United States of America v. Hanam Capital Corporation

Filing 2

COPY OF ORDER from USDC-New Jersey case #2:12cv06994-KM-MAH appointing US Small Business Administration as received of Hanam. (MKR)

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IN TBIC UNlit'lID STAT11:8 DIBTRICl' COURT
lOR THE STATE OJ' NlW JERSEy
1JN1TED STATES Oil' AMERICA.

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OFF;vt OF Ti-J[ GLERK

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Pl.abatlff.

12 DEC - 6 AM 11; 25

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ClvllCueNo.

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cg:'9.m~ 105

BANAM CAPITAL CORPORATION )
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IJ-~ 99~ (]<M')

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CO!3BNT OBDIBOII'BIQi3YD81UP
IT I8I11RBBY ORDER.'BD, ADJtJDGBD AND DECREED:
1.

PunuaDt to the provisioDs IS U.S.C. §687c, this Courthcnbytakes

eacluaivc juri8dlcIion ofHaDam Capital Corporation ("HaDam"). aad all of its 8I8et8 aDd
poperty. ofwhatcver kind aad wherever located, aDd the UDited States Small BusiDeIs

AdmiDisIration ("SBA") is hereby appointed Rccelver ofHamam ("RA:celver") to .ve
without bcmd until fbrther cmler oftbls Court. The Receiver is appointed for the purpose

ofmlll'lhaHn.aDd Hquidatina all ofH8DIIIl'.818et8 aDd IItisfyiDg the olaims ofcredltors
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The Receiver abaIl have all po1't"el'I, authorities, rights aDd privlleps .

ha:etofore po_ued by the officers. directors, _gars aDd shareholders ofHaDam
UDder appHcable state and. feclerallaw. by the Articles of Incotporation, aDd By-Laws of
said corporation, In addition to all powers aad authority ofa:receiver at equity. aad all
powers aDd authority 00Dfcrrcd upon the Receiwr by the pmvIsicms of IS U.S.C. § 687e
and 28 U.S.C. § 754. The trustees, diIectors, ofticm, managers, employees, investmeat

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Case ~:~~-cv-06994-KM-MAH' Document 3 Filed 12/03/12 _Page 2 of 6_PageID: 22

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adviaors, accountaDtl, attomeyB aDd other apats ofHaDam are hCRby diamiaed. Such
pc:noDIlDd ClDtities sball.bave no authority with respect to Haman'. operations or 888Ota,
except to the ax.teDt 81 may hcnafter be expa..t, sraated by the Receiwr. The ReceIver

sbaIl assume aDd COD1roI the opmation of HamaD and sball pursue aDd preaorve all of its

3.

The Receiver is eodtlecl to tab immediate posscaion of all ..... baDk

8CCOUDII or other fi11ftDCiplacooUDts, boc*s aDd zecorda aDd all other cJooumeats or

instnImcats JelItias to Hanam. The put audlor pteaaat ofticcn, directors, ......

well II all those actiDa in their place, lie hereby ordered aDd dhected to tum cmrto the
Receiver forthwith all boob, recorda, documeots. accountB and all other iDstrumcatB IDd
papera of and relating to HamaD aDd all ofHamam'...... aDd all other aaets and
properly' of the corporatioD, wheIber real or pencma1. The President ofHaaam 8bal1

ftJmIih a written atat.emeDt widDn five (5) daya after the entry ofthia Older. listing the
iclentlty. 10Cldi0ll and estimated wi. of all811C'48 ofHIlDIIID, a Hat of all emplO)'eeB (aDd
job titles thereot). other pel1IOlIOCJ, attorIIeJ8, accountanta aDd aD)' other eaents or

contractors ofHanIUD, II well II the names, IIddrosscs and amounts ofclaims of all
... --.- ---'"kiiOWii CiiaItiinH,maiiAm . WBIiiii t1iitY(3OJ' dijifroU-oWiDi"&-.entiY·OftJd8u.aer. Die

PreaideDt ofHanam sball aJao tbmiah a writta1 report d.escribJns all usets. All pcr80DI
aDd eatities haviu& control, custody or poaessiexa of aD)' usets or property of HamaD are

hereby directed to tum lOCh II8et8 and property over to the Receiver.
4.

The Receiver shall promptl)' sive notice of its appointment to all bowD

ofIioers. directors. agents. emplO)'OCl8, sbareholdcrs. cxeditors. debtors, managers aDd

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C!l§~.6J.?;J:.'{;9&§l~4-~~.:.MAH Document 3 F~~d 12(Q3/l~yli?~,~Qf4.giQ.Etl.O~2J.

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sbareholdcra ofHanlm, u the Receiver deas uecellary or advisable to effectuate the
operatiOlL ofthe reaei.verahip. All pIl'IOD8 aDd entitles owiDa any obUpdcm, debt, or

diatribudoo with respect to a s1unholdc:r interest to Hanam shall, until fbrthcr ordered by

1bis Court. pay aU such obliptiom iD ICOOIdance with the terms t1Iereofto 1be Receiver
aDd ita receipt for such payments shall have the I8IIle force aDd effect u ifHaDam had.
received such paymeIlts.

5.

The ReceIver is hereby authorized to oplllsuch Receivar'a accounts at

hanJdng or other fhumcial iDstltutioII8 to extaJd cn:dit OIl behalf ofHllIam, to utilize SBA
personnel, aDd to employ such other per8ODD01 as it may d.n necessary to effectuate the

operatiOD of tho reaei.verahip iDcIudiD& but DOt Iimitecl to, attorneya, 8CCOWltIDtI,
CODIUltants aDd appndacn. aDd is further authorized to expcod receivenhip t\mds to
compeDlIate such penormeI in such amouDts aDd upon such terms u

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the ~ sball

deD leUOII8ble in Baht oftbe usual fees aDd billiDa pracdces aDd procechna of such

penormeI.

The: Receiver is DOt requiJed to obtain Court approval prior to the

disbunement ofzeceivenhip t\mds for paymeats to pemoamel employed by the ReceIver

or for expeDIe8 that the Receiver deems advantapous to the OIderly admiuiatration aDd
operatiOD oftbe receivcnblp. In additioD, the Receiver is authorized to nrimburae the

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SM:·tor'rMtexptlllCii:~ SBA~tJntle~-··

adminietration of the reoeiversbip. The ReceIver may. wi1bout 1\uther order ofthia Court,

traDsfert compromise, or otberwlse dispose of Ill)' claim or aaset in the onJiDll')' coune of
busineut other than Ja1 estate.

6.

Hallam's past and/or preacmt officcn, directora, apDts, attorneya,

m8D1 genJ, shareholders,

employees, accouutaDts, debtors, aDd CRditcn, ofHaDam, and

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Case 2:12-cv-06994-KM-MAH Document 3 Filed 12/03/12 Page 4 of 6_PageID: 24
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other 8pp'Opl'iate pencms or eatides (iDclwIiDa without limftaticm. the defeadant's
portfolio ofsmall business COJlCS'DI and fiuncial iDBtitutloDa doiDa busiD_ wi1h

dcfeodant fIDIJIor c:IefeadaDt's portfoUo of small buaIneIs ccm.cems) abalI. 1DSWtI'1IIJder
oath to the Receiver all questions which the R.eceivcr may put to them and produce Ill)'

documada u requked by the Receiver mpnIIDa the bllliness ofsaid limited partnenhip,
orlll)'~~m~to~~or~ofthe . .~or~

coDecdon oft'lmds due to Hanam. III 1be eveat that the Receiver deems it necessary to
require the appaaranoe ofthe afol'C'lllladoDed pc:noDI or entities, the Receiver aball mab

its discovery mqueat(s) in acoo.rdaDcc with 1be Federal RuleI of eM! ProceduIe.

7.

The pardes to Ill)' and all civillepl pmceettinp of Ill)' DItUre, iDcludlD&

but DOt lJmited to, bankruptcy pl'Ocecw:llnp, arbltratlon proceedfnp, foreclO81ll'O actiODl,
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Ctc6l1lt proceedinp, or other ICtioDs ofmy DItme involviDg Haaam or lilY 8I8IU of

Hanam.1Dc1udfng subsidiaries BDd partaarshipa, wheIe'vw located, and excludiDg the
iDItant pmceorfins. involviDa Hanam. the Recciwr, or any ofHaaam's past or preaent

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officers. directors, 1DID8Iers. or qeats IUOd for, or In CODDOCtion with, any action 1akm
by them while acting In IIICh capacity of any uature, whether u

p~ clefe.ndIDt,

1hiId-party plaintiff. third-party dcfeDdant, or ~ an: -VoiDed from COID1DeDCiDa

. or-COi11iiiiitDi·iiiY-.ueIi'-tept~·ir1l;;iii1ikiDl1ilY·1C1I0iI,:jH COiJfieaIijh-WIIIi
any such proceeding or any 8UCh uset. All civillep1 proceedings of Ill)' DIl1:IJre,

iIIIfant proceeding, involving Hanam. the Recciwr, or any ofHaDam's past or preseat

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G~!?e_?)~.2~cv-06994-KM-MAH

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Document 3 Filed 12/03/12 Page 5 of 6 PagelD: 25

ofticera, ctirecton, ID8IUIpII, or agents sued for, or In CODIIDCtion wi1b. any dCll tabrIl

by them while actiDg in such capacity of any nature, whether II pJaiDtitl; defimdaDt,

third-party plaintiff, third-party clef_tnt. or od1erwisc, are stayed In 1heir entirety, and

.u Co1uts haviDg any JurladlatiOD tbenIof are erQoinccl ftom ta1dDg or permitdDa any
action UDtil fbrther Order ofthfs Court. Further. II to a cause of aotiCll accrued or
accruiDg in favor ofHanam .pfnst • third perIOD or party. any applicable statute of
Hmitation is tolled during tile period in which this iDJUDCtion apinst commeocemmt of

lep1 pror«dinp Is in effect II to that cauao of action.
8.

Hauam and its put and/or preaent directon, of1icetl, ID8IUIpII, ageD1I.

c:mpIoyees ad other pe.r8ODS or eatities acdDa in coaccrt or partlcipatiDa therewith be,

BDd they hereby are, erQoined from either directly or indirectly ta1dDg any actioas or

CII1'I8ina my suCh action to be taken which would dissipate tile assets andIor pvperty of
HaDam to the dctrimeat ofH8D8Dl or of the Roceiver appointed In this cauae, includiDg

but DOt limited to destruction of corporate records, or which would 'Violate the Small

Busi"_1DvesIment Act of 1958, II amended, IS U.S.C. 661 ida -., or the reguIatioDa
promn1ptod tb.ereuodcr, ("RegulatiODS-), 13 C.P.R.II07.1 aka.

9.

The Receiver is authorized to borrow on behalf of Hanam • from die SBA,

uptcrSl.OOCt,OOOaftd"la8.1ll1fcJtlD4 fD QadIfe:HlJiaiiHcHiiUi·Rocei.s cenifiC81lls Of
lDdebtecIDeas in tile principal amounts of the S1IIlI8 borrowed, which cerdfiCldcl will bear

iat.aJoJSt at or about 10 percent per 8DIlUlll8Dd will have a maturit)' date DO la1cr than 18
months after tho date of iuue. Said ReceIver's Certificates ofIJIdebIedneas sbaU have
priority over all other debts and oblip1ioas ofHanam, excludiDg admiDiatmtive ex.peDIeB

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2:12-cv-06994-KM-MAH Doeument 3 Filed 12/03/12 Page 6 of 6 PagelD: 26

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oftho ReceIvership, whether currently exiltina or hereinafter incunec:I, including without
UmJtation any claims of general or limited partncn ofHaoam.
10.

This Court determines and adjudicates that SBA has made a suft'icient

abowlng that Hanam has viohtted tho Act and the Regulations. u alleged in the

Complaint filed apinst Hanam in the iDstant action, 10 obtain the relief 10 teqUeSted.

DATED this ~day of

~~'C ' 201-=- .

UNifiDSTATBS DISTRJ~ itT JUDGE
SIIN, STIPULATED AND AGREED:

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By: Robert Shalnr, Presidont