United States Securities and Exchange Commission v. Holzhueter, Loren et al
ORDER granting 408 Receiver Michael Polsky's quarterly motion for fees. Polsky may have until February 23, 2018, to file a supplement to his quarterly report. Signed by District Judge James D. Peterson on 2/9/18. (jat)
IN THE UNITED STATES DISTRICT COURT
FOR THE WESTERN DISTRICT OF WISCONSIN
UNITED STATES SECURITIES AND EXCHANGE
ISC, INC., d/b/a INSURANCE SERVICE CENTER, and
THE ESTATE OF LOREN W. HOLZHUETER,
HONEFI, LLC, ARLENE HOLZHUETER, and
On February 9, 2018, a telephone status conference was held before District Judge
James Peterson. Plaintiff United States Securities and Exchange Commission appeared by
Timothy Leiman; defendants ISC, Inc. and the Estate of Loren Holzueter appeared by
Benjamin Glickson and Stephen Kravit; relief defendant Aaron Holzhueter appeared by
Nicholas Hahn; receiver Michael Polsky appeared on his own behalf and by Lauren Stanley;
interested party AVID Acquisitions LLC appeared by Mary Turke; interested party Larry
Schneider appeared by Mark DesRochers and James Burnett; and the state court plaintiffs
appeared by Patrick Schott and April Barker.
The court and the parties discussed four issues at the conference. First, the receiver
informed the court that two tasks remain before the final distributions can be made and the
receivership can be closed : (1) tax returns must be filed and accepted for ISC and Honefi; and
(2) Schneider’s claim for severance must be resolved. As to the first issue, the receiver
anticipated that the tax returns would be filed and accepted within about two months. As to
the second issue, the parties will discuss the status of the claim. The SEC may file a motion to
disallow the claim within the next few weeks.
Second, the parties discussed a lifting of the stay on the actions pending in state court.
The parties anticipate filing a stipulation on that issue in the near future.
Third, the parties discussed whether it was appropriate for the receiver to be
compensated for the work to resolve the dispute with AVID over the interpretation of the asset
purchase agreement. Both the SEC and the receiver stated that it was. Before deciding the
issue, the court asked the receiver to supplement his quarterly report with the expenses incurred
in resolving the dispute.
Finally, the receiver noted his pending motion for fees for the period from October 1,
2017, to December 31, 2017. The court stated that it would grant the motion.
IT IS ORDERED that
1. Receiver Michael Polsky’s quarterly motion for fees, Dkt. 408, is GRANTED.
2. Polsky may have until February 23, 2018, to file a supplement to his quarterly report
to identify the expenses incurred in resolving the dispute with AVID over the asset
Entered February 9, 2018.
BY THE COURT:
JAMES D. PETERSON
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