United States Securities and Exchange Commission

Filing 270

ORDER Granting 268 Third Motion of Receiver for Authority to Sell Real Estate Located at 4488 W. Bristol Road, Flint Township, Michigan. Signed by District Judge Matthew F. Leitman. (HRya)

UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF MICHIGAN
UNITED STATES SECURITIES AND
EXCHANGE COMMISSION,
Plaintiff,

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

v.
TREASURE ENTERPRISE LLC,
PATRICIA ENRIGHT GRAY and LARRY
ALLEN HOLLEY
Defendants,
and
KINGDOM ASSET MANAGEMENT LLC
and CARLEEN RENEE HOLLEY,
Relief Defendants.
__________________________________________________________________/
ORDER GRANTING THIRD MOTION OF RECEIVER
FOR AUTHORITY TO SELL REAL ESTATE LOCATED AT
4488 W. BRISTOL ROAD, FLINT TOWNSHIP, MICHIGAN
This matter having come before the Court upon the Third Motion of
Receiver for Authority to Sell Real Estate Located at 4488 W. Bristol Road, Flint
Township, Michigan (“Motion”) filed by O’Keefe & Associates Consulting, LLC
and Patrick O’Keefe (“Receiver”); due and sufficient notice having been given; no
objections to the relief requested in the Motion having been filed or asserted; a
hearing having been held on June 14, 2022 at 1:00 p.m., and the Court being fully
advised in the premises:
4894-2696-1184

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.

Due, timely and appropriate notice of the Motion and an opportunity

to object or be heard with respect to the Motion and the relief requested therein has
been provided to all interested persons and entities.
E.

The Court has reviewed the Motion and all other pleadings of record

related to the Motion, including the Purchase Agreement between the Receiver and
ABC Real Estate Development, LLC (“ABC”), attached as Exhibit A to the
Motion (“ABC Purchase Agreement”).
F.

The ABC Purchase Agreement is the result of an arm’s length

negotiation, undertaken consistent with and within the scope of the Receiver’s
duties under the Receivership Order.
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G.

No further publication of the sale under 28 U.S.C. §2002 is required,

for the reasons specified in the Motion.
NOW, THEREFORE, IT IS ORDERED AND ADJUDGED THAT:
1.

The Motion is GRANTED in its entirety.

2.

The Order previously entered on April 24, 2020, approving the sale of

the Property to Michael Zeid, on behalf of an entity to be formed [Docket No.
213], is null and void to the extent necessary to permit the sale to ABC to proceed
to close; provided, however that the Receiver and Mr. Zeid reserve all other rights
related to the Motion to Compel Purchaser to Close on the Sale of 4488 Bristol,
Flint Township, Michigan [Docket No. 225] pending between the parties.
3.

The Receiver is authorized to sell the Property commonly known as

4488 W. Bristol Road, Flint Township, Michigan, as more fully described in the
ABC Purchase Agreement, free and clear of all liens, claims and encumbrances,
pursuant and subject to, the terms of the ABC Purchase Agreement, with all
contingencies waived.
4.

The Receiver is authorized to enter into the ABC Purchase

Agreement.
5.

The Notice Requirements of 28 U.S.C. §2002 have been satisfied.

6.

This Court’s October 2, 2019 Order Compelling Bobbie Kirby to

Execute and to Deliver to Receiver’s Title Company (I) Signed Escrow Agreement
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4894-2696-1184

and Discharge of Lien, and (II) Letter of Instructions Regarding Recording of
Discharge of Lien, in Connection with Closing on Sale of Real Estate Located at
4488 Bristol Road, Flint Township, Michigan [Docket No. 187] remains in full
force and effect and Ms. Kirby must comply with the obligations set forth therein.
7.

In connection with the closing under the ABC Purchase Agreement,

the Receiver is authorized to execute any and all documents reasonably required to
consummate the sale of the Property, and to take all steps reasonable and necessary
related thereto, including but not limited to, the payment of usual and customary
pro-rations and all ordinary and necessary closing costs and commission to
Signature Associates.
8.

All liens against the Property shall be transferred to the proceeds of

sale, and shall not be disbursed, pending further order of this Court (provided,
however, that unpaid taxes and water bills which constitute a lien against the
Property, may be paid at the time of closing). This includes the liens of Old Kent
Bank, Goyette Mechanical and Bobbie Kirby, unless discharged prior to closing.
The proceeds claimed by Bobbie Kirby shall be held in accordance with the
Escrow Agreement previously executed by Bobbie Kirby and the Receiver.
IT IS SO ORDERED.
/s/Matthew F. Leitman
MATTHEW F. LEITMAN
UNITED STATES DISTRICT JUDGE
Dated: June 15, 2022
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