Securities and Exchange Commission v. Martin et al

Filing 35

ORDER ordering that the relief requested in Receiver Pettit's 34 Report be granted. The Court's Order filed 3/30/2012 is hereby stayed through 8/9/2012. Furthermore, Receiver is hereby authorized to liquidate the publically traded shares identified in his June 5 Status Report. Finally, Receiver is directed to file a second report with the Court on or before 7/20/2012 indicating the status of his actions and efforts to liquidate dfts' publically and privately held equity interests. Signed by District Judge Richard Voorhees on 6/12/2012. (cbb)

IN THE DISTRICT COURT OF THE UNITED STATES
FOR THE WESTERN DISTRICT OF NORTH CAROLINA
STATESVILLE DIVISION
CASE NO. 5:09-CV-00022-RLV-DSC
SECURITIES AND EXCHANGE
COMMISSION,
Plaintiff,
v.
SHELBY DEAN MARTIN, D.
MARTIN ENTERPRISES, INC.,
and DM VENTURES, LLC,
Defendants.

)
)
)
)
)
)
)
)
)
)
)
)
)

ORDER

THIS MATTER is before the Court upon Receiver Pettit’s Report, filed on June 5,
2012. (Doc. 34.)
On March 30, 2012, the Court directed that funds presently held in escrow be paid to the
U.S. Securities and Exchange Commission, and thereafter deposited with the Crime Victims
Fund in the U.S. Treasury, partly in light of Plaintiff’s belief at the time that Martin and his wife
had no additional assets. (Doc. 31.) Receiver Pettit thereafter brought to the Court’s attention a
number of equity interests in both publicly traded and privately held entities owned by Martin,
which Receiver represented as having potentially significant value. (Doc. 32.) In response, the
Court, in an Order filed April 26, 2012, stayed its March 30 Order and directed Receiver to file a
status report on or before June 5, 2012. (Doc. 33.) In satisfaction of this April 26 Order, Receiver
has submitted his Status Report, therein identifying the equity interests owned by Defendants.
Although Receiver has not yet been able to ascertain the value of the identified, privately
held equity interests, Receiver seeks authorization to liquidate the publically traded shares as
1

they are customarily sold on a recognized market for the market price. Additionally, in
accordance with the Court’s April 26 Order, Receiver requests that the March 30 Order be stayed
an additional forty-five days.
IT IS, THEREFORE, ORDERED that the relief requested in Receiver Pettit’s Report
be GRANTED. (Doc. 34.) The Court’s Order filed March 30, 2012, is hereby stayed through
August 9, 2012. Furthermore, Receiver is hereby authorized to liquidate the publically traded
shares identified in his June 5 Status Report. Finally, Receiver is directed to file a second report
with the Court on or before July 20, 2012, indicating the status of his actions and efforts to
liquidate Defendants’ publically and privately held equity interests.
Signed: June 12, 2012

2