Securities and Exchange Commission v. BIC Real Estate Development Corporation et al

Filing 161

ORDER on Third Report and Petition for Further Instructions of Receiver, David P. Stapleton signed by Chief Judge Lawrence J. O'Neill on 1/26/2017. (Jessen, A)

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UNITED STATES DISTRICT COURT

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EASTERN DISTRICT OF CALIFORNIA

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11 SECURITIES AND EXCHANGE
COMMISSION,
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Plaintiff,
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v.
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BIC REAL ESTATE DEVELOPMENT,
15 CORP., et al.,

Case No. 1:16-cv-00344-LJO-JLT
ORDER ON THIRD REPORT AND
PETITION FOR FURTHER
INSTRUCTIONS OF RECEIVER,
DAVID P. STAPLETON

Defendants.

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The Court has reviewed the Third Interim Report and Petition for Instructions

19 (the "Interim Report") of the Court-appointed Receiver, David P. Stapleton (the
20 "Receiver"), the permanent receiver for Defendant BIC Real Estate Development
21 Corporation ("BIC") and its subsidiaries and affiliates, including but not limited to
22 WM Petroleum; Target Oil & Gas Drilling, Inc.; Tier 1 Solar Power Company, Tier
23 1 Solar Power Company, LLC; and Home Sweet Holdings (collectively, the
24 "Receivership Entities" or "Entities").
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Having considered the Interim Report, and the Receiver's recommendations

26 as reflected therein, the Court ORDERS as follows:
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1.

The Receiver's Interim Report is accepted;

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2.

The Receiver's recommendations, as presented in the Interim Report,

2 are accepted and approved, and the Receiver is authorized to continue his
3 administration of the Receivership Entities and their assets consistent with the
4 Receiver's recommendations in the Interim Report and this Court's previous orders;
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3.

The revised, estimated budgets for the Receiver and his counsel of

6 record, Allen Matkins Leck Gamble Mallory & Natsis LLP ("Allen Matkins"), for
7 the period from the inception of the receivership through October 31, 2016, are
8 approved; and
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4.

The estimated budgets for the Receiver and Allen Matkins for the

10 period from November 1, 2016 through February 28, 2017 are approved, and the
11 Receiver and Allen Matkins are authorized to incur the fees and costs identified
12 therein.
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14 IT IS SO ORDERED.
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Dated:

/s/ Lawrence J. O’Neill _____

January 26, 2017

UNITED STATES CHIEF DISTRICT JUDGE

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1067157.01/LA

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