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

Filing 252

ORDER Authorizing and Approving Receiver's Sales Procedures for Oil Company and Authorizing Receiver's Engagement of Oil Company Broker, signed by Chief Judge Lawrence J. O'Neill on 6/29/17. (Gonzalez, R)

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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 CORPORATION and DANIEL R. NASE, individually and d/b/a 16 BAKERSFIELD INVESTMENT CLUB, 17 Case No. 1:16-cv-00344-LJO-JLT ORDER AUTHORIZING AND APPROVING RECEIVER'S SALES PROCEDURES FOR OIL COMPANY AND AUTHORIZING RECEIVER'S ENGAGEMENT OF OIL COMPANY BROKER Defendants, 18 BIC SOLO 401K TRUST and MARGARITA NASE, 19 Relief Defendants. 20 21 The Court has reviewed the Motion for Order Authorizing and Approving 22 Sales Procedures for Oil Company and Authorizing Engagement of Oil Company 23 Broker (the "Motion") filed by David P. Stapleton (the "Receiver"), the court24 appointed permanent receiver for Defendant BIC Real Estate Development 25 Corporation and its subsidiaries and affiliates, including but not limited to, WM 26 Petroleum; Target Oil & Gas Drilling, Inc.; Tier 1 Solar Power Company; Tier 1 27 Solar Power Company, LLC; and Home Sweet Holdings (collectively, the 28 "Receivership Entities"). 1 The Motion came for hearing as noticed. Appearances, if any, were as stated 2 on the record. Having considered the Motion, and all its supporting materials, and 3 good cause appearing therefor, 4 IT IS HEREBY ORDERED AS FOLLOWS: 5 1. The sales procedures proposed in the Motion are approved; 6 2. The Receiver is authorized to market and sell the Receivership Entities' 7 oil company assets (the "Oil Company Assets"), subject to Court-approval, pursuant 8 to the sales procedures proposed in the Motion; and 9 3. The Receiver is authorized to engage to serve and be 10 compensated as the Receiver's broker for, and assist in the marketing and sale of, the 11 Oil Company Assets, pursuant to the terms set forth in the Motion, and as reflected 12 in the Sale Brokerage/Consulting Agreement appended as Exhibit A to the 13 Receiver's declaration in support of the Motion. 14 IT IS SO ORDERED. 15 16 Dated: /s/ Lawrence J. O’Neill _____ June 29, 2017 UNITED STATES CHIEF DISTRICT JUDGE 17 18 19 20 21 22 23 24 25 26 27 28 -2-

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