United States Of America v. Rocket Ventures II SBIC, L.P.

Filing 45

ORDER 1) APPROVING RECEIVER'S RECOMMENDED PRIORITY OF PAYMENT OF CLAIMS; 2) AUTHORIZING PAYMENT OF APPOVED CLAIMS. Signed by Judge JEFFREY S. WHITE on 9/2/10. (jjoS, COURT STAFF) (Filed on 9/2/2010)

United States Of America v. Rocket Ventures II SBIC, L.P.

Doc. 45

Case3:08-cv-02240-JSW Document38

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1 Gregory C. Nuti (Bar No. 151754) E-Mail: [e-mail] 2 Joseph J. Orzano (Bar No. 262040) E-Mail: [e-mail] 3 Schnader Harrison Segal & Lewis LLP 4 One Montgomery Street, Suite 2200 San Francisco, CA 94104-5501 5 Telephone: [phone] Facsimile: 415-364-6785 6 Beverley Hazlewood Lewis 7 Trial Attorney, Office of General Counsel 8 U.S. Small Business Administration 409 3rd Street, S.W., Suite 7200 9 Washington, D.C. 20416 Telephone [phone] Facsimile (202) 481- 0468
SCHNADER HARRISON SEGAL & LEWIS LLP ONE MONTGOMERY STREET, SUITE 2200 SAN FRANCISCO, CA 94104-5501 TELEPHONE: [phone]

11 Attorney for United States Small Business Administration 12 in its capacity as Receiver for Rocket Ventures II SBIC, L.P. 13 UNITED STATES DISTRICT COURT 14 NORTHERN DISTRICT OF CALIFORNIA 15 SAN FRANCISCO DIVISION 16 17 18 19 20 vs. UNITED STATES OF AMERICA, Plaint iff, Case No. C08-02240 JSW ORDER (1) APPROVING RECEIVER'S RECOMMENDED PRIORITY OF PAYMENT OF CLAIMS; AND (2) AUTHORIZING PAYMENT OF APPROVED CLAIMS

21 ROCKET VENTURES II SBIC, L.P., 22 23 24 Defendant.

This matter came before the Court on the motion for an order (1) Approving the Receiver's

25 Recommended Priority of Payment of Claims; and (2) Authorizing Payment of Approved Claims 26 (the "Motion") filed by the U. S. Small Business Administration ("SBA" or "Receiver") as / 27 receiver for Rocket Ventures II SBIC, LP ("Rocket SBIC"). After reviewing the pleadings, 28 //
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1 IT IS HEREBY ORDERED THAT: 2 3 4 5 1. 2. 2. 3. The Motion is GRANTED; and The case is re-opened for the purpose of entry of this order; and The Receiver's recommended priority of claims is APPROVED; and The Receiver is authorized to pay the following claims in the following order of

6 priority, to the extent of available receivership assets, and the following claims are hereby 7 APPROVED: 8 9 10
SCHNADER HARRISON SEGAL & LEWIS LLP ONE MONTGOMERY STREET, SUITE 2200 SAN FRANCISCO, CA 94104-5501 TELEPHONE: [phone]

a)

First, any and all administrative expenses of the receivership estate as reported in the Receiver's Reports to this Court;

b)

Second, any future outstanding Receiver's Certificates, should the Receiver make such borrowings from the SBA in the future, plus accrued interest; and

11 12 13 14 15 4. c).

Third, to the SBA, the sole Preferred Limited Partner, in the amount of $27,725,000, representing the principal amount of outstanding Participating Securities Leverage. After the expenses and claims in paragraphs (a) through (c) above are paid in full,

16 any surplus shall be distributed to the equity shareholders of Rocket SBIC in accordance with the 17 Agreement of Limited Partnership. 18 5. To the extent the claim submitted by Rijete Pty. Ltd. has not been resolved on the

19 date this order becomes final, the Receiver is ordered to reserve funds sufficient to pay the claim 20 pending a determination of the Receiver's motion for summary disposition denying the claim. 21 Nothing herein shall bar the Receiver from otherwise distributing funds consistent with this 22 order, provided the funds are reserved as required in this paragraph. 23 6. This Order is final with respect to all claimants, as well as all other persons who

24 failed to file claims pursuant to the terms of the Court's Order establishing the Claims Bar Date, 25 and all such persons shall be forever barred and shall be permanently enjoined from asserting, 26 pursuing or prosecuting any pre-Bar Date Claim against Rocket SBIC, the Receiver, their 27 successors or assigns, or against assets or funds in the possession of the Receiver. 28 / / /
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7.

The case is now administratively closed, and the Receiver may re-open the case at

2 a later time, if necessary, for further proceedings in this matter. 3 4 5 6 7 8 9 10
SCHNADER HARRISON SEGAL & LEWIS LLP ONE MONTGOMERY STREET, SUITE 2200 SAN FRANCISCO, CA 94104-5501 TELEPHONE: [phone]

September 2, 2010 Dated: _________________ HONORABLE JEFFREY S. WHITE UNITED STATES DISTRICT JUDGE

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