charrsid661510 Therefore, the trial court did not err in finding that the Kal}{\insrsid661510 lingals faced irreparable harm. \par \par }{\b\insrsid10358477\charrsid661510 B.}{\b\insrsid661510\charrsid661510 }{\b\insrsid5141911\charrsid661510 Probability of }{\b\insrsid1071847\charrsid661510 s}{\b\insrsid5141911\charrsid661510 uccess on the }{\b\insrsid1071847\charrsid661510 m}{ \b\insrsid5141911\charrsid661510 erits}{\b\insrsid661510 \par \par }\pard\plain \qj \li0\ri0\nowidctlpar\tx0\tx720\tx1440\tx2160\tx2880\tx3600\tx4320\tx5040\tx5760\tx6480\tx7200\tx7920\tx8640\tqr\tx9360\faauto\rin0\lin0\itap0\pararsid661510 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 { \b\fs24\insrsid5141911\charrsid661510 [27]\tab }{\fs24\insrsid5141911\charrsid661510 The appellate court may affirm the trial court\rquote s grant of an injunction as long as the record produces any ground on which it may appear that the seeking party may recover on the merits.}{\fs24\insrsid661510\charrsid661510 }{\i\fs24\insrsid5141911\charrsid661510 S.E.C. v. Fife}{ \fs24\insrsid5141911\charrsid661510 , 311 F.3d 1, 8 (1st Cir. 2002).}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 In this case, the trial court found that the Kallingals had established a likelihood of success on the merits.} {\fs24\insrsid661510\charrsid661510 }{\i\fs24\insrsid5141911\charrsid661510 See}{\fs24\insrsid5141911\charrsid661510 Appellant\rquote s ER, Tab 46, p. 7 (Decision and Order, Dec. 3, 2003).}{\fs24\insrsid661510\charrsid661510 }{ \fs24\insrsid5141911\charrsid661510 This finding was predicated on the following specific rulings:}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 (1) there had been an offer and acceptance; (2)}{ \fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 the \'93Second Workout Agreement\'94 was not conditioned on the further execution of the Forbearance, and moreover, the Forbearance Agreement contained time limits that materially altered the original contract between the parties; (3)}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 the Kallingals could not be criticized for unreasonably delaying their pursuit of the dismissal of the bankruptcy; and (4) they wanted the $70,000 because HSBC itself suggested to the Kallingals that they would get the entire amount.}{ \fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 As a result of the foregoing findings, the facts indicated that the Bank breached the Settlement Agreement, and therefore the Kallingals had shown a likelihood of success on the merits.}{\fs24\insrsid661510\charrsid661510 }{ \fs24\insrsid5141911\charrsid661510 The Bank has not alleged that the trial court misapplied the law, and so the grant of this preliminary injunction is reviewed for an abuse of discretion.}{\fs24\insrsid661510\charrsid661510 }{ \i\fs24\insrsid5141911\charrsid661510 Carlson}{\fs24\insrsid5141911\charrsid661510 , 2002 Guam 15 at \'b6 15.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid661510 \par \par }{\b\fs24\insrsid5141911\charrsid661510 [28]\tab }{\fs24\insrsid5141911\charrsid661510 In determining whether there was a contract, the first issue is formation.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 \'93 The three recognized elements of a contract are an offer, acceptance and consideration.\'94}{\fs24\insrsid661510\charrsid661510 }{\i\fs24\insrsid5141911\charrsid661510 Mobil Oil Guam, Inc. v}{\fs24\insrsid5141911\charrsid661510 . }{ \i\fs24\insrsid5141911\charrsid661510 Tendido}{\fs24\insrsid5141911\charrsid661510 , 2004 Guam 7, \'b6 34.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 There is no dispute that there was an offer, evidenced by}{ \fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 HSBC\rquote s October 24, 2002 letter offering a settlement on terms.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 Further, there is no dispute that there was an acceptance, Kallingal P.C.\rquote s November 20, 2002 letter accepting the terms of the offer.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 The next correspondence came after Typhoon Pongsona, on January 22, 2003.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 At that time, HSBC asked Kallingal P.C. to sign a \'93Forbearance Agreement.\'94}{ \fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 This is where the dispute arises:}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 HSBC asserts that the Forbearance Agreement merely embodied the terms of the settlement agreement that the parties had already agreed upon, while Kallingal P.C. contends that the Forbearance Agreement contained materially different terms such as to materially alter the agreement between the parties.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 Kallingal P.C. argues it was simply complying with the terms of its version of the Settlement Agreement, which the Bank then breached.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 However, the Bank asserts that since Kallingal P.C. did not agree to the terms of the Forbearance Agreement, there was no settlement agreement and the Bank was at liberty to pursue collection of their loan.}{\fs24\insrsid661510\charrsid661510 }{ \fs24\insrsid661510 \par \par }{\b\fs24\insrsid5141911\charrsid661510 [29]\tab }{\fs24\insrsid5141911\charrsid661510 The trial court was not persuaded by the Bank\rquote s position that there was no settlement until the Forbearance Agreement was signed.}{ \fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 The preliminary injunction judge ruled that the \'93Defendants accepted the terms of an offer contained in a letter dated October 24, 2002 from Plaintiff.\'94}{ \fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 Appellant\rquote s ER, Tab 46, p. 5 (Decision and Order, Dec. 3, 2003}{\fs24\insrsid1071847\charrsid661510 )}{\fs24\insrsid5141911\charrsid661510 .}{ \fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 HSBC presented no evidence that the settlement of the matter was conditioned on the Forbearance Agreement, except testimony of a banker who stated a forbearance agreement would not be unusual.}{\fs24\insrsid661510\charrsid661510 }{ \fs24\insrsid5141911\charrsid661510 Tr. vol. II, pp. 211-38 (Hr\rquote g on Prelim. Inj., Oct. 30, 2003); Tr. vol. III, pp. 3-46 (Continued Hr\rquote g on Prelim. Inj., Oct. 30, 2003).}{\fs24\insrsid661510\charrsid661510 }{ \fs24\insrsid5141911\charrsid661510 The banker\rquote s testimony, though, does not compel the conclusion that it was a requirement of the consummation of this particular settlement.}{\fs24\insrsid661510\charrsid661510 }{ \fs24\insrsid5141911\charrsid661510 In fact, the record reveals that shortly after the P.C. accepted the Bank\rquote s offer, Guam endured Typhoon Pongsona on December 8, 2002.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 Causing a complete loss of electricity, water, and fuel for days, this storm interrupted normal business on Guam for no less than five weeks.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 The parties\rquote next communication, on January 22, 2003, was relatively early in the typhoon recovery process, but explains the five-week hiatus in communications.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid661510 \par \par }{\b\fs24\insrsid5141911\charrsid661510 [30]\tab }{\fs24\insrsid5141911\charrsid661510 The record supports the conclusion that the Kallingals were diligent in responding to the bank\rquote s offer, given such extreme circumstances.}{ \fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 The trial court\rquote s findings that the parties had made a contract with the October 24, 2002 offer and the November 20, 2002 acceptance is therefore not an abuse of discretion.} {\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid661510 \par \par }{\b\fs24\insrsid5141911\charrsid661510 [31]\tab }{\fs24\insrsid5141911\charrsid661510 Further, it was not an abuse of discretion for the trial court to find that many terms of the Forbearance Agreement were inconsistent with the original offer and acceptance.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 The following terms, found in the Forbearance Agreement, had not been contained in the original offer of October 24, 2002:}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 (1) the appointment of a receiver; (2) a stipulation that the bankruptcy stay would be lifted; (3) the call for financial operating statements from the P.C. each month; (4) a balloon payment at the end; and (5) modified or newly imposed time limits (that the P.C. had until February 1, 2003 to file its Motion to Dismiss the bankruptcy, and also that HSBC would forebear only until March 31, 2003).}{\fs24\insrsid661510\charrsid661510 }{ \fs24\insrsid5141911\charrsid661510 Given these material changes to the original offer, an d given the fact that the Forbearance Agreement was never a requirement in the first place, the trial court did not err when it found that the Bank had no right to rely on it.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid661510 \par \par }{\b\fs24\insrsid5141911\charrsid661510 [32]\tab }{\fs24\insrsid5141911\charrsid661510 In conclusion, the trial court\rquote s finding that the settlement agreement was not conditioned on the execution of the Forbearance Agreement was not in error.}{ \fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 There was no mention of a Forbearance Agreement in Attorney Tang\rquote s original offer.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 The proposed Forbearance Agreement later added these terms. Therefore, the Bank\rquote s insistence on the Forbearance Agreement was a proposed material alteration of an already existing settlement agreement.}{\fs24\insrsid661510\charrsid661510 }{ \fs24\insrsid5141911\charrsid661510 Since the Kallingals never agreed to these supplemental terms, they were not binding on the Kallingals.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid661510 \par \par }{\b\fs24\insrsid5141911\charrsid661510 [33]\tab }{\fs24\insrsid5141911\charrsid661510 It is also not consequential that the Kallingals\rquote bankruptcy case was dismissed so much later than the Bank expected.}{\fs24\insrsid661510\charrsid661510 }{ \fs24\insrsid5141911\charrsid661510 Under the facts of this case, there was no deadline by which the bankruptcy case had to be dismissed.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 This deadline could have been added by the Bank in its offer, but it was not.}{\fs24\insrsid661510\charrsid661510 }{\fs24\insrsid5141911\charrsid661510 When the offer was accepted by the Kallingals, the Bank did not have any legal right to go back }{ \fs24\expnd0\expndtw-2\insrsid5141911\charrsid661510 and impose time and date limitations.}{\fs24\expnd0\expndtw-2\insrsid661510\charrsid661510 }{\fs24\expnd0\expndtw-2\insrsid5141911\charrsid661510 The Kallingals were under no obligation to meet any deadlines.}{\fs24\expnd0\expndtw-2\insrsid661510 \par \par }{\b\fs24\insrsid5141911\charrsid661510 [34]\tab }{\fs24\insrsid5141911\charrsid661510 For the foregoing reasons, we find no error in the trial court\rquote s finding of likelihood of success on the merits.}{\fs24\insrsid661510\charrsid661510 }{ \fs24\insrsid5141911\charrsid661510 There was no error in granting this injunction.}{\fs24\insrsid661510 \par \par }\pard \qc \fi720\li0\ri0\nowidctlpar\tx0\tx720\tx1440\tx2160\tx2880\tx3600\tx4320\tx5040\tx5760\tx6480\tx7200\tx7920\tx8640\tqr\tx9360\faauto\rin0\lin0\itap0\pararsid661510 {\b\fs24\insrsid5141911\charrsid661510 V.}{\fs24\insrsid661510 \par }\pard \ql \li0\ri0\nowidctlpar\tx0\tx720\tx1440\tx2160\tx2880\tx3600\tx4320\tx5040\tx5760\tx6480\tx7200\tx7920\tx8640\tqr\tx9360\faauto\rin0\lin0\itap0\pararsid661510 {\fs24\insrsid661510 \par }\pard \qj \li0\ri0\nowidctlpar\tx0\tx720\tx1440\tx2160\tx2880\tx3600\tx4320\tx5040\tx5760\tx6480\tx7200\tx7920\tx8640\tqr\tx9360\faauto\rin0\lin0\itap0\pararsid661510 {\b\fs24\insrsid5141911\charrsid661510 [35]\tab }{\fs24\insrsid5141911\charrsid661510 For these reasons, the grant of a preliminary injunction below was not an abuse of discretion, and it is therefore }{\b\fs24\insrsid5141911\charrsid661510 AFFIRMED}{\fs24\insrsid5141911\charrsid661510 .}{\fs24\insrsid661510 \par }}