Securities and Exchange Commission v. Schooler et al

Filing 1168

ORDER: Approving #1103 , 1148] Receiver's Twelfth and Thirteenth Interim Reports; Approving 1136 , #1159 , #1166 Receiver's Recommendations Regarding: (1) Letter of Intent to Purchase Stead Property, (2) Letters of Intent to Purchase Dayton I, Dayton IV, Fernley I, Las Vegas 2, and Stead Properties, (3) Engagement of Real Estate Brokers for Five GP Properties; Approving #1144 , #1145 Receivers Further Recommendations Regarding: (1) Offers Received for the Las Vegas 1 Properties, (2) Letters of Intent to Purchase the Fernley I, Washoe IV, and Washoe V Properties; and Granting #1158 Motion to File Under Seal. Signed by Judge Gonzalo P. Curiel on 1/14/16. (dlg)

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UNITED STATES DISTRICT COURT

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SOUTHERN DISTRICT OF CALIFORNIA

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SECURITIES AND EXCHANGE
COMMISSION,
Plaintiff,

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CASE NO. 3:12-cv-2164-GPC-JMA
ORDER:

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APPROVING RECEIVER’S
TWELFTH AND THIRTEENTH
INTERIM REPORTS

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[ECF No. 1103, 1148]

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APPROVING RECEIVER’S
RECOMMENDATIONS
REGARDING:

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(1) LETTER OF INTENT TO
PURCHASE STEAD PROPERTY

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(2) LETTERS OF INTENT TO
PURCHASE DAYTON 1, DAYTON
IV, FERNLEY I, LAS VEGAS 2,
AND STEAD PROPERTIES

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(3) ENGAGEMENT OF REAL
ESTATE BROKERS FOR FIVE GP
PROPERTIES

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[ECF No. 1136, 1159, 1166]

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APPROVING RECEIVER’S
FURTHER RECOMMENDATIONS
REGARDING:

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LOUIS V. SCHOOLER and FIRST
FINANCIAL PLANNING
CORPORATION, dba Western
Financial Planning Corporation,
Defendants.

(1) OFFERS RECEIVED FOR THE
LAS VEGAS 1 PROPERTIES
(2) LETTERS OF INTENT TO
PURCHASE THE FERNLEY I,
WASHOE IV, AND WASHOE V
PROPERTIES

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[ECF No. 1144, 1145]

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GRANTING MOTION TO FILE
UNDER SEAL

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[ECF No. 1158]

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3:12-cv-2164-GPC-JMA

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Before the Court is Receiver Thomas C. Hebrank’s (the “Receiver”) Ex Parte
Application for Permission to File Under Seal. ECF No. 1158. Generally,
“compelling reasons” must exist to seal documents filed in support of a dispositive
motion. See Kamakana v. City and Cnty. of Honolulu, 447 F.3d 1172, 1178–79 (9th
Cir. 2006). Where a court filing contains “business information that might harm a
litigant’s competitive standing,” the court may properly deny public access. Nixon v.
Warner Commc’ns, 435 U.S. 589, 598 (1978). The Receiver seeks to file under seal
his recommendation regarding letters of intent to purchase five properties. The
Court finds that the information the Receiver seeks to file under seal could
negatively affect the amount of other offers and therefore the ultimate price for the
property that can be obtained. Accordingly, the Court GRANTS the Receiver’s ex
parte application for permission to file under seal.
Also before the Court are a number of recommendations made by the
Receiver concerning the disposition of properties under receivership. On July 29,
2015, the Receiver filed the Twelfth Interim Report. ECF No. 1103. On September
16, 2015, the Receiver filed under seal a recommendation concerning a letter of
intent to purchase the Stead property. ECF No. 1136. On October 23, 2015, the
Receiver filed a further recommendation regarding offers received for the Las
Vegas 1 properties. ECF No. 1144. On November 6, 2015, the Receiver filed a
further recommendation regarding letters of intent to purchase the Fernley I,
Washoe IV, and Washoe V properties. ECF No. 1145. On November 10, 2015, the
Receiver filed the Thirteen Interim Report. ECF No. 1148. On December 11, 2015,
the Receiver filed a recommendation regarding letters of intent to purchase the
Dayton I, Dayton IV, Las Vegas 2, and Stead properties. ECF No. 1159. On January
8, 2016, the Receiver filed a recommendation regarding the engagement of real
estate brokers for five GP properties. ECF No. 1166. Having reviewed the
Receiver’s recommendations, the Court APPROVES and ADOPTS all of the
Receiver’s recommendations, and HEREBY ORDERS that the Receiver shall
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3:12-cv-2164-GPC-JMA

1 continue to preserve and protect the assets of the of the receivership estate as
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IT IS SO ORDERED.

4 DATED: January 14, 2016
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HON. GONZALO P. CURIEL
United States District Judge

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3:12-cv-2164-GPC-JMA