United States Securities and Exchange Commission

Filing 280

ORDER Granting 279 Motion of Receiver to Authorize Discounted Payoff of Land Contract and Transfer of Title for Property Located at 5601 N. Saginaw, Flint, Michigan. Signed by District Judge Matthew F. Leitman. (HRya)

Case 4:17-cv-10963-MFL-SDD ECF No. 280, PageID.4791 Filed 03/13/23 Page 1 of 4

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 MOTION OF RECEIVER TO
AUTHORIZE DISCOUNTED PAYOFF OF LAND CONTRACT
AND TRANSFER OF TITLE FOR PROPERTY
LOCATED AT 5601 N. SAGINAW, FLINT, MICHIGAN
This matter having come before the Court upon the Motion of Receiver to
Authorize Discounted Payoff of Land Contract and Transfer of Title for Property
Located at 5601 N. Saginaw, 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

Case 4:17-cv-10963-MFL-SDD ECF No. 280, PageID.4792 Filed 03/13/23 Page 2 of 4

Motion having been filed, or all such objections having been overruled; and the
Court being fully advised in the premises:
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).
NOW, THEREFORE, IT IS ORDERED AND ADJUDGED THAT:
1.

The Motion is GRANTED in its entirety.

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Case 4:17-cv-10963-MFL-SDD ECF No. 280, PageID.4793 Filed 03/13/23 Page 3 of 4

2.

Terms not defined herein shall have the meaning set forth in the

Motion.
3.

The Receiver is authorized to accept the Purchase Price, in full

settlement of the amounts due under the Land Contract and to close under the
Purchase Agreement.
4.

The Purchaser is to assume and pay all outstanding taxes and

assessments, transfer taxes, closing fees and title costs related to the Property. No
real estate commission is owing on this transaction. The receivership estate will
receive the Purchase Price, without deduction, at the closing.
5.

The Receiver is authorized to execute such documents as the title

company may require to transfer the receivership estate’s interest in the Property to
the Purchaser and to enable the title company to issue the title policy to the
Purchaser.
IT IS SO ORDERED.
/s/Matthew F. Leitman
MATTHEW F. LEITMAN
UNITED STATES DISTRICT JUDGE
Dated: March 13, 2023

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Case 4:17-cv-10963-MFL-SDD ECF No. 280, PageID.4794 Filed 03/13/23 Page 4 of 4

I hereby certify that a copy of the foregoing document was served upon the parties
and/or counsel of record on March 13, 2023, by electronic means and/or ordinary
mail.
s/Holly A. Ryan
Case Manager
[phone]

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