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 B

BURTON W. WIAND, COURT-APPOINTED RECEIVER
FOR QUEST ENERGY MANAGEMENT GROUP, INC.
March 20, 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 15, 2019,
the Court entered an Order granting my 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 and Order are 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 [phone] to request a copy of the Motion and Order.
The Court has approved my recommended determination of the above claim. This
determination is set forth in the Exhibits attached to the Motion and is addressed in the body of the
Motion. If you wish to dispute my determination of the above claim, its priority, or the plan of
distribution, you MUST serve me with a written objection no later than April 19, 2019. All
objections must be served on me at Burton W. Wiand, as Receiver c/o Maya M. Lockwood, Esq.,
Wiand Guerra King P.A., 5505 West Gray Street, Tampa, FL 33609, and should not be filed with the
Court. Proper service may be accomplished by sending your objection by one of the following means:
(1) U.S. mail to the above address; (2) hand delivery to the above individual at the above address; (3)
facsimile to the above address at [phone]; or (4) overnight or other express delivery to the
above address. Service by mail is completed upon mailing, service by facsimile is completed upon
transmission, and service by hand delivery is completed upon receipt of delivery.
Your objection must clearly state the nature and basis of the objection, and provide all
supporting statements and documentation that you wish me and, if we are unable to resolve your
objection, the Court to consider. Please also include your claim number, name, email address, and
telephone number with your objection. Failure to properly and timely serve an objection to the
determination of your claim, its priority, or plan of distribution shall permanently waive your
right to object to or contest the determination of your claim, its priority, and plan of distribution
and your final claim amount shall be set as the Allowed Amount determined by me and
approved by the Court as set forth in the Exhibits attached to the Motion.
If you timely serve me an objection, I will notify you of my ruling on your objection no later
than forty-five (45) days after the end of the objection period (the “Notification”). You will then have
thirty (30) days from the date of the Notification to serve me with a written response to the Notification
which must clearly state whether you maintain the objection or accept my further determination of the
claim as set forth in the Notification. Proper service of your written response may be accomplished by
5505 WEST GRAY STREET | TAMPA, FL 33609
TELEPHONE [phone] | FAX [phone] | www.nadelreceivership.com

March 20, 2019
Page 2 of 2

the same means as discussed above for the original objection. Failure to properly and timely serve this
written response will be deemed as an acceptance of my ruling as set forth in the Notification.
By submitting an objection, you reaffirm your submission to the jurisdiction of the United
States District Court for the Middle District of Florida. If you serve an objection, you are entitled to
notice of court filings or proceedings, but only with respect to the adjudication of your particular
objection and the claim to which it is directed.
I may attempt to settle and compromise any claim or objection subject to the Court’s final
approval. At such times as I deem appropriate, I will file with the Court any settlements or
compromises that I wish the Court to rule upon. If an objecting claimant and I are unable to resolve an
objection, I will file with the Court: (1) my further determination of the claim with any supporting
documents or statements I consider are appropriate, if any; and (2) the unresolved objection, with
supporting statements and documentation, as served on me by the claimant. The Court may make a
final determination based on the submissions identified above or may set the matter for hearing and,
following the hearing, make a final determination. If you dispute my determination of your claim, you
will have the burden to prove that your position should prevail. I will provide you notice of the
hearing if the Court sets a hearing on your particular objection.
The Court approved my proposed plan of distribution as set forth in the Motion. At this time,
there are not sufficient funds to warrant a distribution. I will petition the Court for authority to conduct
a distribution when funds are available. I anticipate that I will seek the Court’s relief to close the
Receivership and conduct a distribution of funds once a sale of Quest has been completed. It is
unlikely, however, that there will be substantial funds, if any, to distribute to investors. Most of the
funds recovered from the sale of Quest’s assets likely will be distributed to Class 1 and Class 2
creditors, as those classes are described in the Motion.
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.
Unfortunately, this is not an expeditious process, and I appreciate your patience. If you have any
questions, please feel free to call or email Ms. Gura at the number provide 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