United States Securities and Exchange Commission

Filing 224

ORDER Granting 216 Motion of Receiver to Authorize Payoff of Land Contract for Property Located at 3003 W. Pasadena, Flint, Michigan. Signed by District Judge Matthew F. Leitman. (HMon)

UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF MICHIGAN
UNITED STATES SECURITIES AND
EXCHANGE COMMISSION,
Plaintiff,
v.
TREASURE ENTERPRISE LLC,
PATRICIA ENRIGHT GRAY and LARRY
ALLEN HOLLEY

Case No. 17-cv-10963
Hon. Matthew F. Leitman

Defendants,
and
KINGDOM ASSET MANAGEMENT LLC
and CARLEEN RENEE HOLLEY,
Relief Defendants.
ORDER GRANTING MOTION OF RECEIVER TO
AUTHORIZE PAYOFF OF LAND CONTRACT FOR PROPERTY
LOCATED AT 3003 W. PASADENA, FLINT, MICHIGAN
This matter having come before the Court upon the Motion of Receiver to
Authorize Payoff of Land Contract for Property Located at 3003 W. Pasadena,
Flint, Michigan (the “Motion”) filed by O’Keefe & Associates Consulting, LLC
and Patrick O’Keefe (the “Receiver”); due and sufficient notice having been given;
no objections to the relief requested in the Motion having been filed; and the Court
being fully advised in the premises:

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THE COURT HEREBY FINDS THAT:
A.

This Court has jurisdiction over this action pursuant to Section 22 of

the Securities Act of 1933 [15 U.S.C. § 77a et seq.] and Section 27 of the
Securities Exchange Act of 1934 [15 U.S.C. § 78a et seq.] (the “Exchange Act”).
B.

Venue is proper in this Court pursuant to Section 27 of the Exchange

C.

The Receiver is the duly appointed receiver pursuant to this Court’s

Act.

Sealed Order Appointing Receiver [Docket No. 10] entered on March 28, 2017
(the “Receivership Order”).
D.

Pursuant to Paragraph 7 of the Receivership Order, the Receiver was

authorized:
To use reasonable efforts to determine the nature, location and value
of all property interests of Receivership Defendants, including, but not
limited to, monies, funds, effects, goods, chattels, lands, premises,
leases, claims, rights and other assets, together with all rents, profits,
dividends, interest or other income attributable thereto, of whatever
kind, which Receivership Defendants own, possess, have a
beneficial interest in, or control directly or indirectly
("Receivership Property" or, collectively, the "Receivership Estates")
(emphasis added).
E.

The Receiver has determined that the Receiver claims, owns,

possesses, claims a beneficial interest in, and asserts that it has the right to control
directly or indirectly, Defendant Treasure Enterprise, LLC’s (“Treasure”) rights
under an Installment Land Contract, entered into between Treasure, as seller, and
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Shatha Sabah Elia and Tom Simaan, as purchaser (“Purchaser”), dated December
31, 2015, related to the property located at 3003 W. Pasadena, Flint, Michigan (the
“Property”), a copy of which Installment Land Contract was attached to the Motion
as Exhibit A (the “Land Contract”).
F.

Purchaser has indicated to the Receiver it desires to pay off the Land

Contract, at a discounted amount of $55,000 (the “Payoff Amount”), together with
the assumption, by Purchaser, of all outstanding taxes and water charges and the
obligation to insure the Property (the “Assumed Obligations”), in exchange for
which the Receiver, on behalf of the Receivership Estate is to terminate the
Receivership Estate’s land contract vendor interest in the Property.
NOW, THEREFORE, IT IS ORDERED AND ADJUDGED THAT:
1.

The Motion is GRANTED in its entirety.

2.

The Receiver is authorized to accept the Payoff Amount and the

Assumed Obligations, in full settlement of the amounts due to the Receivership
Estate under the Land Contract.
3.

The Purchaser shall be responsible for all costs associated with the

termination of the Receivership Estate’s land contract vendor interest in the
Property, including any transfer taxes, settlement fees and the cost of any title
insurance, together with such other closing expenses required to be paid, to

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effectuate a termination of the Receivership Estate’s interest under the Land
Contract.
4.

The Receiver is authorized to execute such documents as may be

required to terminate the Receivership Estate’s interest in the Property.
IT IS SO ORDERED.
/s/Matthew F. Leitman
MATTHEW F. LEITMAN
UNITED STATES DISTRICT JUDGE
Dated: June 15, 2020
I hereby certify that a copy of the foregoing document was served upon the parties
and/or counsel of record on June 15, 2020, by electronic means and/or ordinary
mail.
s/Holly A. Monda
Case Manager
[phone]

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