Securities and Exchange Commission v. Nadel et al

Filing 1429

Unopposed MOTION to Vacate 1407 Order on Motion for Miscellaneous Relief Specifically to Vacate Order Approving the Private Sale of Assets of Quest Energy Group, Inc. to Archer Pertoleum by Burton W. Wiand. (Perez, Jared)

UNITED STATES DISTRICT COURT
MIDDLE DISTRICT OF FLORIDA
TAMPA DIVISION
SECURITIES AND EXCHANGE
COMMISSION,
Plaintiff,
v.

CASE NO.: 8:09-cv-0087-T-33CPT

ARTHUR NADEL,
SCOOP CAPITAL, LLC,
SCOOP MANAGEMENT, INC.
Defendants,
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,
Relief Defendants.

/

RECEIVER’S UNOPPOSED MOTION TO VACATE ORDER
APPROVING THE PRIVATE SALE OF ASSETS OF QUEST ENERGY
MANAGEMENT GROUP, INC. TO ARCHER PETROLEUM (DOC. 1407)
On July 24, 2019, Burton W. Wiand, as receiver (the “Receiver”) for Quest Energy
Management Group, Inc. (“Quest”) filed his Verified Motion for Approval of Private Sale of
Assets of Quest Energy Management Group, Inc. (Doc. 1403) (the “Motion”). The Court
granted the Motion on August 9, 2019. Doc. 1407 (the “Order”). Archer Petroleum (the
“Former Purchaser”) refused to close the transaction, however, and litigation ensued about
the Receiver’s right to retain a $100,000 earnest money deposit. See Docs. 1419, 1423.

On November 26, 2019, the Court denied the Receiver’s motion to retain the deposit.
Doc. 1427.

Pursuant to wire instructions from counsel for the Former Purchaser, on

December 3, 2019, the Receiver returned the deposit and filed a notice with the Court.
Doc. 1428. As such, Quest’s assets will not be sold to the Former Purchaser, but the Order
still contemplates a successful transaction.
ARGUMENT
Under Federal Rule of Civil Procedure 60(b)(6), the Court can vacate an order for,
among other things, “any … reason that justifies relief.” Here, the Court should vacate the
Order because the transaction did not close as anticipated. The Purchaser affirmatively
cancelled the transaction, refused to pay the balance of the purchase price, and obtained a
refund of the earnest money deposit. As such, the Receiver never relinquished control of
Quest. To clarify the record and to avoid confusion about the ownership of Quest and its
assets, the Receiver asks the Court to vacate the Order.
LOCAL RULE 3.01(G) CERTIFICATION
Counsel for the Receiver has conferred with counsel for the Former Purchaser and
counsel for the SEC and is authorized to represent to the Court that this motion is unopposed.

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CERTIFICATE OF SERVICE
I HEREBY CERTIFY that on December 10, 2019, I electronically filed the
foregoing with the Clerk of the Court by using the CM/ECF system.
s/Jared J. Perez
Jared J. Perez, FBN 0085192
[e-mail]
WIAND GUERRA KING P.A.
5505 W. Gray Street
Tampa, FL 33609
Tel: [phone]
Fax: [phone]
Attorney for the Receiver, Burton W. Wiand

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