Securities And Exchange Commission v. GLR Capital Management, LLC et al

Filing 239

ORDER RE: 236 RECEIVER'S MOTION FILED ON 9/29/2015; ADVANCING CASE MANAGEMENT CONFERENCE. On or before 10/30/2015, the Receiver shall file a brief supplemental declaration. The motion hearing currently scheduled for 9:00 a.m. on 11/5/2015 i s reset to 10:00 a.m. on that same date. All parties, including the Receiver and the SEC, shall appear in person. The court advances the Case Management Conference scheduled for 11/19/2015 to coincide with the motion hearing at 10:00 a.m. on 11/5/2015. On or before 10/29/2015, the SEC shall file a Case Management Conference Statement. Signed by Judge Edward J. Davila on 10/21/2015. (ejdlc1S, COURT STAFF) (Filed on 10/21/2015)

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UNITED STATES DISTRICT COURT

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NORTHERN DISTRICT OF CALIFORNIA

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SAN JOSE DIVISION

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SECURITIES AND EXCHANGE
COMMISSION,
Plaintiff,

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v.

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United States District Court
Northern District of California

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Case No. 5:12-cv-02663-EJD
ORDER RE: RECEIVER’S MOTION
FILED ON SEPTEMBER 29, 2015;
ADVANCING CASE MANAGEMENT
CONFERENCE

GLR CAPITAL MANAGEMENT, LLC, et
al.,
Defendants.

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With regard to the Receiver’s motion for approval of several items of proposed relief filed
on September 29, 2015 (Docket Item No. 236), the court orders as follows:
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On or before October 30, 2015, the Receiver shall file a brief supplemental

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declaration which (1) explains in greater detail why the Receiver has concluded that “a new

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agreement needs to be drafted that will serve to recapitulate and restate the terms of prior loans

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made by GLR to DDNi,” as well as why new Promissory Notes, a new Security Agreement, and a

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new UCC-1 Financing Statement need to be prepared and executed, and (2) provides an estimate

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of the number of hours that will need to be expended by proposed legal counsel in order to

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complete these tasks.

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2.

The motion hearing currently scheduled for 9:00 a.m. on November 5, 2015, is

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reset to 10:00 a.m. on that same date. All parties, including the Receiver and the Securities and

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Exchange Commission (“SEC”), shall appear in person at the hearing.

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In addition, the court advances the Case Management Conference scheduled for November
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Case No.: 5:12-cv-02663-EJD
ORDER RE: RECEIVER’S MOTION FILED ON SEPTEMBER 29, 2015; SETTING CASE
MANAGEMENT CONFERENCE

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19, 2015, to coincide with the motion hearing at 10:00 a.m. on November 5, 2015. On or before

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October 29, 2015, the SEC shall file a Case Management Conference Statement which, inter alia,

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explains in detail its plan for final resolution of this case in conjunction with the case schedule the

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court imposed on August 3, 2015 (Docket Item No. 231). The court is particularly interested in

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(1) why the SEC has not yet requested entry of default against GLR Capital Management, LLC

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and/or GLR Growth Fund, L.P., and (2) what steps the SEC will take to wind up the investment if

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its prevails on its anticipated motion for default judgment.

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United States District Court
Northern District of California

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IT IS SO ORDERED.
Dated: October 21, 2015
______________________________________
EDWARD J. DAVILA
United States District Judge

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Case No.: 5:12-cv-02663-EJD
ORDER RE: RECEIVER’S MOTION FILED ON SEPTEMBER 29, 2015; SETTING CASE
MANAGEMENT CONFERENCE