Securities and Exchange Commission v. Nadel et al

Filing 1391

RESPONSE re 1387 MOTION to Alter Judgment or Order, and alternatively for relief from Judgment or Order and Memorandum of Law in support of Motion Joint Response by Securities and Exchange Commission, Burton W. Wiand. (Attachments: # 1 Exhibit A, # 2 Exhibit B)(Perez, Jared)

EXHIBIT A

BURTON W. WIAND, COURT-APPOINTED RECEIVER
FOR QUEST ENERGY MANAGEMENT GROUP, INC.
March 12, 2019
First National Bank of Albany
c/o J. Randall Palmore, President
P.O. Box 2019
Albany, TX 76430
Re:

Quest Receivership
Claimant Name: First National Bank of Albany
Claim Number: 5

Dear Claimant:
I am writing to you as the Court-appointed Receiver in the above matter. On March 7, 2019, I
filed a Motion to (1) Approve Determinations and Priority of Claims, (2) Pool Receivership Assets and
Liabilities, (3) Approve Plan of Distribution, and (4) Establish Objection Procedure (the “Motion”). A
copy of this Motion is available on my website at www.nadelreceivership.com under the heading
Quest Claims Process. If you are unable to access this website, you may contact Mary Gura at (813)
347-5121 to request a copy of the Motion. The Court has not yet set a hearing or entered a ruling on
the Motion. If the Court sets a hearing, I will provide notice of the hearing date and time on my
website. You are welcome to attend any such hearing, but your attendance is not required to preserve
the above claim or any objection you may have to the determination of this claim. It is your
responsibility to monitor this website. If you are unable to do so, please contact Ms. Gura to discuss
other possible arrangements.
To minimize the disclosure of claimants’ financial affairs, I assigned each claimant a claim
number rather than identify each claimant by name. If you invested in your individual name and also
in the name of your individual retirement account or jointly with another individual, you will have
more than one claim number which should correspond to the Proof of Claim Forms you submitted for
your different investments with Quest. The claim number for the above claimant is Claim Number
5. My recommended determination of this claim is set forth in the exhibits attached to the Motion and
is addressed in the body of the Motion. My recommended determination of the above claim will
include an Allowed Amount. The Allowed Amount is the amount to which I have determined the
relevant claim is entitled. The Allowed Amount, however, is not indicative of the amount an investor
claim may ultimately receive because it is unlikely that there will be substantial funds, if any, to
distribute to investors. Most likely, the majority of funds recovered from the sale of Quest’s assets will
be distributed to Class 1 and Class 2 creditors as those classes are described in the Motion. Please note
that there are instances where I have recommended that the Court either deny a claim or allow a
portion of the amount claimed. You are strongly urged to review your pertinent claim determination as
stated in the Motion and its exhibits.
I also have proposed a procedure through which you will have the opportunity to dispute my
determination of this claim. If the Court approves the procedure I have proposed, you will be required
to serve me with a written objection within thirty days of the date that I mail you a letter informing you
of the Court’s Order on the Motion. You do not need to object to my determination of your claim until
after a Court ruling on the Motion.
5505 WEST GRAY STREET | TAMPA, FL 33609
TELEPHONE [phone] | FAX [phone] | www.nadelreceivership.com

March 12, 2019
Page 2 of 2

I have tried to make the claims process as simple and unintrusive as possible. I have carefully
considered each claim and believe that all claims have been afforded fair and equitable treatment. If
you have any questions or wish to informally discuss your claim determination, please feel free to call
or email Ms. Gura at the number provided above or [e-mail].
Sincerely yours,

Burton W. Wiand
as Court-Appointed Receiver
MML/meg
Copies Provided To:
Ray Rotella, Esq.

5505 WEST GRAY STREET | TAMPA, FL 33609
TELEPHONE [phone] | FAX [phone] | www.nadelreceivership.com