Securities and Exchange Commission v. Nadel et al

Filing 122

MOTION to Approve Settlement re: the Gary L. Musser and Irene H. Musser Family Trust by Burton W. Wiand. (Attachments: #1 Exhibit A)(Nelson, Carl)

SETTLEMENT AGREEMENT
WHEREAS, by order dated January 21, 2009, the Court in Securities & Exch.

Comm'n v. Arthur Nadel, et aL., Case No. 8:09-cv-87-T-26TBM (M.D. Fla.) (the "SEC

Receivership Action"), appointed Burton W. Wiand as Receiver (the "Receiver") for
Scoop Real Estate, L.P.; Scoop Management, Inc.; Scoop Real Estate, L.P.; Valhalla

Investment Paiiners, L.P.; Valhalla Management, Inc.; Victory IRA Fund, LTD; Victory

Fund, LTD; Viking Ira Fund, LLC; Viking Fund, LLC; and Viking Management and all

of their subsidiaries, successors, and assigns (collectively, the "Receivership Entities");
and

WHEREAS, the Receiver intends to commence a lawsuit in the United States
District Court for the Middle District seeking the return of ceiiain funds received from or

at the direction of one or more of the Receivership Entities by the Gary L. Musser and
Irene H. Musser Family Trust ("the Trust") in excess of

the Trust's investment; and

WHEREAS, Gary L. Musser and Irene H. Musser, as Trustees ("the Trustees") of
the Trust, without admitting liability, wish to resolve these matters amicably; and

WHEREAS, any resolution of this action by agreement of the Receiver and the
Trustees is subject to approval by the Court presiding over the SEC Receivership Action,
NOW, THEREFORE, and subject to the approval of

the SEC Receivership Court,

the Trustees have agreed to pay and the Receiver has agreed to accept a total of
$192,571.43 in full settlement of the claims to be asserted in the lawsuit, to be paid no
later than fourteen (14) days after approval of this settlement by the SEC Receivership

Court. Upon receipt and clearing of the settlement payment, the Receiver, on behalf of
the Receivership Entities and their employees, agents, representatives, beneficiaries, and

assigns, shall be deemed to have released and forever discharged the Trust, its Trustees,
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Exhibit A

beneficiaries, successors and assigns of and from any and all claims which could have
been asserted by the Receiver, as well as any and all other claims, demands, rights,

promises, and obligations arising from or related in any way to the Trust's investment in
any product, fund, entity, or venture established, operated, or controlled by Aiihur Nadel
and the Receivership Entities.

In fuiiher consideration of the release of claims described above, the Trustees
waiTant that $213,968.26 is the total amount of money or value the Trust received from

Receivership Entities in excess of the Trust's investment, and the Trustees agree to waive

and do hereby waive any claim the Trust had, has, or hereafter may have against the
Receiver and/or the Receivership Estate.
The Receiver and the Trustees understand and agree that, subject to the approval

of the SEC Receivership Court, the payment of the aforesaid total sum and waiver of
claims is in full accord and satisfaction of and in compromise of disputed claims, and the

payment and waiver are not an admission of liability, which is expressly denied, but are
made for the purpose of tel1ninating dispute and avoiding litigation.

After execution of this Settlement Agreement by all parties, the Receiver will
promptly move the SEC Receivership Court for approval of this settlement. The Trustees

understand and agree that each party shall bear their own individual costs and attorney
fees incurred in the resolution of this matter. To the extent necessary, the Trustees agree

to assist the Receiver in seeking the SEC Receivership Couii's approval of this
settlement.

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The Receiver and the Trustees agree this Settlement Agreement shall be governed

by and be enforceable under Florida law in the United States District Couii for the
Middle District of

Florida, Tampa Division.

The Receiver and the Trustees also agree that electronically transmitted copies of
signature pages will have the full force and affect of original signed pages.
In witness whereof the parties have set their hands as 9i-tlie dates indicated.

U110í1 . Wi

'~~i

and, As Receiv r

the Receivership Entities

By: ,

l: J of

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Date:

1/~CI/oc Zì

Date:

B3 ~~./u ,I ¡J !í1 ~~~ ~/~¿
J Irene H. Musser, Trustee

Date: Ll - e-:: 9' -- 0 c; /
40684629v I

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