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

Filing 381

ORDER GRANTING MOTION OF RECEIVER, DAVID P. STAPLETON, FOR ORDER AUTHORIZING AND APPROVING SALE OF THE ASSETS OF WM PETROLEUM AND TARGET OIL & GAS DRILLING, INC.; APPOINTING RECEIVER TO CONDUCT AUCTION FOR QUALIFIED BIDDERS signed by Chief Judge Lawrence J. O'Neill on July 10, 2018. (Munoz, I)

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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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ORDER GRANTING MOTION OF
RECEIVER, DAVID P. STAPLETON, FOR
ORDER AUTHORIZING AND APPROVING
SALE OF THE ASSETS OF WM
PETROLEUM AND TARGET OIL & GAS
DRILLING, INC.; APPOINTING RECEIVER
TO CONDUCT AUCTION FOR QUALIFIED
BIDDERS

Plaintiff,

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Case No. 1:16-cv-00344-LJO-JLT

v.
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16 BIC REAL ESTATE DEVELOPMENT
CORPORATION and DANIEL R. NASE,
17 individually and d/b/a BAKERSFIELD
INVESTMENT CLUB,
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Defendants,
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BIC SOLO 401K TRUST and MARGARITA
20 NASE,
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Relief Defendants.

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ORDER
This Court has reviewed and considered the Motion for Order Authorizing and Approving

25 Sale of the Assets of WM Petroleum and Target Oil and Gas Drilling, Inc. (the “Sale Motion”)
26 submitted by David P. Stapleton (the “Receiver”), the Court-appointed permanent Receiver for
27 Defendant BIC Real Estate Development Corporation and its subsidiaries and affiliates, including
28 but not limited to WM Petroleum; Target Oil & Gas Drilling, Inc.; Tier 1 Solar Power Company;

1 Tier 1 Solar Power Company, LLC; and Home Sweet Holdings. The Court notes that the
2 completion of such sale is subject to the overbid procedures previously approved by this Court.
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Having considered the Receiver’s Motion, the Receiver’s associated Declaration and

4 exhibit, and good cause appearing therefor, this Court ORDERS as follows:
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1.

The Receiver’s Motion is GRANTED, in its entirety;

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2.

The Receiver’s proposed sale of the real and personal property assets of the Oil

7 Company (as the term “Oil Company” is defined in the Sale Motion, and as further described in
8 the Real Estate Asset and Purchase Agreement (the “PSA”) that accompanied the Sale Motion), is
9 APPROVED and AUTHORIZED;
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3.

The Receiver is AUTHORIZED to consummate the sale of the real and personal

11 property assets of the Oil Company, as the term “Oil Company” is defined in the Motion, and as
12 further described in the PSA, to the Buyer (as the term “Buyer” is defined in the Motion) in a
13 manner consistent with the PSA or, if the buyer designated by the Court is a Qualified Overbidder
14 (as the term “Qualified Overbidder” is defined in this Court’s prior Orders regarding the sale of
15 Oil Company assets), in a manner consistent with the PSA, as modified for the Qualified
16 Overbidder, again in a manner consistent with this Court’s prior Orders regarding the sale of Oil
17 Company assets.
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6.

The Receiver is AUTHORIZED to pay his broker, EnergyNet.com, Inc.

19 (“EnergyNet”), a commission of 4% of the final purchase price for the Oil Company assets, less
20 $7,500.00, as per the terms of the previously approved agreement for the Receiver’s retention of
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7.

The Court notes that a sale hearing is currently scheduled for Monday, July 16,

23 2018 at 8:30 AM in Courtroom 4. Having approved the sale as set forth in the Receiver’s Sale
24 Motion, the Court finds that it is unnecessary for the Court to conduct a hearing to consider the
25 terms of the Receiver’s proposed sale. In accordance with the sales procedures, the Court
26 APPOINTS the Receiver, David P. Stapleton, to conduct an auction among the Qualified Bidders,
27 if any, at that hearing. For purposes of conducting any such auction, the Court AUTHORIZES the
28 Receiver to use Courtroom 3 on July 16, 2018 at 8:30 AM. The Receiver SHALL be

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1 responsible for distributing a copy of this order to every individual appearing in person at that
2 time. The Receiver shall conduct the auction in accordance with the Court’s approved sales
3 procedures. Should any issues arise at that time, the Receiver and/or any other party wishing to
4 raise an objection is REQUIRED to contact chambers at [phone]. The Court will be
5 available to go on the record if necessary.
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8.

After conducting an auction, if necessary, the Receiver shall submit a final

7 proposed order identifying the highest bidder, whether it is the Buyer or a Qualified Overbidder,
8 by name, so that the Court may confirm the sale.
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10 IT IS SO ORDERED.
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Dated:

/s/ Lawrence J. O’Neill _____

July 10, 2018

UNITED STATES CHIEF DISTRICT JUDGE

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