Securities and Exchange Commission VS Global Express Capital Real Estate Investment Fund I, LLC et al

Filing 986

MINUTES OF PROCEEDINGS - Bench Trial held on 11/29/2010 before Judge Kent J. Dawson. Crtrm Administrator: Peggie Vannozzi; Receiver's Counsel: Joseph Went; Other Counsel: Samir Ghazal (pro se); Gregory Wilde and Kevin Soderstrom for Galaxy Construction; Court Reporter/FTR #: Felicia Zabin; Time of Hearing: 9:32 AM - 2:32 PM; Courtroom: 6D; Receiver James Donell is present. The Court makes findings and DENIES the following motions: #962 Motion for Summary Judgment filed by Galaxy Construction, #964 Motion in Limine filed by Receiver, and #974 Motion for Summary Judgment, filed by Receiver. Phase one of the trial concerns Samir Ghazal. Ghazal's exhibit 501 is marked and admitted. Receiver's exhibits marked and admitted. Witnesses called by Receiver: James H. Donell and Samir Ghazal. The Court makes findings that Ghazal is a unsecured claimant and not entitled to the proceeds of the bond #671 . IT IS THEREFORE ORDERED that #691 is discharged and First American Title is released. Bond exonerated, to be returned to legal owner. The next phase of trial concerns Galaxy Construction. Exhibits marked and admitted. Witnesses called by Galaxy Construction: Ronald H. Byrd and Robert Richard Holgate. No witnesses called by Receiver. Arguments heard. Matter submitted to Court. (Copies have been distributed pursuant to the NEF - PAV)

Securities and Exchange Commission VS Global Express Capital Real Estate I...tment Fund I, LLC et al

Doc. 986

UNITED STATES DISTRICT COURT DISTRICT OF NEVADA SECURITIES AND EXCHANGE COMMISSION PLAINTIFF, VS. GLOBAL EXPRESS CAPITAL REAL ESTATE INVESTMENT FUND LLC DEFENDANT, RELATED CASES: Ghazal litigation 8th Judicial District Court case # A477918 Galaxy Construction Litigation 8th Judicial District Court case #470858 PRESENT: THE HONORABLE KENT J. DAWSON, UNITED STATES DISTRICT JUDGE DEPUTY CLERK: PEGGIE VANNOZZI PRESENT FOR RECEIVER : PRESENT FOR GHAZAL: PRESENT FOR GALAXY: COURT REPORTER: FELICIA ZABIN 2:03-cv-1514-KJD MINUTES OF THE COURT DATED: November 29, 2010

JOSEPH WENT SAMIR GHAZAL (pro se) GREGORY WILDE AND KEVIN SODERSTROM

BENCH TRIAL ON RELATED CASES - DAY 1 Proceedings begin at 9:22 A.M. The Court makes findings and denies the following motions: [962] Galaxy's Motion for Summary Judgment, [964] Receiver's Motion in Limine and [974] Receiver's Motion for Summary Judgment. Mr. Wilde asks that he be allowed to wait in the hallway during the Ghazal portion of this trial. The Court allows him to do so. The Court has reviewed the documents provided by Mr. Ghazal. Those documents will be marked and admitted as Defendant Ghazal's exhibit 501. Mr. Ghazal does not call any witnesses. James H. Donell, Receiver for Global Express Capital Real Estate Investment Fund, is sworn. Mr. Went examines the witness. Receiver's exhibits 101, 102, 108, 110, 113 and 111 are marked and admitted. Exhibit 106 is marked. The witness steps down. Samir Ghazal is sworn to testify. Mr. Went and the Court examine the witness. The witness steps down. James H. Donell is recalled. Mr. Went examines the witness. Receiver's exhibit 107 is marked. The Court makes findings for the record. Formal findings of fact to be filed. The Court finds that Samir Ghazal is not entitled to recover from the bond [691]. Accordingly, the Court discharges the bond [691] posted by First American and releases same. Dr. Ghazal will be treated as an unsecured claimant, and Receiver will issue
Dockets.Justia.com

IN RE: RELATED STATE COURT MATTERS TO 2:03-CV-1514-KJD November 29, 2010 Page 2 unsecured claimant payments to him that have been withheld while this issue has been litigated. Proceedings recess from 10:32 AM to 10:45 AM. Mr. Wilde indicates that counsel have agreed to admit all of Galaxy's proposed exhibits except 612. Mr. Went advises the Court why Receiver will not stipulate to the admission of 612. The Court will admit 612 for the limited purpose of establishing an end date for the work performed on the property. Mr. Went advises that Receiver will use Galaxy's exhibit book during examination of witnesses to avoid flipping between books. Ronald H. Byrd is sworn to testify as a witness for Galaxy Construction. Mr. Went moves for exclusion of witnesses. The sole other witness exits the courtroom. Mr. Wilde examines the witness. Counsel discuss the admissibility of 612. Mr. Went and Mr. Wilde examine the witness. The witness was excused. Robert Richard Holgate is sworn to testify as a witness for Galaxy Construction. Mr. Wilde examines the witness. Proceedings recess from 12:25 PM to 1:37 PM. Robert Richard Holgate resumes the witness stand. Mr. Went and Mr. Wilde examine the witness. The witness is excused. Mr. Wilde and Mr. Went present argument. The Court takes the matter under submission. Proceedings adjourn at 2:32 PM.

LANCE S. WILSON, CLERK U.S. DISTRICT COURT /s/ DEPUTY CLERK