United States Securities and Exchange Commission v. Borland et al

Filing 63

ORDER APPOINTING LIQUIDATION AGENT granting 52 Motion Appoint Liquidation Agent for Borland Defendants Home and Declare Invalid Liens Filed in Violation of the Courts Asset Freeze re: 41 Memo Endorsement, Set Deadlines/Hearings . IT IS ORDERED that the SEC's motion to appoint a Liquidation Agent is granted. Christopher Ritchey is hereby appointed as the authorized Liquidation Agent ("Liquidation Agent" or "Liquidating Agent") to sell the real pro perty located at 43 N. Haven Way, Sag Harbor, NY 11963 and more particularly with legal description and Tax ID of District 0901, Section 002.00, Block 04.00, Lot 108.000 (the "Subject Property"). IT IS ORDERED that the Liquidation Agent shall have the authority to arrange for the sale of the Subject Property, subject to confirmation by this Court, in any manner approved by the SEC, AS FURTHER SET FORTH IN THIS ORDER. In light of the Court's appointment of a Liquidating Agent, the provisions of28 U.S.C. § 2001, et seq. do not apply to the sale of the real property described herein. IT IS ORDERED that the Liquidating Agent shall be compensated from the proceeds of the sale a) in an amount equal to five (5) percent of the gross sale proceeds; b) for its reasonable and necessary expenditures to protect and preserve the value of the Subject Property; and c) legal fees that may arise to administer the sale of the Subject Property. In its discretion, the Liquidati ng Agent may share a portion of this five percent compensation, per local custom and practice, with any agent of the buyer of the Subject Property. IT IS ORDERED that Defendant Brent Borland and Relief Defendant Alana LaTorraBorland shall promp tly and fully accommodate any request by the Liquidating Agent for any items the Liquidating Agent deems necessary in fulfilling the scope of its appointment over the Subject Property, including, but not limited to: keys, deeds, site plan approvals, architectural drawings and/or tax records of the Subject Property and, in the meantime, preserving any and all such items and shall maintain adequate levels of insurance on the Subject Property protecting the SEC's interest. IT IS ORDERED t hat Defendant Brent Borland and Relief Defendant Alana LaTorra Borland shall promptly and fully accommodate any request by the Liquidating Agent for access to the Subject Property by or on behalf of Liquidating Agent, personnel of the Hudson Adviso ry Team, professionals retained by or working with Liquidating Agent or any potential buyers and their representatives. IT IS FURTHER ORDERED that Defendant Brent Borland and Relief Defendant Alana LaTorra Borland, and all persons acting in conce rt with or on their behalf, are hereby restrained and enjoined from interfering in any way with the Subject Property, or with the Liquidating Agent, or with the Liquidating Agent's efforts to comply with its obligations under this Order, and any violation of this order may result in a fine, or incarceration, or both. IT IS FURTHER ORDERED that Defendant Brent Borland and Relief Defendant Alana LaTorra Borland, and all persons acting in concert with or on their behalf, are hereby res trained and enjoined from directly or indirectly making, creating, incurring, assuming or permitting to exist any assignment, transfer, pledge, mortgage, security interest, lien, or other encumbrance of any nature in, to or against any part of the Subject Property without written consent from an attorney of record for the Commission, or with the Liquidating Agent, and any violation may result in a fine, or incarceration, or both. (AS FURTHER SET FORTH IN THIS ORDER.) The Clerk shall terminate the motion (ECF 52). (Signed by Judge P. Kevin Castel on 5/9/2024) (vfr)