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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1 2 3 4 5 6 7 8 UNITED STATES DISTRICT COURT 9 EASTERN DISTRICT OF CALIFORNIA 10 11 SECURITIES AND EXCHANGE COMMISSION, 12 Plaintiff, 13 v. 14 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. 16 17 18 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"). 25 Having considered the Interim Report, and the Receiver's recommendations 26 as reflected therein, the Court ORDERS as follows: 27 28 1. The Receiver's Interim Report is accepted; 1 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; 5 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 9 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. 13 14 IT IS SO ORDERED. 15 Dated: /s/ Lawrence J. O’Neill _____ January 26, 2017 UNITED STATES CHIEF DISTRICT JUDGE 16 17 18 19 20 21 22 23 24 25 26 27 28 1067157.01/LA -2

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