Securities and Exchange Commission v. Nadel et al
ORDER granting 1403 Verified Motion for miscellaneous relief, specifically for Approval of Private Sale of Assets of Quest Energy Management Group, Inc. Signed by Judge Virginia M. Hernandez Covington on 8/9/2019. (SGM)
UNITED STATES DISTRICT COURT
MIDDLE DISTRICT OF FLORIDA
SECURITIES AND EXCHANGE
Case No. 8:09-cv-87-T-33CPT
SCOOP CAPITAL, LLC,
SCOOP MANAGEMENT, INC.
SCOOP REAL ESTATE, L.P.,
VALHALLA INVESTMENT PARTNERS, L.P.,
VALHALLA MANAGEMENT, INC.,
VICTORY IRA FUND, LTD.
VICTORY FUND, LTD.,
VIKING IRA FUND, LLC,
VIKING FUND, LLC, and
VIKING MANAGEMENT, LLC,
This matter comes before the Court pursuant to the
Receiver’s Verified Motion For Approval of Private Sale of
Assets of Quest Energy Management Group, Inc. (Doc. # 1403),
filed on July 24, 2019.
No other parties or creditors have
filed an objection to the Motion.
Upon due consideration of
the Receiver’s powers as set forth in the Order Appointing
Receiver (Doc. # 8), the Orders Reappointing Receiver (Doc.
## 140, 316, 493, 935, 984), and applicable law, the Motion
The Court finds that the transaction reflected in the
Asset Purchase Agreement attached to the Motion as Exhibit 2
is in the best interest of the Quest Estate for the reasons
detailed in the Motion. The Court also finds that the Motion
requirements of 28 U.S.C. § 2001(b), given the Valuation
attached to the Motion as Exhibit 4. In lieu of a hearing on
the Motion, the Court finds that the filing of the Motion in
the Court’s public docket, its publication on the Receiver’s
website, and the publication of the terms of this transaction
in accordance with 28 U.S.C. § 2001(b) provided sufficient
notice and opportunity for any interested party to be heard.
The Court specifically approves the sale of the assets
of Quest Energy Management Group, Inc. to Archer Petroleum
Ltd. as provided for in the Asset Purchase Agreement attached
to the Motion as Exhibit 2. The Receiver is hereby directed
encumbrances the assets of Quest Energy Management Group,
Inc. to Archer Petroleum Ltd., pursuant to the Asset Purchase
Agreement. Any liens or encumbrances, including tax liens and
any taxes or fees due, on the real or personal property
transferred pursuant to the Asset Purchase Agreement shall
attach to the proceeds of the sale (or, in the case of Bank
of Albany, to the Office, as defined and explained in the
Motion) and shall be resolved through the claims process
established in this action. Archer Petroleum Ltd. shall not
be responsible for any property taxes assessed before the
Effective Date of the Asset Purchase Agreement.
interests, rights, and obligations as tenant under any and
all oil and gas leases between it and various lessors, as
well as Quest Energy Management Group, Inc.’s interests,
rights, and obligations as lessee under the various oil and
gas leases, as more particularly described in the Motion and
Asset Purchase Agreement, are hereby assigned and transferred
to Archer Petroleum Ltd.
Accordingly, it is now
ORDERED, ADJUDGED, and DECREED:
The Receiver’s Verified Motion For Approval of Private
Sale of Assets of Quest Energy Management Group, Inc. (Doc.
# 1403), is GRANTED.
DONE and ORDERED in Chambers in Tampa, Florida, this 9th
day of August, 2019.
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