Securities and Exchange Commission v. Gen-See Capital Corporation et al

Filing 76

ORDER GRANTING Plaintiff's 75 Motion to Permit a Final Distribution and to Pay Distribution Agent, as specified. SO ORDERED. Issued by William M. Skretny, Chief Judge U.S.D.C. on 1/24/2014. (CMD)

UNITED STATES DISTRICT COURT
WESTERN DISTRICT OF NEW YORK
SECURITIES AND EXCHANGE COMMISSION,
Plaintiff,
- against GEN-SEE CAPITAL CORPORATION, a/k/a
GEN UNLIMITED and RICHARD S. PICCOLI,
Defendants.

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09-CV-14S

ORDER TO PERMIT A FINAL
DISTRIBUTION AND TO PAY DISTRIBUTION AGENT
WHEREAS, on August 25, 2010, the Court entered an order approving a Distribution
Plan and appointing A.B. Data, Ltd., as Distribution Agent the (“Distribution Agent”);
WHEREAS, in an order dated June 13, 2012, the Court amended the Distribution Plan to
allow the Distribution Agent to issue the distribution checks;
WHEREAS, the Distribution Agent has distributed $6,239,712.93 to 615 claimants;
WHEREAS, plaintiff Securities and Exchange Commission has filed a motion to permit a
final distribution to claimants and to pay the Distribution Agent;
NOW, THEREFORE,
IT IS ORDERED THAT the motion to permit a final distribution to claimants and to pay
the Distribution Agent (Docket No. 75) is GRANTED;
IT IS FURTHER ORDERED THAT pursuant to the Distribution Plan, the Distribution
Agent is ordered to distribute $540,056.09 to claimants, and to maintain a reserve of $53,701.68
to pay the final fees of the Distribution Agent and the Tax Administrator as provided for in this
Order;

IT IS FURTHER ORDERED THAT paragraph II.B of the Order Appointing a
Distribution Agent (Docket No. 38) is amended to allow the Distribution Agent to be paid an
additional $38,701.68, and that this payment will constitute the final payment to the Distribution
Agent;
IT IS FURTHER ORDERED THAT all funds distributed to claimants will be applied to
defendants’ disgorgement obligation;
IT IS FURTHER ORDERED THAT, when the distribution provided for in this Order is
completed, the Distribution Agent shall file with the Court a final report that shall include a final
accounting of all monies received and distributed in connection with the administration of the
Distribution Plan, and a final report and accounting Standardized Fund Accounting Report
(“SFAR”);
IT IS FURTHER ORDERED THAT, the Clerk of Court is directed to instruct First
Niagara Bank, this Court's designated depository, to close the registry account and issue a bank
draft payable to Clerk, U.S. District Court equal to the sum of 10% of the interest earned while
such funds were held. Such fee is to be paid to the Treasury of the United States in accordance
with law. The remaining balance of the registry account including accrued interest to date is to
be paid to the Distribution Agent, A.B. Data, Ltd., representing final disbursement of funds. The
Distribution Agent shall deposit the funds into the Distribution Account for Distribution to
Eligible Claimants;
IT IS FURTHER ORDERED THAT, the Distribution Agent is instructed to provide the
Fair Fund's Tax Identification Number to the Clerk of Court forthwith for IRS reporting of
earned interest.; and

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IT IS FURTHER ORDERED THAT this Court shall retain jurisdiction over this matter.
SO ORDERED.
Dated: January 24, 2014
Buffalo, New York
s/William M. Skretny
WILLIAM M. SKRETNY
Chief Judge
United States District Court

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