Securities and Exchange Commission v. Nadel et al

Filing 1423

RESPONSE to Motion re 1419 Verified MOTION for miscellaneous relief, specifically to Authorize The Receiver to Retain a $100,000 Earnest Money Deposit Due to the Purchaser's Failure to Close the Court-Approved Sale of Quest Assets Memorandum of Points and Authority filed by Archer Petroleum. (Attachments: # 1 Appendix Index of Exhibits A-G, # 2 Exhibit A-Asset Purchase Agreement, # 3 Exhibit B-Email from Wiand, # 4 Exhibit C-Wire Transfer Receipts, # 5 Exhibit D-Emails Exchanged Wiand and Hudson, # 6 Exhibit E-Affidavit of Andrew Hudson, # 7 Exhibit F-Letter from Archer Petroleum to Wiand Cancelling Asset Purchase Agreement, # 8 Exhibit G-Order Granting Approval of Sale)(Krieger, Edwin)

Archer Petroleum
August 7, 2019

Burton W. Wiand, as Receiver for Quest Energy Management Group, Inc.
c/o Wiand Guerra King P.A.
Tampa, Florida 33609
Attn: Jeffrey C. Rizzo
Via FedEx Overnight Delivery

RE:

Quest Assets

Gentleman,

Archer Petroleum is cancelling the purchase of the Quest assets due, in part, to the following:
Archer was informed by Receiver and relied upon such information that the Motion to approve the sale
would be filed by Receiver upon execution of the APA.
Receiver executed the APA on or about May 8, 2019, but did not file the Motion until on or about July 24,
2019, about 11 weeks after execution of the APA.
We are now 3 months from execution of the APA which is unreasonable.
The terms of the APA are that the Earnest Deposit become non-refundable upon the Order (Page 2,
Paragraph 4, Section "a"), which has not occurred. Archer demands immediate refund of the $100,000
deposit via wire transfer.
Please call me with any questions and please acknowledge receipt of this email. Wire instructions for
return of the deposit will be provided by email to follow.

Best Regards,
Drew Hudson

PO Box 1544, McKinney, TX 75070

214-701-8811

archerpetroleumltd.com