Securities and Exchange Commission v. Bivona et al

Filing 164

STIPULATION AND ORDER re 163 Granting the Receiver's Request for an Extension of time to file a Proposed Plan of Liquidation filed by Michael Maidy. Signed by Judge Edward M. Chen on 1/3/17. (bpfS, COURT STAFF) (Filed on 1/3/2017)

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JOHN W. COTTON (SBN 54912)
Email: [e-mail]
GARTENBERG GELFAND & HAYTON LLP
15260 Ventura Blvd., Suite 1920
Sherman Oaks, CA 91403
[phone]
[phone]
Counsel to Receiver Sherwood
Partners Inc.

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UNITED STATES DISTRICT COURT

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NORTHERN DISTRICT OF CALIFORNIA

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)
)
)
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Plaintiff,
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)
v.
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JOHN B. BIVONA; SADDLE RIVER )
)
ADVISERS, LLC; SRA
MANAGEMENT ASSOCIATES, LLC;)
)
FRANK GREGORY MAZZOLA
)
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Defendants.; and
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SRA I LLC; SRA II LLC; SRA III
LLC; FELIX INVESTMENTS, LLC; )
)
MICHELE J. MAZZOLA; ANNE
BIVONA; CLEAR SAILING GROUP )
IV LLC; CLEAR SAILING GROUP V )
)
LLC,
)
)
Relief Defendants
SECURITIES AND EXCHANGE
COMMISSION,

Case No. 3:16-cv-1386
[PROPOSED] ORDER AND
STIPULATION GRANTING
THE RECEIVER’S REQUEST
FOR AN EXTENSION OF
TIME TO FILE A
PROPOSED PLAN OF
LIQUIDATION
Date: No Date
Time: No Time
Judge: Edward M. Chen

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[PROPOSED] STIPULATION AND ORDER APPROVING EXTENSION OF TIME FOR RECEIVER TO
FILE PROPOSED PLAN OF LIQUIDATION

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The parties, U.S. Securities & Exchange Commission, counsel for

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defendants Saddle River Advisers, LLC (“Saddle River”) and SRA

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Management Associates, LLC (“SRA Management”), and counsel for the

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Receiver hereby stipulate and agree to the entry of an order as follows:

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1.) The Receiver in this matter, Sherwood Partners Inc., has only

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recently been appointed and has not yet been able in the first two months of its

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appointment to satisfy itself that it is in possession of all material information

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about the activities of the receivership defendants and relief defendants,

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necessary to propose a focused and comprehensive plan of liquidation.

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2.) The Receiver has only recently fully secured the electronic records of
the receivership defendants and relief defendants, and has not yet been able to
thoroughly search and digest the information contained in those records, as
well the hard copy records of the Receivership estate. The Receiver believes
that it will require an additional ninety days beyond January 11, 2017, the
current due date, to prepare and file a comprehensive, proposed plan of
liquidation.
3.) The, plaintiff U.S. Securities & Exchange Commission and counsel
for defendants Saddle River and SRA Management, on being informed of the

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above by the Receiver’s counsel have stated that they do not object to

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amending the second sentence of Sec. XIII of this Court’s Order Appointing

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the Receiver (Docket No. 142) as follows:

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XIII. Recommendations and Reports

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“Within one hundred and eighty (180) days of the entry date of

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this Order, the Receiver shall file the Liquidation Plan in the

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above-captioned action, with service copies to counsel of record.

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4.) Based on the parties’ agreement, the Court will amend the language

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of Sec. XIII as agreed in Paragraph 3 above and issue an amended Order

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concerning the filing of the plan of liquidation contained in Docket No. 142.
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[PROPOSED] STIPULATION AND ORDER APPROVING EXTENSION OF TIME FOR RECEIVER TO
FILE PROPOSED PLAN OF LIQUIDATION

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SO STIPULATED.
Pursuant to Civil L.R. 5.1, I hereby attest that I have on file all

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holographic signatures corresponding to any signatures indicated by a

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conformed signature (/S/) within this e-filed document.

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DATED: December 28, 2016

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GARTENBERG GELFAND HAYTON LLP
By:

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/s/ John W. Cotton
JOHN W. COTTON
Special Counsel to the Monitor

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DATED: December 28, 2016 SECURITIES & EXCHANGE COMMISSION

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By://s// By Permission (Civ. L.R. 5-1 (i)
JOHN YUN
Attorneys for Plaintiff

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DATED: December 28, 2016

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DEFENDANTS SADDLE RIVER AND SRA
MANAGEMENT
By://s// By Permission (Civ. L.R. 5-1 (i)
JAHAN P. RAISSI
SHARTSIS FRIESE LLP
Attorneys for Defendants Saddle River and
SRA Management

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Counsel for receiver shall e-file a proposed amended
order (as stated on p. 2, line 27) for the Court's
December __, 2016
approval.
S DISTRICT
January 3, 2017
TE
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IT IS SO ORDERED.

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________________________
TA
Judge Edward M. Chen
RED
United States District ORDE
SO Court ED
IT IS
DIFI
AS MO
S

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DATED:

UNIT
ED

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C
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[PROPOSED] STIPULATION AND ORDER APPROVING EXTENSION OF TIME FOR RECEIVER TO
F
D
FILE PROPOSED PLAN OF LIQUIDATION I S T R I C T O