Welcome to the USFIA, Inc. Receivership Website This website was last updated: May 15, 2024.
This website has been established to facilitate efficient communications between investors, creditors, former employees, and other interested parties and potential claimants of USFIA, Inc., all of its subsidiaries and affiliates (the "Receivership Entities"), and Thomas Seaman (the "Receiver") who is serving as their permanent Receiver. Mr. Seaman was appointed on September 28, 2015, by the Honorable R. Gary Klausner, Judge of the United States District Court for the Central District of California in a securities fraud enforcement action brought by the Securities and Exchange Commission (the "Commission"). The Commission has alleged in their COMPLAINT [Dkt. No. 3] that the defendants violated federal securities laws. Judge Klausner also ordered that the assets of USFIA, Inc. and its subsidiaries and affiliates be frozen and issued a TEMPORARY RESTRAINING ORDER [Dkt. No. 8] (the "TRO").
The Receiver will be providing periodic reports and accounting of funds and other assets taken into his possession.
At some time in the future depending upon the progress and status of the SEC's action against the Defendants and further orders of the Court, the Receiver will provide investors, stakeholders and creditors with the ability to file claims in the receivership. Case updates are listed below in reverse chronological order:
RECEIVER’S FINAL REPORT & ACCOUNTING; FINAL FEE APPLICATIONS OF RECEIVER AND PROFESSIONALS; MOTION TO CLOSE RECEIVERSHIP
On May 14, 2024, the Receiver filed his RECEIVER THOMAS A. SEAMAN'S FINAL REPORT AND ACCOUNTING [Dkt. No. 530-1].
Also filed was the RECEIVER'S FINAL APPLICATION FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 530-2]. From October 1, 2023, through May 3, 2024 (the "Final Application Period"), the Receiver and his agents spent 670.8 hours executing the duties set forth in the Temporary Restraining Order entered on September 28, 2015 ("TRO"). The Receiver seeks approval of 100% of fees and approval to pay 90% of fees. The Receiver does not seek reimbursement of any expenses. The application also seeks approval and payment of all fees withheld pending the conclusion of the receivership.
The Receiver’s attorneys, Allen Matkins Leck Gamble Mallory & Natsis, also filed with the Court their TWENTY-EIGHTH INTERIM APPLICATION AND FINAL APPLICATION OF ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS, LLP, FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 530-3]. During the Twenty-Eighth Application Period the attorneys worked 37.6 hours on behalf of the receivership estate and request the Court approve 100% of fees and expenses. The application also seeks approval and payment of all fees withheld pending the conclusion of the receivership.
Also filed was the DECLARATION OF THOMAS A. SEAMAN IN SUPPORT OF MOTION FOR ORDER: (1) APPROVING FINAL REPORT AND ACCOUNTING; (2) AUTHORIZING PAYMENT OF FINAL FEE APPLICATIONS OF RECEIVER AND PROFESSIONALS; (3) AUTHORIZING CORRECTIVE DISTRIBUTIONS ON ALLOWED CLAIMS; (4) AUTHORIZING FINAL TAX RETURNS; (5) AUTHORIZING ABANDONMENT OR DESTRUCTION OF RECORDS; AND (6) CLOSING RECEIVERSHIP CASE AND DISCHARGING RECEIVER [Dkt. No. 530-4].
TWENTY-SEVENTH INTERIM FEE APPLICATIONS OF THE RECEIVER
On December 4, 2023, the Receiver filed his RECEIVER'S TWENTY-SEVENTH INTERIM FEE APPLICATION [Dkt. No. 522-1]. From April 1, 2023, through September 30, 2023 (the "Twenty-Seventh Application Period"), the Receiver and his agents spent 1619.1 hours executing the duties set forth in the Temporary Restraining Order entered on September 28, 2015 ("TRO"). The Receiver seeks approval of 100% of fees and approval to pay 90% of fees. The Receiver does not seek reimbursement of any expenses.
The Receiver’s attorneys, Allen Matkins Leck Gamble Mallory & Natsis, also filed with the Court their TWENTY-SEVENTH INTERIM APPLICATION OF ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS, LLP, GENERAL COUNSEL TO THE RECEIVER FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 522-3]. During the Twenty-Seventh Application Period the attorneys worked 84.3 hours on behalf of the receivership estate and request the Court approve 100% of fees and expenses on an interim basis and an order authorizing the Receiver to pay, on an interim basis, 80% of fees incurred and 100% of expenses incurred.
Also filed was the NOTICE OF HEARING ON INTERIM FEE APPLICATIONS OF THE RECEIVER AND HIS PROFESSIONALS FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 522]. The hearing for these applications is calendared for 9:00 a.m., January 8, 2024.
FINAL ATTEMPT AT PAYING APPROVED CLAIMANTS
On Monday the Court directed the Receiver to make one final attempt at paying the approved claimants who have not yet been able to receive a distribution payment. Accordingly, those claimants are requested to immediately send payment instructions to the Receiver. Instructions must include either a Paypal email account, or a valid address where a check can be received; please also include your full name, claim number (or your member ID number) and ID card or passport. You must respond by August 9, 2023, after that time, you will forfeit your claim and you will not be paid. The information should be emailed to mail@usfiareceiver.com or simply reply to this email message. For complete information on the claims and distribution process and the Receiver’s Reports to the Court, please see the website at https://usfiareceiver.com.
The Receiver is NOT accepting new claims. If you are not listed on the Claims list previously approved by the court Exhibit A USFIA Allowed Claims Full List [Dkt. No. 450-2], you will not be able to participate in the distribution. If you already received a distribution payment, you do not need to contact the receiver at this time, unless you need to update your payment information for the second distribution. If you need to update you PayPal account or mailing address, please email mail@usfiareceiver.com and include your name, claim number and ID card or passport.
TWENTY-SIXTH INTERIM FEE APPLICATIONS OF THE RECEIVER
On July 6, 2023, the Receiver filed his RECEIVER'S TWENTY-SIXTH INTERIM FEE APPLICATION [Dkt. No. 507-1]. From October 1, 2022, through March 31, 2023 (the "Twenty-Sixth Application Period"), the Receiver and his agents spent 1,219.5 hours executing the duties set forth in the Temporary Restraining Order entered on September 28, 2015 ("TRO"). The Receiver seeks approval of 100% of fees and approval to pay 90% of fees. The Receiver does not seek reimbursement of any expenses. The PROPOSED ORDER GRANTING TWENTY-SIXTH INTERIM FEE APPLICATION OF THE RECEIVER [Dkt. No. 507-2] is also filed.
The Receiver’s attorneys, Allen Matkins Leck Gamble Mallory & Natsis, also filed with the Court their TWENTY-SIXTH INTERIM APPLICATION OF ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS, LLP, GENERAL COUNSEL TO THE RECEIVER FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 507-3]. During the Twenty-Sixth Application Period the attorneys worked 41.4 hours on behalf of the receivership estate and request the Court approve 100% of fees and expenses on an interim basis and an order authorizing the Receiver to pay, on an interim basis, 80% of fees incurred and 100% of expenses incurred. The PROPOSED ORDER GRANTING TWENTY-SIXTH INTERIM FEE APPLICATION OF ALLEN MATKINS [Dkt. No. 507-4] is also filed.
Also filed was the NOTICE OF HEARING ON INTERIM FEE APPLICATIONS OF THE RECEIVER AND HIS PROFESSIONALS FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 507]. The hearing for these applications is calendared for 9:00 a.m., August 7, 2023.
* * * * *
April 12, 2023: Subject: URGENT – Immediate Action Necessary
Case Name: Securities and Exchange Commission v. Steve Chen et al
Case Number: 2:15-cv-07425-RGK-PLA
To: All claimants in the People’s Republic of China;
For investors located in China, the Receiver will be making distributions to investors by PayPal only. You must provide your PayPal information by April 30, 2023. If the distribution cannot be processed and cleared by May 31, 2023, the Receiver, in his sole discretion, will stop payment on any un-negotiated distributions and these will be forfeited.
Please reply with your PayPal information as soon as possible, and include your claim number and ID with picture.
Thomas A. Seaman,
Receiver for USFIA, Inc et al
* * * * *
TWENTY-FIFTH INTERIM FEE APPLICATIONS OF THE RECEIVER
On December 5, 2022, the Receiver filed his RECEIVER'S TWENTY-FIFTH INTERIM FEE APPLICATION [Dkt. No. 491]. From January 1, 2022, through June 30, 2022 (the "Twenty-Fifth Application Period"), the Receiver and his agents spent 898.6 hours executing the duties set forth in the Temporary Restraining Order entered on September 28, 2015 ("TRO"). The Receiver seeks approval of 100% of fees and approval to pay 90% of fees. The Receiver does not seek reimbursement of any expenses.
The Receiver’s attorneys, Allen Matkins Leck Gamble Mallory & Natsis, also filed with the Court their TWENTY-FIFTH INTERIM APPLICATION OF ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS, LLP, GENERAL COUNSEL TO THE RECEIVER FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 492]. During the Twenty-Fifth Application Period the attorneys worked 21.7 hours on behalf of the receivership estate and request the Court approve 100% of fees and expenses on an interim basis and an order authorizing the Receiver to pay, on an interim basis, 80% of fees incurred and 100% of expenses incurred.
Also filed was the NOTICE OF HEARING ON INTERIM FEE APPLICATIONS OF THE RECEIVER AND HIS PROFESSIONALS FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 493]. The hearing for these applications is calendared for 9:00 a.m., January 9, 2023.
TWENTY-FOURTH INTERIM FEE APPLICATIONS OF THE RECEIVER
On August 26, 2022, the Receiver filed his RECEIVER'S TWENTY-FOURTH INTERIM FEE APPLICATION [Dkt. No. 486-1]. From January 1, 2022, through June 30, 2022 (the "Twenty-Fourth Application Period"), the Receiver and his agents spent 902.8 hours executing the duties set forth in the Temporary Restraining Order entered on September 28, 2015 ("TRO"). The Receiver seeks approval of 100% of fees and approval to pay 90% of fees. The Receiver does not seek reimbursement of any expenses.
The Receiver’s attorneys, Allen Matkins Leck Gamble Mallory & Natsis, also filed with the Court their TWENTY-FOURTH INTERIM APPLICATION OF ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS, LLP, GENERAL COUNSEL TO THE RECEIVER FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 486-3]. During the Twenty-Fourth Application Period the attorneys worked 111 hours on behalf of the receivership estate and request the Court approve 100% of fees and expenses on an interim basis and an order authorizing the Receiver to pay, on an interim basis, 80% of fees incurred and 100% of expenses incurred.
Also filed was the NOTICE OF HEARING ON INTERIM FEE APPLICATIONS OF THE RECEIVER AND HIS PROFESSIONALS FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 486]. The hearing for these applications is calendared for 9:00 a.m., September 26, 2022.
DISTRIBUTION UPDATE #2–
July 29, 2022: This website update provides information on the Final Distribution which was previously scheduled to be completed on July 15, 2022.
The Receiver would like to apologize for the delay and inform you that the checks were mailed July 29, 2022, from Colorado. Our third-party partner that prepared and mailed the checks had delays with quality checking and other items that took longer than expected. If your address is in the USA and you do not receive your check by 08/19/2022, at that time please send an email to claims@usfiareceiver.com and we will review the issue for you. If your address is outside of the United States of America, please contact our office after August 26, 2022, if you have not received your check.
We are pleased to announce that PayPal payments began to go out on July 27, 2022, and were completed on July 29, 2022. We have received many messages that these payments have been received, but there are a number of payments that have not yet been claimed, or were cancelled by PayPal for various reasons. We have received a high volume of communications and questions regarding these payouts. We will be working through these issues, and responding to all inquiries over the next few weeks, to ensure that all claimants are able to receive their distribution funds.
If you were scheduled to receive a check and you now prefer a PayPal payment, unfortunately we are not able to make that change. We realize that many claimants did not provide change of address information before the cut off and we will be working with those claimants to stop payment and reissue their payments.
Many questions have come in regarding the payment amounts received. The total Distribution amount of $64,000,000 is less than the amount of approved claims. This results in a pro-rata distribution of 75.2773% of the approved claim amount. For example, if your claim was $1,000.00 your distribution payment will be $752.77. You can calculate your individual distribution amount by taking the allowed claim amount and multiplying it by .752773 or by 75.2773%.
We ask for your patience as we work through all of the messages and questions received as quickly as possible.
DISTRIBUTION UPDATE
July 16, 2022: This website update provides a status of the Final Distribution which was previously scheduled to be completed on July 15, 2022. While the Receiver’s staff has been working diligently to process all claimant distributions, following the announcement that the distribution would be made by July 15, the Receiver was inundated with unanticipated requests to update addresses and payment instructions. As a result, not all of change requests were able to be implemented by today.
Checks for claimants that selected that option have been prepared and are being mailed today. Be advised that it will take time for those checks to arrive, especially those going overseas. We appreciate your patience and request that you do not contact the Receiver’s office for individual updates. If you do not receive your check by 08/15/2022, at that time please send an email to mail@usfiareceiver.com and we will review the issue for you.
Additionally, we have had some unexpected delays with processing the Paypal payments. Please know that we are working through the issues as quickly as we can and expect to be able to process the payouts within about ten days. Again, please do not contact the Receiver’s office to inquire about payments. If you are expecting a Paypal payment, you will receive notification once it has been completed.
RECEIVER AUTHORIZED TO DISTRIBUTE RECEIVERSHIP’S PROCEEDS
June 21, 2022: The Receiver is pleased to announce that the District Court has entered an order approving the allowance and treatment of present and future IRS claims. The STIPULATION [Dkt. No. 483] AND ORDER [Dkt. No. 484] was entered on the basis of a stipulation between the Receiver and the Department of Justice wherein the IRS consented to Investor claims having priority over IRS claims. As a result, the Receiver is now in a position to distribute funds recovered by the Receiver to claimants. The Receiver will be making a total distribution of $64,000,000. Wage claimants will receive 100% of their allowed claim, and investor and creditor claimants will receive 75.3% of their claim. Payments to all claimants except for those claimants in China will be made by July 15, 2022. For claimants in China, the Receiver is still establishing mechanisms for making payment. Once these have been established the Receiver will then be able to provide a time frame for payments to investors in China.
TWENTY-THIRD INTERIM FEE APPLICATIONS OF THE RECEIVER
On March 14, 2022, the Receiver filed his RECEIVER'S TWENTY-THIRD INTERIM FEE APPLICATION [Dkt. No. 474]. From July 1, 2021, through December 31, 2021 (the "Twenty-Third Application Period"), the Receiver and his agents spent 714.7 hours executing the duties set forth in the Temporary Restraining Order entered on September 28, 2015 ("TRO"). The Receiver seeks approval of 100% of fees and approval to pay 90% of fees. The Receiver does not seek reimbursement of any expenses.
The Receiver’s attorneys, Allen Matkins Leck Gamble Mallory & Natsis, also filed with the Court their TWENTY-THIRD INTERIM APPLICATION OF ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS, LLP, GENERAL COUNSEL TO THE RECEIVER FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 475]. During the Twenty-Third Application Period the attorneys worked 63.0 hours on behalf of the receivership estate and request the Court approve 100% of fees and expenses on an interim basis and an order authorizing the Receiver to pay, on an interim basis, 80% of fees incurred and 100% of expenses incurred.
Also filed was the NOTICE OF HEARING ON INTERIM FEE APPLICATIONS OF THE RECEIVER AND HIS PROFESSIONALS FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 476]. The hearing for these applications is calendared for 9:00 a.m., April 11, 2022.
TWENTY-SECOND INTERIM FEE APPLICATIONS OF THE RECEIVER AND HIS PROFESSIONALS
On October 14, 2021, the Receiver filed his RECEIVER'S TWENTY-SECOND INTERIM FEE APPLICATION [Dkt. No. 470-1]. From January 1, 2021, through March 31, 2021 (the "Twenty-Second Application Period"), the Receiver and his agents spent 2,111.9 hours executing the duties set forth in the Temporary Restraining Order entered on September 28, 2015 ("TRO"). The Receiver seeks approval of 100% of fees and approval to pay 90% of fees. The Receiver does not seek reimbursement of any expenses.
The Receiver’s attorneys, Allen Matkins Leck Gamble Mallory & Natsis, also filed with the Court their TWENTY-SECOND INTERIM APPLICATION OF ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS, LLP, GENERAL COUNSEL TO THE RECEIVER FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 470-2]. During the Twenty-Second Application Period the attorneys worked 77.4 hours on behalf of the receivership estate and request the Court approve 100% of fees and expenses on an interim basis and an order authorizing the Receiver to pay, on an interim basis, 80% of fees incurred and 100% of expenses incurred.
A PROPOSED ORDER GRANTING INTERIM FEE APPLICATIONS [Dkt. No. 470-3] was also filed.
Also filed was the NOTICE OF HEARING ON INTERIM FEE APPLICATIONS OF THE RECEIVER AND HIS PROFESSIONALS FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 470]. The hearing for these applications is calendared for 9:00 a.m., November 15, 2021.
RECEIVER'S TWENTY-THIRD INTERIM REPORT
TWENTY-FIRST INTERIM FEE APPLICATIONS OF THE RECEIVER AND HIS PROFESSIONALS
On May 20, 2021, the Receiver filed his RECEIVER'S TWENTY-FIRST INTERIM FEE APPLICATION [Dkt. No. 460]. From October 1, 2020, through December 31, 2020 (the "Twenty-First Application Period"), the Receiver and his agents spent 1,567.9 hours executing the duties set forth in the Temporary Restraining Order entered on September 28, 2015 ("TRO"). The Receiver seeks approval of 100% of fees and approval to pay 90% of fees. The Receiver does not seek reimbursement of any expenses.
The Receiver’s attorneys, Allen Matkins Leck Gamble Mallory & Natsis, also filed with the Court their TWENTY-FIRST INTERIM APPLICATION OF ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS, LLP, GENERAL COUNSEL TO THE RECEIVER FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 461]. During the Twenty-First Application Period the attorneys worked 97.9 hours on behalf of the receivership estate and request the Court approve 100% of fees and expenses on an interim basis and an order authorizing the Receiver to pay, on an interim basis, 80% of fees incurred and 100% of expenses incurred.
Also filed was the NOTICE OF HEARING ON INTERIM FEE APPLICATIONS OF THE RECEIVER AND HIS PROFESSIONALS FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 462]. The hearing for these applications is calendared for 9:00 a.m., June 21, 2021.
Exhibit A - USFIA Investor Claims [Dkt. No. 450-2]
Exhibit B - Non-USFIA Investor Claims [Dkt. No. 450-3]
Exhibit C – Creditor & Employee Claims [Dkt. No. 450-4]
Exhibit D – Duplicate & Dismissed Claims [Dkt. No. 450-5]
Exhibit E – Proposed Distribution Plan Of Receiver Thomas A. Seaman [Dkt. No. 444-7]
TWENTIETH INTERIM FEE APPLICATIONS OF THE RECEIVER AND HIS PROFESSIONALS
On February 5, 2021, the Receiver filed his RECEIVER'S TWENTIETH INTERIM FEE APPLICATION [Dkt. No. 452]. From July 1, 2020, through September 30, 2020 (the "Twentieth Application Period"), the Receiver and his agents spent 1,820.8 hours executing the duties set forth in the Temporary Restraining Order entered on September 28, 2015 ("TRO"). The Receiver seeks approval of 100% of fees and approval to pay 90% of fees. The Receiver does not seek reimbursement of any expenses.
The Receiver’s attorneys, Allen Matkins Leck Gamble Mallory & Natsis, also filed with the Court their TWENTIETH INTERIM APPLICATION OF ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS, LLP, GENERAL COUNSEL TO THE RECEIVER FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 453]. During the Twentieth Application Period the attorneys worked 92.5 hours on behalf of the receivership estate and request the Court approve 100% of fees and expenses on an interim basis and an order authorizing the Receiver to pay, on an interim basis, 80% of fees incurred and 100% of expenses incurred.
Also filed was the NOTICE OF HEARING ON INTERIM FEE APPLICATIONS OF THE RECEIVER AND HIS PROFESSIONALS FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 454]. The hearing for these applications is calendared for 9:00 a.m., March 8, 2021.
NINETEENTH INTERIM FEE APPLICATIONS OF THE RECEIVER AND HIS PROFESSIONALS
On November 9, 2020, the Receiver filed his RECEIVER'S NINETEENTH INTERIM FEE APPLICATION [Dkt. No. 439]. From April 1, 2020, through June 30, 2020 (the "Nineteenth Application Period"), the Receiver and his agents spent 1,380.3 hours executing the duties set forth in the Temporary Restraining Order entered on September 28, 2015 ("TRO"). The Receiver seeks approval of 100% of fees and approval to pay 90% of fees. The Receiver does not seek reimbursement of any expenses.
The Receiver’s attorneys, Allen Matkins Leck Gamble Mallory & Natsis, also filed with the Court their NINETEENTH INTERIM APPLICATION OF ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS, LLP, GENERAL COUNSEL TO THE RECEIVER FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 440]. During the Nineteenth Application Period the attorneys worked 13.7 hours on behalf of the receivership estate and request the Court approve 100% of fees and expenses on an interim basis and an order authorizing the Receiver to pay, on an interim basis, 80% of fees incurred and 100% of expenses incurred.
The Receiver’s accountant, Crowe LLP, also filed with the Court their THIRD INTERIM AND FINAL FEE APPLICATION FOR COMPENSATION AND REIMBURSEMENT OF EXPENSES OF CROWE LLP, ACCOUNTANT FOR THOMAS A. SEAMAN, RECEIVER [Dkt. No. 441].
EIGHTEENTH INTERIM FEE APPLICATIONS OF THE RECEIVER AND HIS PROFESSIONALS
On August 18, 2020, the Receiver filed his RECEIVER'S EIGHTEENTH INTERIM FEE APPLICATION [Dkt. No. 432]. From January 1, 2020, through March 31, 2020 (the "Eighteenth Application Period"), the Receiver and his agents spent 1,319.2 hours executing the duties set forth in the Temporary Restraining Order entered on September 28, 2015 ("TRO"). The Receiver seeks approval of 100% of fees and approval to pay 90% of fees. The Receiver does not seek reimbursement of any expenses.
The Receiver’s attorneys, Allen Matkins Leck Gamble Mallory & Natsis, also filed with the Court their EIGHTEENTH INTERIM APPLICATION OF ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS, LLP, GENERAL COUNSEL TO THE RECEIVER FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 433]. During the Eighteenth Application Period the attorneys worked 33.3 hours on behalf of the receivership estate and request the Court approve 100% of fees and expenses on an interim basis and an order authorizing the Receiver to pay, on an interim basis, 80% of fees incurred and 100% of expenses incurred.
Also filed was the NOTICE OF HEARING ON INTERIM FEE APPLICATIONS OF THE RECEIVER AND HIS PROFESSIONALS FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 434]. The hearing for these applications is calendared for 9:00 a.m., September 21, 2020.
RECEIVER'S SEVENTEENTH INTERIM FEE APPLICATION OF THE RECEIVER AND HIS PROFESSIONALS
On May 26, 2020, the Receiver filed his RECEIVER'S SEVENTEENTH INTERIM FEE APPLICATION [Dkt. No. 421]. From October 1, 2019, through December 31, 2019 (the "Seventeenth Application Period"), the Receiver and his agents spent 1,497.2 hours executing the duties set forth in the Temporary Restraining Order entered on September 28, 2015 ("TRO"). The Receiver seeks approval of 100% of fees and approval to pay 90% of fees. The Receiver does not seek reimbursement of any expenses.
The Receiver’s attorneys, Allen Matkins Leck Gamble Mallory & Natsis, also filed with the Court their
SEVENTEENTH INTERIM APPLICATION OF ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS, LLP, GENERAL COUNSEL TO THE RECEIVER FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 422]. During the Seventeenth Application Period the attorneys worked 51 hours on behalf of the receivership estate and request the Court approve 100% of fees and expenses on an interim basis and an order authorizing the Receiver to pay, on an interim basis, 80% of fees incurred and 100% of expenses incurred.
The Receiver’s accountant, Crowe LLP, also filed with the Court their SECOND FEE APPLICATION FOR COMPENSATION AND REIMBURSEMENT OF EXPENSES OF CROWE LLP, ACCOUNTANT FOR THOMAS A. SEAMAN, RECEIVER [Dkt. No. 423].
Also filed was the NOTICE OF HEARING ON INTERIM FEE APPLICATIONS OF THE RECEIVER AND HIS PROFESSIONALS FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 424]. The hearing for these applications is calendared for 9:00 a.m., June 29, 2020.
RECEIVER'S SIXTEENTH INTERIM FEE APPLICATION OF THE RECEIVER AND HIS ATTORNEYS
On February 20, 2020, the Receiver filed his RECEIVER'S SIXTEENTH INTERIM FEE APPLICATION [Dkt. No. 412]. From July 1, 2019, through September 30, 2019 (the "Sixteenth Application Period"), the Receiver and his agents spent 1,774.7 hours executing the duties set forth in the Temporary Restraining Order entered on September 28, 2015 ("TRO"). The Receiver seeks approval of 100% of fees and approval to pay 90% of fees. The Receiver does not seek reimbursement of any expenses.
The Receiver’s attorneys, Allen Matkins Leck Gamble Mallory & Natsis, also filed with the Court their SIXTEENTH INTERIM APPLICATION OF ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS, LLP, GENERAL COUNSEL TO THE RECEIVER FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 413]. During the Sixteenth Application Period the attorneys worked 30.5 hours on behalf of the receivership estate and request the Court approve 100% of fees and expenses on an interim basis and an order authorizing the Receiver to pay, on an interim basis, 80% of fees incurred and 100% of expenses incurred.
The Receiver’s accountant, Crowe LLP, also filed with the Court their FIRST FEE APPLICATION FOR COMPENSATION AND REIMBURSEMENT OF EXPENSES OF CROWE LLP, ACCOUNTANT FOR THOMAS A. SEAMAN, RECEIVER [Dkt. No. 414].
Also filed was the NOTICE OF HEARING ON INTERIM FEE APPLICATIONS OF THE RECEIVER AND HIS PROFESSIONALS FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 415]. The hearing for these applications is calendared for 9:00 a.m., March 23, 2020.
MOTION FOR APPROVAL OF SALE OF SCHOLARSHIP PROPERTY
On December 9, 2019, the Receiver filed his NOTICE OF MOTION AND MOTION FOR (A) APPROVAL OF SALE OF 5088 SCHOLARSHIP PROPERTY; AND (B) AUTHORITY TO PAY BROKER'S COMMISSION; MEMORANDUM OF POINTS AND AUTHORITIES [Dkt. No. 403] and DECLARATION OF THOMAS A. SEAMAN IN SUPPORT OF MOTION FOR (A) APPROVAL OF SALE OF 5088 SCHOLARSHIP PROPERTY; AND (B) AUTHORITY TO PAY BROKER'S COMMISSION [Dkt. No. 403-1&2]. Also filed was the [PROPOSED] ORDER (A) APPROVING SALE OF 5088 SCHOLARSHIP PROPERTY; AND (B) AUTHORIZING PAYMENT OF BROKER'S COMMISSION [Dkt. No. 403-3].
The overbid auction for the Scholarship Property will be held on January 6, 2020, at 11:00 a.m., at the Property. If no overbid auction is required, the confirmation hearing for the motion is calendared for January 6, 2020, at 9:00 a.m. In accordance with the Court’s instructions the Receiver published the following legal notice in the Orange County Register beginning on Thursday, December 5, 2019:
NOTICE OF SALE OF REAL ESTATE AND REQUEST FOR OVERBIDS
In the action pending in U.S. District Court for the Central District of California, Case No. 16-CV-07425-RGK-PLA, Securities and Exchange Commission v. Steve Chen et al., notice is hereby given that the court-appointed receiver will conduct a public auction for the residential real property located at 5088 Scholarship, Irvine, CA. Sale is subject to Court confirmation after the auction is held. Minimum bid price is $945,000. The auction will take place on January 6, 2020, at 11:00 a.m. at the property. To be allowed to participate in the auction, prospective purchasers must meet certain bid qualification requirements, including submitting a signed purchase and sale agreement, an earnest money deposit of $26,850, and proof of funds. All bidders must be qualified by 2:00 p.m. PT on December 30, 2019, by submitting the required materials to the Thomas Seaman Company at 3 Park Plaza, Suite 550, Irvine, California 92614. If interested in qualifying as a bidder, please contact Michael Carson at (949) 689-8920 or Michael@ESQRC.com.
The overbid auction for the Monterey Pines Property will be held on December 20, 2019, at 11:00 a.m., at the Property. If no overbid auction is required, the confirmation hearing for the motion is calendared for December 23, 2019, at 9:00 a.m. In accordance with the Court’s instructions the Receiver published the following legal notice in the San Gabriel Valley Tribune beginning on Tuesday, November 26, 2019:
NOTICE OF SALE OF REAL ESTATE AND REQUEST FOR OVERBIDS
In the action pending in U.S. District Court for the Central District of California, Case No. 16-CV-07425-RGK-PLA, Securities and Exchange Commission v. Steve Chen et al., notice is hereby given that the court-appointed receiver will conduct a public auction for the residential real property located at 363 Monterey Pines Dr., Arcadia, CA. Sale is subject to Court confirmation after the auction is held. Minimum bid price is $3,650,000. The auction will take place on December 20, 2019, at 11:00 a.m. at the property. To be allowed to participate in the auction, prospective purchasers must meet certain bid qualification requirements, including submitting a signed purchase and sale agreement, an earnest money deposit of $105,000, and proof of funds. All bidders must be qualified by 3:00 p.m. PT on December 17, 2019, by submitting the required materials to the Thomas Seaman Company at 3 Park Plaza, Suite 550, Irvine California, 92614. If interested in qualifying as a bidder, please contact Eva Lin at (626) 807-6581 or Eva@LinRealtyGroup.com.
The overbid auction for the Lynd Avenue Property will be held on December 20, 2019, at 1:00 p.m., at the Property. If no overbid auction is required, the confirmation hearing for the motion is calendared for December 23, 2019, at 9:00 a.m. In accordance with the Court’s instructions the Receiver published the following legal notice in the San Gabriel Valley Tribune beginning on Tuesday, November 26, 2019:
NOTICE OF SALE OF REAL ESTATE AND REQUEST FOR OVERBIDS
In the action pending in U.S. District Court for the Central District of California, Case No. 16-CV-07425-RGK-PLA, Securities and Exchange Commission v. Steve Chen et al., notice is hereby given that the court-appointed receiver will conduct a public auction for the residential real property located at 4050 Lynd Ave., Arcadia, CA. Sale is subject to Court confirmation after the auction is held. Minimum bid price is $575,000. The auction will take place on December 20, 2019, at 1:00 p.m. at the property. To be allowed to participate in the auction, prospective purchasers must meet certain bid qualification requirements, including submitting a signed purchase and sale agreement, an earnest money deposit of $16,200, and proof of funds. All bidders must be qualified by 3:00 p.m. PT on December 17, 2019, by submitting the required materials to the Thomas Seaman Company at 3 Park Plaza, Suite 550, Irvine California, 92614. If interested in qualifying as a bidder, please contact Alexis Kim at (213) 200-5882 or akim@securedproperties.com.
RECEIVER'S FIFTEENTH INTERIM FEE APPLICATION OF THE RECEIVER AND HIS ATTORNEYS
On October 2, 2019, the Receiver filed his RECEIVER'S FIFTEENTH INTERIM FEE APPLICATION [Dkt. No. 396]. From April 1, 2019, through June 30, 2019 (the "Fifteenth Application Period"), the Receiver and his agents spent 1,831.4 hours executing the duties set forth in the Temporary Restraining Order entered on September 28, 2015 ("TRO"). The Receiver seeks approval of 100% of fees and approval to pay 90% of fees. The Receiver does not seek reimbursement of any expenses.
The Receiver’s attorneys, Allen Matkins Leck Gamble Mallory & Natsis, also filed with the Court their FIFTEENTH INTERIM APPLICATION OF ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS, LLP, GENERAL COUNSEL TO THE RECEIVER FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 397]. During the Fifteenth Application Period the attorneys worked 70.0 hours on behalf of the receivership estate and request the Court approve 100% of fees and expenses on an interim basis and an order authorizing the Receiver to pay, on an interim basis, 80% of fees incurred and 100% of expenses incurred.
Also filed was the NOTICE OF HEARING ON INTERIM FEE APPLICATIONS OF THE RECEIVER AND HIS PROFESSIONALS FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 398]. The hearing for these applications is calendared for 9:00 a.m., November 4, 2019.
RECEIVER'S SIXTEENTH INTERIM REPORT
FOURTEENTH INTERIM FEE APPLICATIONS OF THE RECEIVER AND HIS ATTORNEYS
On May 31, 2019, the Receiver filed his RECEIVER'S FOURTEENTH INTERIM FEE APPLICATION [Dkt. No. 388]. From January 1, 2019, through March 31, 2019 (the "Fourteenth Application Period"), the Receiver and his agents spent 1,793.8 hours executing the duties set forth in the Temporary Restraining Order entered on September 28, 2015 ("TRO"). The Receiver seeks approval of 100% of fees and approval to pay 90% of fees. The Receiver does not seek reimbursement of any expenses.
The Receiver’s attorneys, Allen Matkins Leck Gamble Mallory & Natsis, also filed with the Court their FOURTEENTH INTERIM APPLICATION OF ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS, LLP, GENERAL COUNSEL TO THE RECEIVER FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 389]. During the Fourteenth Application Period the attorneys worked 118.7 hours on behalf of the receivership estate and request the Court approve 100% of fees and expenses on an interim basis and an order authorizing the Receiver to pay, on an interim basis, 80% of fees incurred and 100% of expenses incurred.
Also filed was the NOTICE OF HEARING ON INTERIM FEE APPLICATIONS OF THE RECEIVER AND HIS PROFESSIONALS FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 390]. The hearing for these applications is calendared for 9:00 a.m., July 1, 2019.
MOTION FOR APPROVAL OF SALE OF UTICA AVENUE, RANCHO CUCAMONGA PROPERTY
On March 29, 2019, the Receiver filed his NOTICE OF MOTION AND MOTION FOR (A) APPROVAL OF SALE OF RANCHO CUCAMONGA PROPERTY, AND (B) AUTHORITY TO PAY BROKER'S COMMISSION; MEMORANDUM OF POINTS AND AUTHORITIES [Dkt. No. 380]; and
DECLARATION OF THOMAS A. SEAMAN IN SUPPORT OF MOTION FOR (A) APPROVAL OF SALE OF RANCHO CUCAMONGA PROPERTY, AND (B) AUTHORITY TO PAY BROKER'S COMMISSION [Dkt. No. 381]; and [PROPOSED] ORDER (A) APPROVING SALE OF RANCHO CUCAMONGA PROPERTY, AND (B) AUTHORIZING PAYMENT OF BROKER'S COMMISSION [Dkt. No. 380-1]. The overbid auction will be held on May 13, 2019, at 11:00 a.m. If no overbid auction is required, the confirmation hearing for the motion is calendared for May 13, 2019, at 9:00 a.m. In accordance with the Court’s instructions the Receiver published the following legal notice in the San Bernardino The Sun beginning on Wednesday, April 3, 2019.
NOTICE OF SALE OF REAL ESTATE AND REQUEST FOR OVERBIDS
In the action pending in U.S. District Court for the Central District of California, Case No. 16-CV-07425-RGK-PLA, Securities and Exchange Commission v. Steve Chen et al., notice is hereby given that the court-appointed receiver will conduct a public auction for the real property located at 8281 Utica Avenue (Lot 14 of Tract No. 12176) in the City of Rancho Cucamonga, California (San Bernardino County APN’s: 0208-062-10-0-000). Sale is subject to Court confirmation after the auction is held. Minimum bid price is $580,000. The auction will take place on May 13, 2019, at 11:00 a.m. at the property located at 8281 Utica Avenue, Rancho Cucamonga, CA. To be allowed to participate in the auction, prospective purchasers must meet certain bid qualification requirements, including submitting a signed purchase and sale agreement, an earnest money deposit of $50,000.00, and proof of funds. All bidders must be qualified by 3:00 p.m. PST on May 3, 2019, by submitting the required materials to the receiver Thomas Seaman at 3 Park Plaza, Suite 550, Irvine California, 92614. If interested in qualifying as a bidder, please contact Howard Hamlin at (562) 537-5840 or howard@hamlingooding.com.
THIRTEENTH INTERIM FEE APPLICATION OF THE RECEIVER AND HIS ATTORNEYS
On February 14, 2019, the Receiver filed his RECEIVER'S THIRTEENTH INTERIM FEE APPLICATION [Dkt. No. 374]. From October 1, 2018, through December 31, 2018 (the "Thirteenth Application Period"), the Receiver and his agents spent 1,759.6 hours executing the duties set forth in the Temporary Restraining Order entered on September 28, 2015 ("TRO"). The Receiver seeks approval of 100% of fees and approval to pay 90% of fees. The Receiver does not seek reimbursement of any expenses.
The Receiver’s attorneys, Allen Matkins Leck Gamble Mallory & Natsis, also filed with the Court their THIRTEENTH INTERIM APPLICATION OF ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS, LLP, GENERAL COUNSEL TO THE RECEIVER FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 375]. During the Thirteenth Application Period the attorneys worked 266.3 hours on behalf of the receivership estate and request the Court approve 100% of fees and expenses on an interim basis and an order authorizing the Receiver to pay, on an interim basis, 80% of fees incurred and 100% of expenses incurred.
Also filed was the NOTICE OF HEARING ON INTERIM FEE APPLICATIONS OF THE RECEIVER AND HIS PROFESSIONALS FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 376]. The hearing for these applications is calendared for 9:00 a.m., March 18, 2019.
MOTION FOR APPROVAL OF SETTLEMENT AGREEMENT WITH WEI HE, AHOMELAND, INC. AND GOLDEN ARK, INC.
On December18, 2018, the Receiver filed his NOTICE OF MOTION AND MOTION FOR APPROVAL OF SETTLEMENT AGREEMENT WITH WEI HE, AHOMELAND, INC., AND GOLDEN ARK, INC.; MEMORANDUM OF POINTS AND AUTHORITIES [Dkt. No. 364] and DECLARATION OF THOMAS A. SEAMAN IN SUPPORT OF MOTION FOR APPROVAL OF SETTLEMENT AGREEMENT WITH WEI HE, AHOMELAND, INC., AND GOLDEN ARK, INC. [Dkt. No. 364-1] and [PROPOSED] ORDER APPROVING SETTLEMENT AGREEMENT WITH WEI HI, AHOMELAND, INC., AND GOLDEN ARK, INC. [Dkt. No. 364-2]. The motion is calendared for January 28, 2019, at 9:00 a.m.
TWELFTH INTERIM FEE APPLICATION OF THE RECEIVER AND HIS ATTORNEYS
On December 10, 2018, the Receiver filed his RECEIVER'S TWELFTH INTERIM FEE APPLICATION [Dkt. No. 356]. From July 1, 2018, through September 30, 2018 (the "Twelfth Application Period"), the Receiver and his agents spent 1,417.4 hours executing the duties set forth in the Temporary Restraining Order entered on September 28, 2015 ("TRO"). The Receiver seeks approval of 100% of fees and approval to pay 90% of fees. The Receiver does not seek reimbursement of any expenses.
The Receiver’s attorneys, Allen Matkins Leck Gamble Mallory & Natsis, also filed with the Court their TWELFTH INTERIM APPLICATION OF ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS, LLP, GENERAL COUNSEL TO THE RECEIVER FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 358]. During the Twelfth Application Period the attorneys worked 139.3 hours on behalf of the receivership estate and request the Court approve 100% of fees and expenses on an interim basis and an order authorizing the Receiver to pay, on an interim basis, 80% of fees incurred and 100% of expenses incurred. The hearing for these applications is calendared for 9:00 a.m., January 7, 2019.
MOTION FOR APPROVAL OF SETTLEMENT AGREEMENT WITH LI ZHAO, YANHONG WU AND QI CHEN;
RE-SCHEDULED TO JANUARY 7, 2019
On November 29, 2018, the Receiver’s previous motion [Dkt. Nos. 352 & 352-1], for approval of a settlement agreement with Li Zhao, Yanhong Wu and Qi Chen; was stricken due to its hearing date of December 31, 2018, being unavailable. The Receiver requested a new hearing date and re-filed his NOTICE OF MOTION AND MOTION FOR APPROVAL OF SETTLEMENT AGREEMENT WITH LI ZHAO, YANHONG WU AND QI CHEN; MEMORANDUM OF POINTS AND AUTHORITIES [Dkt. No. 354] and DECLARATION OF THOMAS A. SEAMAN IN SUPPORT OF MOTION FOR APPROVAL OF SETTLEMENT AGREEMENT WITH LI ZHAO, YANHONG WU AND QI CHEN [Dkt. No. 354-1]. The motion is calendared for January 7, 2019, at 9:00 a.m.
MOTION FOR APPROVAL OF SALE OF VOSBURG PROPERTY
On November 19, 2018, the Receiver filed his NOTICE OF MOTION AND MOTION FOR (A) APPROVAL OF SALE OF RESIDENTIAL REAL PROPERTY (VOSBURG DRIVE PROPERTY), AND (B) AUTHORITY TO PAY BROKER'S COMMISSION; MEMORANDUM OF POINTS AND AUTHORITIES [Dkt. No. 350] and DECLARATION OF THOMAS A. SEAMAN IN SUPPORT OF MOTION FOR (A) APPROVAL OF SALE OF RESIDENTIAL REAL PROPERTY (VOSBURG DRIVE PROPERTY), AND (B) AUTHORITY TO PAY BROKER'S COMMISSION [Dkt. No. 350-1]. The overbid auction will be held on December 17, 2018, at 11:00 a.m., at the Property. If no overbid auction is required, the confirmation hearing for the motion is calendared for December 17, 2018, at 9:00 a.m. In accordance with the Court’s instructions the Receiver published the following legal notice in the San Gabriel Valley Tribune beginning on Monday, November 12, 2018:
NOTICE OF SALE OF REAL ESTATE AND REQUEST FOR OVERBIDS
In the action pending in U.S. District Court for the Central District of California, Case No. 16-CV-07425-RGK-PLA, Securities and Exchange Commission v. Steve Chen et al., notice is hereby given that the court-appointed receiver will conduct a public auction for the residential real property located at 1261 N. Vosburg Dr., Azusa, California. Sale is subject to Court confirmation after the auction is held. Minimum bid price is $959,800. The auction will take place on December 17, 2018, at 11:00 a.m. at the property located at 1261 N. Vosburg Dr., Azusa, California. To be allowed to participate in the auction, prospective purchasers must meet certain bid qualification requirements, including submitting a signed purchase and sale agreement, an earnest money deposit of $27,294, and proof of funds. All bidders must be qualified by 3:00 p.m. PST on December 10, 2018, by submitting the required materials to Thomas Seaman at 3 Park Place, Suite 550, Irvine, California 92614. If interested in qualifying as a bidder, please contact Eva Lin at (626) 807-6581 or eva@linrealtygroup.com.
ORDER EXTENDING CLAIMS SUBMISSION DEADLINE TO JANUARY 4, 2019
MOTION FOR APPROVAL OF SALE OF CLUB VISTA DRIVE PROPERTY
On October 12, 2018, the Receiver filed his NOTICE OF MOTION AND MOTION FOR (A) APPROVAL OF SALE OF RESIDENTIAL REAL PROPERTY (CLUB VISTA DRIVE PROPERTY), AND (B) AUTHORITY TO PAY BROKER'S COMMISSION; MEMORANDUM OF POINTS AND AUTHORITIES [Dkt. No. 340]
and DECLARATION OF THOMAS A. SEAMAN IN SUPPORT OF MOTION FOR (A) APPROVAL OF SALE OF RESIDENTIAL REAL PROPERTY (CLUB VISTA DRIVE PROPERTY), AND (B) AUTHORITY TO PAY BROKER'S COMMISSION [Dkt. No. 340-1]. Other documents filed with the Court include: EXHIBIT A (PURCHASE AGREEMENT) [Dkt. No. 340-2], NOTICE OF LODGING [PROPOSED] ORDER (A) APPROVING SALE OF RESIDENTIAL REAL PROPERTY (CLUB VISTA DRIVE PROPERTY), AND (B) AUTHORIZING PAYMENT OF BROKER'S COMMISSION [ Dkt. No. 341] and [PROPOSED] ORDER (A) APPROVING SALE OF RESIDENTIAL REAL PROPERTY (CLUB VISTA DRIVE PROPERTY), AND (B) AUTHORIZING PAYMENT OF BROKER'S COMMISSION [ Dkt. No. 341-1]. The overbid auction will be held on November 19, 2018, at 11:00 a.m., at the Property. If no overbid auction is required, the confirmation hearing for the motion is calendared for November 19, 2018, at 9:00 a.m. In accordance with the Court’s instructions the Receiver published the following legal notice in the San Gabriel Valley Tribune beginning on Monday, October 15, 2018.
NOTICE OF SALE OF REAL ESTATE AND REQUEST FOR OVERBIDS
In the action pending in U.S. District Court for the Central District of California, Case No. 16-CV-07425-RGK-PLA, Securities and Exchange Commission v. Steve Chen et al., notice is hereby given that the court-appointed receiver will conduct a public auction for the residential real property located at 2315 Club Vista Dr., Glendora, California. Sale is subject to Court confirmation after the auction is held. Minimum bid price is $911,000. The auction will take place on November 19, 2018, at 11:00 a.m. at the property located at 2315 Club Vista Dr., Glendora, California. To be allowed to participate in the auction, prospective purchasers must meet certain bid qualification requirements, including submitting a signed purchase and sale agreement, an earnest money deposit of $25,000, and proof of funds. All bidders must be qualified by 3:00 p.m. PT on November 12, 2018, by submitting the required materials to the Thomas Seaman Company at 3 Park Plaza, Suite 550, Irvine California, 92614. If interested in qualifying as a bidder, please contact Eva Lin at (626) 807-6581 or eva@linrealtygroup.com.
NOTICE OF QUALIFIED OVERBID FOR SALE OF LIVE OAK PROPERTY
MOTION FOR APPROVAL OF SALE OF LIVE OAK AVENUE PROPERTY
On October 1, 2018, the Receiver filed his NOTICE OF MOTION AND MOTION FOR (A) APPROVAL OF SALE OF COMMERCIAL REAL PROPERTY (LIVE OAK PROPERTY), AND (B) AUTHORITY TO PAY BROKER'S COMMISSION; MEMORANDUM OF POINTS AND AUTHORITIES [Dkt. No. 339]; and DECLARATION OF THOMAS A. SEAMAN IN SUPPORT OF MOTION FOR (A) APPROVAL OF SALE OF COMMERCIAL REAL PROPERTY (LIVE OAK PROPERTY), AND (B) AUTHORITY TO PAY BROKER'S COMMISSION [Dkt. No. 339-1]; EXHIBIT A [Dkt. No. 339-2]; and [PROPOSED] ORDER (A) APPROVAL OF SALE OF COMMERCIAL REAL PROPERTY (LIVE OAK PROPERTY), AND (B) AUTHORITY TO PAY BROKER'S COMMISSION [Dkt. No. 339-3]. The overbid auction will be held on November 5, 2018, at 11:00 a.m. If no overbid auction is required, the confirmation hearing for the motion is calendared for November 5, 2018, at 9:00 a.m. In accordance with the Court’s instructions the Receiver published the following legal notice in the San Gabriel Valley Tribune beginning on Wednesday, October 3, 2018.
NOTICE OF SALE OF REAL ESTATE AND REQUEST FOR OVERBIDS
In the action pending in U.S. District Court for the Central District of California, Case No. 16-CV-07425-RGK-PLA, Securities and Exchange Commission v. Steve Chen et al., notice is hereby given that the court-appointed receiver will conduct a public auction for the commercial real property located at 135 E. Live Oak Ave., Arcadia, California. Sale is subject to Court confirmation after the auction is held. Minimum bid price is $5,825,000. The auction will take place on November 5, 2018, at 11:00 a.m. at the property located at 135 E. Live Oak Ave., Arcadia, California. To be allowed to participate in the auction, prospective purchasers must meet certain bid qualification requirements, including submitting a signed purchase and sale agreement, an earnest money deposit of $100,000, and proof of funds. All bidders must be qualified by 3:00 p.m. PT on October 26, 2018, by submitting the required materials to the Thomas Seaman Company at 3 Park Plaza, Suite 550, Irvine California, 92614. If interested in qualifying as a bidder, please contact William DuBrowa at (310) 699-1289 or bdubrowa@yahoo.com; or Allen Afshar at (310) 500-3321 or allen.afshar@svn.com.
CLAIMS MEETING FOR INVESTORS OF USFIA, STEVE CHEN, ET AL, TO BE HELD OCTOBER 16, 2018
In order to make sure the maximum number of claims are filed, the Receiver will have a meeting open to all investors who need assistance with their claims. The meeting will be at the Embassy Suites Hotel located at 211 E. Huntington Dr., Arcadia, CA at 2:00 p.m. The meeting will last for several hours. Parking is complimentary. The Receiver will bring a Chinese-speaking translator to help investors with their claims. Other personnel from the Receiver’s office will also be on hand to personally assist you with filing your claims. Please bring all of your investment documents with you to the meeting so that they can be reviewed at that time. If you have any questions that you want answered either before the meeting or at the meeting please email them to claims@usfiareceiver.com.
CLAIMS PROCESS UPDATE
The Receiver continues to recover funds for the benefit of investors and a significant amount of funds will be available for distributions to victims. The Receiver strongly encourages investors to file claims by the new extended bar date of October 1, 2018. To assist those investors that have not yet filed claims and have questions, the Receiver has established a toll free call center in several languages. Select your country and call the corresponding telephone number and leave a detailed message and a telephone number so that your questions can be answered. You may also continue to make inquiries via the Receiver’s website at www.usfiareceiver.com and email claims@usfiareceiver.com.
English speakers and those in the United States or North America please call +1 949-222-0305
Country International Toll Free Numbers
- China (中华人民共和国) 400-120-2171
- France 0800 913842
- Indonesia 0 (0780) 33218190
- Italy 800-098-398
- Japan (日本) 0066 33 813545
- Malaysia 180-0818-404
- South Korea (대한민국) 00798-14-800-9645
- Spain (España) 900-941649
- Vietnam (Việt Nam) 120 11963
- United States and North America 949-222-0305
Translations below are provided using Google Translate website.
Chinese Update
索赔流程更新。 接管人继续为投资者的利益追回资金，并将为受害者分配大量资金。 接管人强烈鼓励投资者在2018年10月1日的新延长期限内提出索赔。为了帮助那些尚未提出索赔并有疑问的投资者，接管人已经建立了多种语言的免费呼叫中心为解答您的问题，请选择您所在的国家或地区，拨打相应的电话号码，并留下详细信息和电话号码。 您也可以继续通过接管人的网站www.usfiareceiver.com进行咨询，或发送电子邮件
至claims@usfiareceiver.com进行咨询。
在中国境内说中文的人：请致电 400-120-2171
在中国境外说中文的人：请致电（国家区号）400-120-2171
Malaysian Update
Kemas kini Proses Tuntutan. Penerima terus memulihkan dana untuk manfaat para pelabur dan sejumlah besar dana akan tersedia untuk pengagihan kepada korban. Penerima sangat menggalakkan para pelabur memfailkan tuntutan oleh tarikh akhir bar baru pada 1 Oktober 2018. Untuk membantu pelabur-pelabur yang belum mengajukan tuntutan dan mempunyai pertanyaan, Penerima telah menubuhkan pusat panggilan bebas tol dalam beberapa bahasa. Pilih negara anda dan panggil nombor telefon yang bersesuaian dan tinggalkan mesej terperinci dan nombor telefon supaya pertanyaan anda dapat dijawab. Anda juga boleh terus membuat pertanyaan melalui laman web Penerima di www.usfiareceiver.com dan email claims@usfiareceiver.com.
Mereka dari negara Malaysia, sila hubungi 180-0818-404
Korean Update
클레임 프로세스 업데이트. 수취인은 투자자를 위해 기금을 계속 회수하고 희생자에게 분배하기 위해 상당한 금액의 기금을 사용할 수 있습니다. 리시버는 투자자가 2018 년 10 월 1 일 연장 된 기준일까지 청구를 제기 할 것을 강력히 권장합니다. 아직 청구를 제기하지 않은 투자자와 질문이있는 경우 투자자는 여러 언어로 수신자 부담 전화 센터를 설립했습니다. 해당 국가를 선택하고 해당 전화 번호로 전화를 걸어 질문에 대한 답변을 얻을 수 있도록 자세한 메시지와 전화 번호를 남겨 둡니다. 수신자의 웹 사이트 (www.usfiareceiver.com)를 통해 계속 문의하고 claim@usfiareceiver.com으로 이메일을 보낼 수도 있습니다.
한국에 거주하는 사람들은 00798-14-800-9645로 전화하십시오
Indonesian Update
Update Proses Klaim. Receiver terus memulihkan dana untuk kepentingan investor dan sejumlah besar dana akan tersedia untuk distribusi kepada para korban. Penerima sangat mendorong investor untuk mengajukan klaim dengan tanggal bar diperpanjang baru 1 Oktober 2018. Untuk membantu para investor yang belum mengajukan klaim dan memiliki pertanyaan, Penerima telah mendirikan pusat panggilan bebas pulsa dalam beberapa bahasa. Pilih negara Anda dan hubungi nomor telepon yang sesuai dan tinggalkan pesan rinci dan nomor telepon sehingga pertanyaan Anda dapat dijawab. Anda juga dapat terus bertanya melalui situs web Receiver di www.usfiareceiver.com dan mengirim email ke claim@usfiareceiver.com.
Mereka yang berada di negara Indonesia, silakan hubungi 0 (0780) 33218190
Japanese Update
請求プロセスの更新。 レシーバは投資家の利益のために資金を回収し続け、犠牲者への分配にはかなりの資金が利用可能となる。 受領者は、2018年10月1日。の新しい延長バー日付で請求者を請求するよう強く奨励します。まだ請求を提出しておらず質問がある投資家を支援するため、受領者は複数の言語でフリーダイヤルを設置しています。 あなたの国を選択し、対応する電話番号に電話して、あなたの質問に答えることができるように詳細なメッセージと電話番号を残してください。 受領者のウェブサイト（www.usfiareceiver.com）および電子メールclaim@usfiareceiver.comを介して引き続きお問い合わせを行うこともできます。
日本国内の方は0066 33 813545までお電話ください
Italian Update
Aggiornamento del processo di reclamo. Il Ricevitore continua a recuperare fondi a beneficio degli investitori e una considerevole quantità di fondi sarà disponibile per le distribuzioni alle vittime. Il Destinatario incoraggia fortemente gli investitori a presentare reclami entro la nuova data estesa del 1 ottobre 2018. Per assistere gli investitori che non hanno ancora presentato istanze e avere domande, il Ricevente ha istituito un call center gratuito in diverse lingue. Seleziona il tuo paese e chiama il numero di telefono corrispondente e lascia un messaggio dettagliato e un numero di telefono per rispondere alle tue domande. È inoltre possibile continuare a effettuare richieste tramite il sito Web del ricevente all'indirizzo www.usfiareceiver.com e inviare un'e-mail a claims@usfiareceiver.com.
Quelli in Italia, per favore chiama 800-098-398
French Update
Mise à jour du processus de réclamations Le séquestre continue de recouvrer des fonds au profit des investisseurs et un montant important de fonds sera disponible pour les distributions aux victimes. Le séquestre encourage fortement les investisseurs à déposer des réclamations avant la nouvelle date limite fixée au 1er octobre 2018. Sélectionnez votre pays et appelez le numéro de téléphone correspondant et laissez un message détaillé et un numéro de téléphone pour répondre à vos questions. Vous pouvez également continuer à vous renseigner sur le site Web du destinataire à l’adresse www.usfiareceiver.com et envoyer un courriel à claims@usfiareceiver.com.
Ceux de la France, s'il vous plaît appelez 0800 913842
Vietnamese Update
Yêu cầu cập nhật quy trình. Người nhận tiếp tục thu hồi tiền vì lợi ích của các nhà đầu tư và một số tiền đáng kể sẽ có sẵn để phân phối cho các nạn nhân. Người nhận mạnh mẽ khuyến khích các nhà đầu tư nộp đơn yêu cầu vào ngày thanh toán mở rộng mới ngày 1 tháng 10 năm 2018. Để hỗ trợ những nhà đầu tư chưa nộp đơn và có thắc mắc, Người nhận đã thiết lập một trung tâm gọi miễn phí bằng nhiều ngôn ngữ. Chọn quốc gia của bạn và gọi số điện thoại tương ứng và để lại tin nhắn chi tiết và số điện thoại để câu hỏi của bạn có thể được trả lời. Bạn cũng có thể tiếp tục yêu cầu thông qua trang web của người nhận tại www.usfiareceiver.com và gửi email đến claim@usfiareceiver.com.
Những người ở Việt Nam, xin vui lòng gọi 120 11963
Spanish Update
Actualización del proceso de reclamos. El Síndico continúa recuperando fondos para el beneficio de los inversores y una cantidad significativa de fondos estará disponible para las distribuciones a las víctimas. El Síndico recomienda encarecidamente a los inversionistas que presenten sus reclamaciones antes de la fecha del 1 de octubre de 2018. Para ayudar a los inversores que aún no han presentado reclamaciones y tienen preguntas, el Síndico ha establecido un centro de llamadas gratuito en varios idiomas. Seleccione su país y llame al número de teléfono correspondiente y deje un mensaje detallado y un número de teléfono para que puedan responder sus preguntas. También puede continuar realizando consultas a través del sitio web del Administrador Judicial en www.usfiareceiver.com y enviando un correo electrónico a claims@usfiareceiver.com.
Aquellos en España, por favor llame 900-941649
ORDER EXTENDING CLAIMS SUBMISSION DEADLINE [BAR DATE]
NOTICE OF CLAIMS BAR DATE AND PROOF OF CLAIM INSTRUCTIONS
SEC v. Steve Chen, USFIA, Inc., Alliance Financial Group, Inc., Amauction, Inc., US China Consultation Association,
Quail Ranch Golf Course, LLC, et al.,
USDC CDCA Case No. 2:15‑CV‑07425-RGK
Any person or entity who believes they have a claim of any type against USFIA, INC., ALLIANCE FINANCIAL GROUP, INC., AMAUCTION, INC., ABORELL MGMT I, LLC, ABORELL ADVISORS I, LLC, ABORELL REIT II, LLC, AHOME REAL ESTATE, LLC, ALLIANCE NGN, INC., APOLLO REIT I, INC., APOLLO REIT II, LLC, AMKEY, INC., US CHINA CONSULTATION ASSOCIATION, and QUAIL RANCH GOLF COURSE, LLC; or their subsidiaries and affiliates must send a Claim Form to Thomas A. Seaman, Court-appointed Receiver, to submit a claim. Do not file your claim with the Court. Claim Forms must be received by the Receiver on or before October 1, 2018, at 5:00 PM P.S.T. or you will lose your right to receive any distribution from the Receivership Estate and your claim will be forever barred.
Claim forms can be accessed and completed online by going to the following links:
If you have additional questions you can email the Receiver at claims@usfiareceiver.com. Due to the volume of inquiries expected, it may take several days to receive a response.
RECEIVER'S ELEVENTH INTERIM FEE APPLICATION OF THE RECEIVER AND HIS ATTORNEYS
On August 27, 2018, the Receiver filed his RECEIVER'S ELEVENTH INTERIM FEE APPLICATION [Dkt. No. 332]. From April 1, 2018, through June 30, 2018 (the "Eleventh Application Period"), the Receiver and his agents spent 1,122.9 hours executing the duties set forth in the Temporary Restraining Order entered on September 28, 2015 ("TRO"). The Receiver seeks approval of 100% of fees and approval to pay 90% of fees. The Receiver does not seek reimbursement of any expenses.
The Receiver’s attorneys, Allen Matkins Leck Gamble Mallory & Natsis, also filed with the Court their ELEVENTH INTERIM APPLICATION OF ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS, LLP, GENERAL COUNSEL TO THE RECEIVER FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 333]. During the Eleventh Application Period the attorneys worked 127.3 hours on behalf of the receivership estate and request the Court approve 100% of fees and expenses on an interim basis and an order authorizing the Receiver to pay, on an interim basis, 80% of fees incurred and 100% of expenses incurred.
Along with these applications the Receiver filed his NOTICE OF HEARING ON INTERIM FEE APPLICATIONS OF THE RECEIVER AND HIS PROFESSIONALS FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 334]. The hearing for these applications is calendared for 9:00 a.m., September 24, 2018.
TENTH INTERIM FEE APPLICATION OF THE RECEIVER; FEE APPLICATIONS OF RECEIVER’S ATTORNEYS
On July 17, 2018, the Receiver filed his RECEIVER'S TENTH INTERIM FEE APPLICATION [Dkt. No. 317]. From January 1, 2018, through March 31, 2018 (the "Tenth Application Period"), the Receiver and his agents spent 226.0 hours executing the duties set forth in the Temporary Restraining Order entered on September 28, 2015 ("TRO"). The Receiver seeks approval of 100% of fees and approval to pay 90% of fees. The Receiver does not seek reimbursement of any expenses.
The Receiver’s attorneys, Allen Matkins Leck Gamble Mallory & Natsis, also filed with the Court their TENTH INTERIM APPLICATION OF ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS, LLP, GENERAL COUNSEL TO THE RECEIVER FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 318]. During the Tenth Application Period the attorneys worked 71.8 hours on behalf of the receivership estate and request the Court approve 100% of fees and expenses on an interim basis and an order authorizing the Receiver to pay, on an interim basis, 80% of fees incurred and 100% of expenses incurred.
The Receiver’s attorneys, Squire Patton Boggs US LLP, also filed with the Court their FINAL APPLICATION OF SQUIRE PATTON BOGGS US LLP, LOCAL COUNSEL IN THE DOMINICAN REPUBLIC TO THE RECEIVER, FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 319]. During November 1, 2017, through March 31, 2018 (the "Final Application Period"), the attorneys worked 15.4 hours on behalf of the receivership estate and request the Court approve 100% of fees and expenses on an interim basis and an order authorizing the Receiver to pay, on an interim basis, 100% of fees incurred and 100% of expenses incurred.
Along with these applications the Receiver filed his NOTICE OF HEARING ON INTERIM FEE APPLICATIONS OF THE RECEIVER AND HIS PROFESSIONALS FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 320]. The hearing for these applications is calendared for 9:00 a.m., August 20, 2018.
MOTION FOR APPROVAL OF SALE OF DEODAR LN. PROPERTY
On June 12, 2018, the Receiver filed his NOTICE OF MOTION AND MOTION FOR (A) APPROVAL OF SALE OF RESIDENTIAL REAL PROPERTY (DEODAR LANE PROPERTY), AND (B) AUTHORITY TO PAY BROKER'S COMMISSION; MEMORANDUM OF POINTS AND AUTHORITIES [Dkt. No. 312] and DECLARATION OF THOMAS A. SEAMAN IN SUPPORT OF MOTION FOR (A) APPROVAL OF SALE OF RESIDENTIAL REAL PROPERTY (DEODAR LANE PROPERTY), AND (B) AUTHORITY TO PAY BROKER'S COMMISSION [Dkt. No. 312-1]. The overbid auction will be held on July 16, 2018, at 11:00 a.m. If no overbid auction is required, the confirmation hearing for the motion is calendared for July 16, 2018, at 9:00 a.m. In accordance with the Court’s instructions the Receiver published the following legal notice in the San Gabriel Valley Tribune
beginning on Thursday, June 7, 2018.
NOTICE OF SALE OF REAL ESTATE AND REQUEST FOR OVERBIDS
In the action pending in U.S. District Court for the Central District of California, Case No. 16-CV-07425-RGK-PLA, Securities and Exchange Commission v. Steve Chen et al., notice is hereby given that the court-appointed receiver will conduct a public auction for the residential real property located at 409 Deodar Ln., Bradbury, California. Sale is subject to Court confirmation after the auction is held. Minimum bid price is $3,075,000. The auction will take place on July 16, 2018, at 11:00 a.m. at the property located at 409 Deodar Ln., Bradbury, California. To be allowed to participate in the auction, prospective purchasers must meet certain bid qualification requirements, including submitting a signed purchase and sale agreement, an earnest money deposit of $150,000, and proof of funds. All bidders must be qualified by 3:00 p.m. PT on July 9, 2018, by submitting the required materials to the Thomas Seaman Company at 3 Park Plaza, Suite 550, Irvine California, 92614. If interested in qualifying as a bidder, please contact Wendy Kaye at (310) 210-6855 or wendykaye@verizon.net
.
RECEIVER'S ELEVENTH INTERIM REPORT
AUCTION OF CONSUMER ITEMS, JEWELRY, COMPUTERS, FURNITURE & MORE SCHEDULED FOR APRIL 18TH
The auction for the personal and business property of USFIA, Inc., and its many affiliates, is scheduled to begin on April 18, 2018. The auction will be located at the USFIA headquarters building at 135 E. Live Oak, Ave., Arcadia, CA. In person preview of the items to be sold will be April 17th, from 10 a.m. to 4 p.m., Pacific time. Please do not go to the location before that date.
Items to be sold include but are not limited to:
* 45+ New Chanel and Louis Vuitton Handbags
* New Manolo Blahnik Shoes & Boots
* New iPhone 6 Plus 128 GB Phones and New iPad Minis
* Kitchen Equipment
* Photography Equipment
* Audio/Visual Equipment including flat screen TV's, projectors, power amps, speakers, mixing boards
* High End Asian and French style home furnishings including sofa sets, inlaid bar, leather sectional, baccarat gaming table with chairs, bedroom sets, large dining sets and more
* Office Furniture including desks, chairs, conference tables, file cabinets, modular workstations and more
* Office Equipment including phone systems, printers, copiers and more
* Large Quantities of: Amber in raw form, polished loose and polished/set in gold and silver jewelry Ornamental stones including Jadeite, Pectolite, Rhodochrosite, Shell, Sunstone, Turquoise, Opal, Aventurine, Moonstone, Dyed Coral, Carnelian, Variegated Quartz, Fire Agate, Ruby-in Zoisite, Rose Quartz, Nephrite, Several Colors of Chalcedony, Lapis Lazuli, Malachite, Amazonite, Black Onyx. Semi-Precious Gemstones including Tourmaline, Amethyst, Aquamarine, Tanzanite, Peridot, Citrine, Kunzite Sterling Silver Jewelry set with Genuine and Manufactured Stones (over 185,000 pieces)
* Large Quantities of Decorative Amber, Stones and Beads (used in jewelry making)
* And much more.
For terms and conditions of the sale and to download the property information package, please visit the auctioneer’s website at:
https://www.tranzon.com/TAS180318 (Do not call the Receiver’s office as the auction is to be held by Tranzon.)
NINTH INTERIM FEE APPLICATION OF THE RECEIVER; FEE APPLICATIONS OF RECEIVER’S ATTORNEYS
On January 31, 2018, the Receiver filed with the Court his RECEIVER'S NINTH INTERIM FEE APPLICATION [Dkt. No. 302]. From October 1, 2017, through December 31, 2017 (the "Ninth Application Period"), the Receiver and his agents spent 317.8 hours executing the duties set forth in the Temporary Restraining Order entered on September 28, 2015 ("TRO"). The Receiver seeks approval of 100% of fees and approval to pay 90% of fees. The Receiver does not seek reimbursement of any expenses.
The Receiver’s attorneys, Allen Matkins Leck Gamble Mallory & Natsis, also filed with the Court their NINTH INTERIM APPLICATION OF ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS, LLP, GENERAL COUNSEL TO THE RECEIVER FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 303]. During the Ninth Application Period the attorneys worked 76.3 hours on behalf of the receivership estate and request the Court approve 100% of fees and expenses on an interim basis and an order authorizing the Receiver to pay, on an interim basis, 80% of fees incurred and 100% of expenses incurred.
Along with these applications the Receiver filed his NOTICE OF HEARING ON INTERIM FEE APPLICATIONS OF THE RECEIVER AND HIS PROFESSIONALS FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 304]. The hearing for these applications is calendared for 9:00 a.m., March 12, 2018.
MOTION TO SET CLAIMS BAR DATE AND APPROVE CLAIMS PROCESS
THIRD INTERIM APPLICATION OF SQUIRE PATTON BOGGS, LOCAL COUNSEL IN THE DOMINICAN REPUBLIC TO THE RECEIVER
The Receiver’s attorneys, Squire Patton Boggs US LLP, also filed with the Court their THIRD INTERIM APPLICATION OF SQUIRE PATTON BOGGS US LLP, LOCAL COUNSEL IN THE DOMINICAN REPUBLIC TO THE RECEIVER, FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 291] and [PROPOSED] ORDER GRANTING THIRD INTERIM FEE APPLICATION OF SQUIRE PATTON BOGGS, US LLP, LOCAL COUNSEL IN THE DOMINICAN REPUBLIC TO THE RECEIVER, FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 291-1]. During February 1, 2017, through October 31, 2017 (the "Third Application Period"), the attorneys worked 324.87 hours on behalf of the receivership estate and request the Court approve 100% of fees and expenses on an interim basis and an order authorizing the Receiver to pay, on an interim basis, 100% of fees incurred and 100% of expenses incurred.
EIGHTH INTERIM FEE APPLICATION OF THE RECEIVER; FEE APPLICATIONS OF RECEIVER’S ATTORNEYS AND PROFESSIONALS
On December 8, 2017, the Receiver filed with the Court his RECEIVER'S EIGHTH INTERIM FEE APPLICATION [Dkt. No. 289]. From July 1, 2017, through September 30, 2017 (the "Eighth Application Period"), the Receiver and his agents spent 637.2 hours executing the duties set forth in the Temporary Restraining Order entered on September 28, 2015 ("TRO"). The Receiver seeks approval of 100% of fees and approval to pay 90% of fees. The Receiver does not seek reimbursement of any expenses.
The Receiver’s attorneys, Allen Matkins Leck Gamble Mallory & Natsis, also filed with the Court their EIGHTH INTERIM FEE APPLICATION OF ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS, GENERAL COUNSEL TO THE RECEIVER FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 290] and [PROPOSED] ORDER GRANTING EIGHTH INTERIM FEE APPLICATION OF ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS LLP, GENERAL COUNSEL TO THE RECEIVER, FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 290-1]. During the Eighth Application Period the attorneys worked 137.6 hours on behalf of the receivership estate and request the Court approve 100% of fees and expenses on an interim basis and an order authorizing the Receiver to pay, on an interim basis, 80% of fees incurred and 100% of expenses incurred.
Along with these applications the Receiver filed his NOTICE OF HEARING ON INTERIM FEE APPLICATIONS OF THE RECEIVER AND HIS PROFESSIONALS FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 292]. The hearing for these applications is calendared for 9:00 a.m., January 8, 2018.
RECEIVER'S NINTH INTERIM REPORT AND RECOMMENDATIONS
On December 7, 2017, the Receiver filed his RECEIVER'S NINTH INTERIM REPORT AND RECOMMENDATIONS [Dkt. No. 287]. The report covers the time period of July through September 2017.
MOTION FOR APPROVAL OF SALE OF GAINSBOROUGH DRIVE PROPERTY
On December 7, 2017, the Receiver filed his NOTICE OF MOTION AND MOTION FOR (A) APPROVAL OF SALE OF RESIDENTIAL REAL PROPERTY (GAINSBOROUGH DRIVE PROPERTY), AND (B) AUTHORITY TO PAY BROKER'S COMMISSION; MEMORANDUM OF POINTS AND AUTHORITIES [Dkt. No. 288] and DECLARATION OF THOMAS A. SEAMAN IN SUPPORT OF MOTION FOR (A) APPROVAL OF SALE OF RESIDENTIAL REAL PROPERTY (GAINSBOROUGH DRIVE PROPERTY), AND (B) AUTHORITY TO PAY BROKER'S COMMISSION [Dkt. No. 288-1] and [PROPOSED] ORDER (A) APPROVING SALE OF RESIDENTIAL REAL PROPERTY (GAINSBOROUGH DRIVE PROPERTY), AND (B) AUTHORIZING PAYMENT OF BROKER'S COMMISSION [Dkt. No. 288-2]. The overbid auction will be held on January 8, 2018, at 11:00 a.m. If no overbid auction is required, the confirmation hearing for the motion is calendared for January 8, 2018, at 9:00 a.m. In accordance with the Court’s instructions the Receiver published the following legal notice in the San Gabriel Valley Tribune beginning on Monday, December 11, 2017.
NOTICE OF SALE OF REAL ESTATE AND REQUEST FOR OVERBIDS
In the action pending in U.S. District Court for the Central District of California, Case No. 16-CV-07425-RGK-PLA, Securities and Exchange Commission v. Steve Chen et al., notice is hereby given that the court-appointed receiver will conduct a public auction for the residential real property located at 2857 Gainsborough Drive, San Marino, California. Sale is subject to Court confirmation after the auction is held. Minimum bid price is $2,525,000. The auction will take place on January 8, 2018, at 11:00 a.m. at the property located at 2857 Gainsborough Drive, San Marino, California. To be allowed to participate in the auction, prospective purchasers must meet certain bid qualification requirements, including submitting a signed purchase and sale agreement, an earnest money deposit of $70,800, and proof of funds. All bidders must be qualified by 3:00 p.m. PT on January 2, 2018, by submitting the required materials to the Thomas Seaman Company at 3 Park Plaza, Suite 550, Irvine California, 92614. If interested in qualifying as a bidder, please contact Eva Lin at (626) 807-6581 or Eva@LinRealtyGroup.com.
MOTION FOR AUTHORITY TO PURSUE CLAIMS AGAINST WEI HE, THE WEI HE TRUST DATED JULY 1, 2005, AHOMELAND, INC., AND GOLDEN ARK, INC.
On October 17, 2017, the Receiver filed his motion to pursue claims of fraudulent conveyance against Wei He, The Wei He Trust Dated July 1, 2005, Ahomeland, Inc., And Golden Ark, Inc. The filed documents are as follows: NOTICE OF MOTION AND MOTION FOR AUTHORITY TO PURSUE CLAIMS AGAINST WEI HE, THE WEI HE TRUST DATED JULY 1, 2005, AHOMELAND, INC., AND GOLDEN ARK, INC. [Dkt. No. 283], DECLARATION OF THOMAS SEAMAN IN SUPPORT OF MOTION FOR AUTHORITY TO PURSUE CLAIMS AGAINST WEI HE, THE WEI HE TRUST DATED JULY 1, 2005, AHOMELAND, INC., AND GOLDEN ARK, INC. [Dkt. No. 283-1], DECLARATION OF TIM C. HSU IN SUPPORT OF MOTION FOR AUTHORITY TO PURSUE CLAIMS AGAINST WEI HE, THE WEI HE TRUST DATED JULY 1, 2005, AHOMELAND, INC., AND GOLDEN ARK, INC. [Dkt. No. 283-2] and the [PROPOSED] ORDER GRANTING MOTION FOR AUTHORITY TO PURSUE CLAIMS AGAINST WEI HE, THE WEI HE TRUST DATED JULY 1, 2005, AHOMELAND, INC., AND GOLDEN ARK, INC. [Dkt. No. 283-3]. The hearing for this motion is calendared for November 20, 2017, at 9:00 a.m.
ORDER APPROVING SALE OF BALBOA DRIVE PROPERTY
NOTICE OF NON-RECEIPT OF QUALIFIED OVERBIDS REGARDING SALE OF BALBOA DRIVE PROPERTY
SEVENTH INTERIM FEE APPLICATION OF THE RECEIVER; FEE APPLICATIONS OF RECEIVER'S ATTORNEYS AND PROFESSIONALS
On August 30, 2017, the Receiver filed with the Court his RECEIVER'S SEVENTH INTERIM FEE APPLICATION [Dkt. No. 270]. From April 1, 2017, through June 30, 2017 (the "Seventh Application Period"), the Receiver and his agents spent 1,054.9 hours executing the duties set forth in the Temporary Restraining Order entered on September 28, 2015 ("TRO"). The Receiver seeks approval of 100% of fees and approval to pay 90% of fees. The Receiver does not seek reimbursement of any expenses.
The Receiver's attorneys, Allen Matkins Leck Gamble Mallory & Natsis, also filed with the Court their SEVENTH INTERIM FEE APPLICATION OF ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS, GENERAL COUNSEL TO THE RECEIVER FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 271]. During the Seventh Application Period the attorneys worked 140.5 hours on behalf of the receivership estate and request the Court approve 100% of fees and expenses on an interim basis and an order authorizing the Receiver to pay, on an interim basis, 80% of fees incurred and 100% of expenses incurred.
The Receiver's consultants, Berkeley Research Group, LLC, also filed with the Court their FIFTH INTERIM APPLICATION OF BERKELEY RESEARCH GROUP, LLC [Dkt. No. 272]. During April 1, 2017, through July 31, 2017 (the "Fifth Application Period"), the consultants worked 13.0 hours on behalf of the receivership estate and request the Court approve 90% of fees and expenses on an interim basis and an order authorizing the Receiver to pay, on an interim basis, and 100% of expenses incurred.
Along with these applications the Receiver filed his NOTICE OF HEARING ON INTERIM FEE APPLICATIONS OF THE RECEIVER AND HIS PROFESSIONALS FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 273]. The hearing for these applications is calendared for 9:00 a.m., October 2, 2017.
MOTION FOR APPROVAL OF SALE OF BALBOA DRIVE PROPERTY
On August 21, 2017, the Receiver filed his NOTICE OF MOTION AND MOTION FOR (A) APPROVAL OF SALE OF RESIDENTIAL REAL PROPERTY (BALBOA DRIVE PROPERTY), AND (B) AUTHORITY TO PAY BROKER'S COMMISSION; MEMORANDUM OF POINTS AND AUTHORITIES [Dkt. No. 268] and DECLARATION OF THOMAS A. SEAMAN IN SUPPORT OF MOTION FOR (A) APPROVAL OF SALE OF RESIDENTIAL REAL PROPERTY (BALBOA DRIVE PROPERTY), AND (B) AUTHORITY TO PAY BROKER'S COMMISSION [Dkt. No. 268-1]. The overbid auction will be held on September 18, 2017, at 11:00 a.m. If no overbid auction is required, the confirmation hearing for the motion is calendared for September 18, 2017, at 9:00 a.m. In accordance with the Court's instructions the Receiver published the following legal notice in the San Gabriel Valley Tribune beginning on Thursday, August 17, 2017.
NOTICE OF SALE OF REAL ESTATE AND REQUEST FOR OVERBIDS
In the action pending in U.S. District Court for the Central District of California, Case No. 16-CV-07425-RGK-PLA, Securities and Exchange Commission v. Steve Chen et al., notice is hereby given that the court-appointed receiver will conduct a public auction for the residential real property located at 849 Balboa Drive, Arcadia California. Sale is subject to Court confirmation after the auction is held. Minimum bid price is $1,680,000. The auction will take place on September 18, 2017, at 11:00 a.m. at the property located at 849 Balboa Drive, Arcadia, California. To be allowed to participate in the auction, prospective purchasers must meet certain bid qualification requirements, including submitting a signed purchase and sale agreement, an earnest money deposit of $75,000, and proof of funds. All bidders must be qualified by 4:00 p.m. PST on September 11, 2017, by submitting the required materials to the Thomas Seaman Company at 3 Park Plaza, Suite 550, Irvine, California, 92614. If interested in qualifying as a bidder, please contact Eva Lin at (626) 807-6581 or Eva@LinRealtyGroup.com.
NOTICE OF NON-RECEIPT OF QUALIFIED OVERBIDS REGARDING SALE OF RANCHO CUCAMONGA LAND
MOTION FOR APPROVAL OF SALE OF RANCHO CUCAMONGA LAND
On July 12, 2017, the Receiver filed his NOTICE OF MOTION AND MOTION FOR (A) APPROVAL OF SALE OF REAL PROPERTY (RANCHO CUCAMONGA LAND), AND (B) AUTHORITY TO PAY BROKER'S COMMISSION; MEMORANDUM OF POINTS AND AUTHORITIES [Dkt. No. 264] and DECLARATION OF THOMAS A. SEAMAN IN SUPPORT OF MOTION FOR (A) APPROVAL OF SALE OF REAL PROPERTY (RANCHO CUCAMONGA LAND), AND (B) AUTHORITY TO PAY BROKER'S COMMISSION [Dkt. No. 264-1]. The overbid auction will be held on August 21, 2017, at 11:00 a.m. If no overbid auction is required, the confirmation hearing for the motion is calendared for August 21, 2017, at 9:00 a.m. In accordance with the Court's instructions the Receiver published the following legal notice in the San Bernardino The Sun beginning on Monday, July 17, 2017.
NOTICE OF SALE OF REAL ESTATE AND REQUEST FOR OVERBIDS
In the action pending in U.S. District Court for the Central District of California, Case No. 16-CV-07425-RGK-PLA, Securities and Exchange Commission v. Steve Chen et al., notice is hereby given that the court-appointed receiver will conduct a public auction for the real property located at 8020 Almond St., in the cities of Upland and Rancho Cucamonga, California (San Bernardino County APN's: 0200-061-08, 0200-061-10, 0200-061-27, 0200-061-28, 0200-061-29, 0200-061-30, 0200-061-31, 1061-081-03). Sale is subject to Court confirmation after the auction is held. Minimum bid price is $950,000. The auction will take place on August 21, 2017, at 11:00 a.m. at the property located at the corner of Crestview Place and Almond Street (aka 8020 Almond Street), Rancho Cucamonga, CA. To be allowed to participate in the auction, prospective purchasers must meet certain bid qualification requirements, including submitting a signed purchase and sale agreement, an earnest money deposit of $50,000, and proof of funds. All bidders must be qualified by 3:00 p.m. PST on Aug. 14, 2017, by submitting the required materials to the receiver Thomas Seaman at 3 Park Plaza, Suite 550, Irvine California, 92614. If interested in qualifying as a bidder, please contact Howard Hamlin at (562) 537-5840 or howard@hamlingooding.com.
MOTION FOR APPROVAL OF SALE OF ALHAMBRA GARDENS APARTMENTS PROPERTY; OVERBIDS REQUEST
On June 8, 2017, the Receiver filed his NOTICE OF MOTION AND MOTION FOR (A) APPROVAL OF SALE OF RESIDENTIAL REAL PROPERTY (ALHAMBRA GARDENS PROPERTY), AND (B) AUTHORITY TO PAY BROKER'S COMMISSION; MEMORANDUM OF POINTS AND AUTHORITIES [Dkt. No. 253] and DECLARATION OF THOMAS A. SEAMAN IN SUPPORT OF MOTION FOR (A) APPROVAL OF SALE OF RESIDENTIAL REAL PROPERTY (ALHAMBRA GARDENS PROPERTY), AND (B) AUTHORITY TO PAY BROKER'S COMMISSION [Dkt. No. 253-1]
. The overbid auction will be held on July 10, 2017, at 11:00 a.m. If no overbid auction is required, the confirmation hearing for the motion is calendared for July 10, 2017, at 9:00 a.m. In accordance with the Court's instructions the Receiver published the following legal notice in the San Gabriel Valley Tribune beginning on Monday, June 5, 2017.
NOTICE OF SALE OF REAL ESTATE AND REQUEST FOR OVERBIDS
In the action pending in U.S. District Court for the Central District of California, Case No. 16-CV-07425-RGK-PLA, Securities and Exchange Commission v. Steve Chen et al., notice is hereby given that the court-appointed receiver will conduct a public auction for the residential real property located at 1221 S. Atlantic Blvd., Alhambra, California. Sale is subject to Court confirmation after the auction is held. Minimum bid price is $7,500,000. The auction will take place at 11:00 a.m. on July 10, 2017, at 1221 S. Atlantic Blvd., Alhambra, California. To be allowed to participate in the auction, prospective purchasers must meet certain bid qualification requirements, including submitting a signed purchase and sale agreement, an earnest money deposit of $214,500, and proof of funds. All bidders must be qualified by 3:00 p.m. PST on June 30, 2017, by submitting the required materials to the Thomas Seaman at 3 Park Plaza, Suite 550, Irvine California, 92614. If interested in qualifying as a bidder, please contact Jay Chu at (213) 389-5888 x 301 or jchu@securedproperties.com
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SIXTH INTERIM FEE APPLICATION OF THE RECEIVER; FEE APPLICATIONS OF RECEIVER'S ATTORNEYS AND PROFESSIONALS
On May 26, 2017, the Receiver filed with the Court his RECEIVER'S SIXTH INTERIM FEE APPLICATION [Dkt. No. 249]. From January 1, 2017, through March 31, 2017 (the "Sixth Application Period"), the Receiver and his agents spent 1,140.3 hours executing the duties set forth in the Temporary Restraining Order entered on September 28, 2015 ("TRO"). The Receiver seeks approval of 100% of fees and approval to pay 90% of fees. The Receiver does not seek reimbursement of any expenses.
The Receiver's attorneys, Allen Matkins Leck Gamble Mallory & Natsis, also filed with the Court their SIXTH INTERIM FEE APPLICATION OF ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS, GENERAL COUNSEL TO THE RECEIVER FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 250]. During the Sixth Application Period the attorneys worked 238.5 hours on behalf of the receivership estate and request the Court approve 100% of fees and expenses on an interim basis and an order authorizing the Receiver to pay, on an interim basis, 80% of fees incurred and 100% of expenses incurred.
The Receiver's consultants, Berkeley Research Group, LLC, also filed with the Court their FOURTH INTERIM APPLICATION OF BERKELEY RESEARCH GROUP, LLC [Dkt. No. 251]. During October 1, 2016, through March 31, 2017 (the "Fourth Application Period"), the consultants worked 41.5 hours on behalf of the receivership estate and request the Court approve 90% of fees and expenses on an interim basis and an order authorizing the Receiver to pay, on an interim basis, and 100% of expenses incurred.
Along with these applications the Receiver filed his NOTICE OF HEARING ON INTERIM FEE APPLICATIONS OF THE RECEIVER AND HIS PROFESSIONALS FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 252]. The hearing for these applications is calendared for 9:00 a.m., June 26, 2017.
MOTION FOR APPROVAL OF SALE OF LYND AVENUE PROPERTY; OVERBIDS REQUEST
On March 17, 2017, the Receiver filed his NOTICE OF MOTION AND MOTION FOR (A) APPROVAL OF SALE OF RESIDENTIAL REAL PROPERTY (LYND AVENUE PROPERTY), AND (B) AUTHORITY TO PAY BROKER'S COMMISSION; MEMORANDUM OF POINTS AND AUTHORITIES [Dkt. No. 248] and DECLARATION OF THOMAS A. SEAMAN IN SUPPORT OF MOTION FOR (A) APPROVAL OF SALE OF RESIDENTIAL REAL PROPERTY (LYND AVENUE PROPERTY), AND (B) AUTHORITY TO PAY BROKER'S COMMISSION; MEMORANDUM OF POINTS AND AUTHORITIES [Dkt. No. 248-1]. The overbid auction will be held on June 26, 2017, at 11:00 a.m. If no overbid auction is required, the confirmation hearing for the motion is calendared for June 26, 2017, at 9:00 a. m. In accordance with the Court's instructions the Receiver published the following legal notice in the San Gabriel Valley Tribune beginning on Monday, May 22, 2017.
NOTICE OF SALE OF REAL ESTATE AND REQUEST FOR OVERBIDS
In the action pending in U.S. District Court for the Central District of California, Case No. 16-CV-07425-RGK-PLA, Securities and Exchange Commission v. Steve Chen et al., notice is hereby given that the court-appointed receiver will conduct a public auction for the residential real property located at 4116 Lynd Avenue, Arcadia, California. Sale is subject to Court confirmation after the auction is held. Minimum bid price is $515,000. The auction will take place at 11:00 a.m. on June 26, 2017, at 4116 Lynd Avenue, Arcadia California. To be allowed to participate in the auction, prospective purchasers must meet certain bid qualification requirements, including submitting a signed purchase and sale agreement, an earnest money deposit of $14,700, and proof of funds. All bidders must be qualified by 4:00 p.m. PST on June 19, 2017, by submitting the required materials to the Thomas Seaman at 3 Park Plaza, Suite 550, Irvine California, 92614. If interested in qualifying as a bidder, please contact Alexis Kim at (213) 200 5882 or akim@securedproperties.com.
NOTICE OF SALE OF REAL ESTATE AND REQUEST FOR OVERBIDS
In the action pending in U.S. District Court for the Central District of California, Case No. 16-CV-07425-RGK-PLA, Securities and Exchange Commission v. Steve Chen et al., notice is hereby given that the court-appointed receiver will conduct a public auction for the commercial real property located at 2000 Ostrems Way, San Bernardino, California. Sale is subject to Court confirmation after the auction is held. Minimum bid price is $4,400,000. The auction will take place on May 1, 2017, at 9:00 a.m. in Courtroom 850 to the United States Courthouse, 255 East Temple Street, Los Angeles, California. To be allowed to participate in the auction, prospective purchasers must meet certain bid qualification requirements, including submitting a signed purchase and sale agreement, an earnest money deposit of 10% of the purchase price, and proof of funds. All bidders must be qualified by 5:00 p.m. PST on April 24, by submitting the required materials to the Thomas Seaman at 3 Park Plaza, Suite 550, Irvine California, 92614. If interested in qualifying as a bidder, please contact Thomas Seaman at (949) 265-8403 or tom@thomasseaman.com or darren@thomasseaman.com.
AMENDED MOTION FOR APPROVAL OF SALE OF FAIRVIEW CONDOMINIUM; OVERBIDS REQUEST
NOTICE OF SALE OF REAL ESTATE AND REQUEST FOR OVERBIDS
In the action pending in U.S. District Court for the Central District of California, Case No. 16-CV-07425-RGK-PLA, Securities and Exchange Commission v. Steve Chen et al., notice is hereby given that the court-appointed receiver will conduct a public auction for the residential real property located at 919 Fairview Avenue, Unit B, Arcadia, California. Sale is subject to Court confirmation after the auction is held. Minimum bid price is $835,000. The auction will take place on April 24, 2017, at 9:00 a.m. in Courtroom 850 to the United States Courthouse, 255 East Temple Street, Los Angeles, California. To be allowed to participate in the auction, prospective purchasers must meet certain bid qualification requirements, including submitting a signed purchase and sale agreement, an earnest money deposit of $23,670, and proof of funds. All bidders must be qualified by 5:00 p.m. PST on April 14, 2017, by submitting the required materials to the Thomas Seaman at 3 Park Plaza, Suite 550, Irvine California, 92614. If interested in qualifying as a bidder, please contact Alexis Kim at (213) 200-5882 or akim@securedproperties.com.
NOTICE OF SALE OF REAL ESTATE AND REQUEST FOR OVERBIDS
In the action pending in U.S. District Court for the Central District of California, Case No. 16-CV-07425-RGK-PLA, Securities and Exchange Commission v. Steve Chen et al., notice is hereby given that the court-appointed receiver will conduct a public auction for the residential real property located at 345 Oak Mountain Road, Bradbury, California. Sale is subject to Court confirmation after the auction is held. Minimum bid price is $4,600,000. The auction will take place on April 24, 2017, at 9:00 a.m. in Courtroom 850 to the United States Courthouse, 255 East Temple Street, Los Angeles, California. To be allowed to participate in the auction, prospective purchasers must meet certain bid qualification requirements, including submitting a signed purchase and sale agreement, an earnest money deposit of $109,500, and proof of funds. All bidders must be qualified by 5:00 p.m. PST on April 14, 2017, by submitting the required materials to the Thomas Seaman at 3 Park Plaza, Suite 550, Irvine California, 92614. If interested in qualifying as a bidder, please contact Eva Lin at (626) 807-6581 or eva@linrealtygroup.com.
FIFTH INTERIM FEE APPLICATION OF THE RECEIVER; FEE APPLICATIONS OF RECEIVER'S ATTORNEYS
On March 7, 2017, the Receiver filed with the Court his RECEIVER'S FIFTH INTERIM FEE APPLICATION [Dkt. No. 204]. From October 1, 2016, through December 31, 2016 (the "Fifth Application Period"), the Receiver and his agents spent 1,730.2 hours executing the duties set forth in the Temporary Restraining Order entered on September 28, 2015 ("TRO"). The Receiver seeks approval of 100% of fees and approval to pay 90% of fees. The Re
ceiver does not seek reimbursement of any expenses.
The Receiver's attorneys, Allen Matkins Leck Gamble Mallory & Natsis, also filed with the Court their FIFTH INTERIM FEE APPLICATION OF ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS, GENERAL COUNSEL TO THE RECEIVER FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 205]. During the Fifth Application Period the attorneys worked 151.7 hours on behalf of the receivership estate and request the Court approve 100% of fees and expenses on an interim basis and an order authorizing the Receiver to pay, on an interim basis, 80% of fees incurred and 100% of expenses incurred.
The Receiver's attorneys, Squire Patton Boggs US LLP, also filed with the Court their SECOND INTERIM APPLICATION OF SQUIRE PATTON BOGGS US LLP, LOCAL COUNSEL IN THE DOMINICAN REPUBLIC TO THE RECEIVER, FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 206]. During November 1, 2016, through January 31, 2017 (the "Second Application Period"), the attorneys worked 92.44 hours on behalf of the receivership estate and request the Court approve 100% of fees and expenses on an interim basis and an order authorizing the Receiver to pay, on an interim basis, 100% of fees incurred and 100% of expenses incurred.
Along with these applications the Receiver filed his NOTICE OF HEARING ON INTERIM FEE APPLICATIONS OF THE RECEIVER AND HIS PROFESSIONALS FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 207]. The hearing for these applications is calendared for 9:00 a.m., April 10, 2017.
MOTION TO SELL QUAIL RANCH PROPERTY
MOTION TO SELL PERSONAL PROPERTY
MOTION TO SELL FAIRVIEW CONDOMINIUM
ORDER FOR SUMMARY JUDGMENT AGAINST STEVE CHEN
December 27, 2016: On December 8, 2016, the Court granted the SEC's motion for summary judgment against Chen, finding him liable on all of the claims asserted against him. The Court found that Chen: (1) ran USFIA as a fraudulent pyramid scheme; (2) sold investors securities, whether characterized as investment contracts or pyramid scheme transactions, which were not registered with the SEC; (3) those sales were made though interstate commerce; (4) defrauded investors by failing to advise them that the pyramid scheme was destined to collapse; (5) made five material misrepresentations to investors in connection with the sale of the securities; (6) misused investor funds to fund a lifestyle that included multiple million-dollar mansions and luxury automobiles for him and his family; (7) acted with a high degree of scienter; (8) orchestrated the pyramid scheme over many years; and (9) showed no recognition of wrongdoing and no assurance against future violations. ORDER RE: PLAINTIFF'S MOTION FOR SUMMARY JUDGMENT AS TO LIABILITY AND INJUNCTIVE RELIEF [Dkt. No. 167]; and the ORDER AS TO STEVE CHEN [Dkt. No. 168].
PREVIOUS COURT FILINGS RELATED TO THE MOTION FOR SUMMARY JUDGMENT
OCTOBER 26, 2016:
FOURTH INTERIM FEE APPLICATION OF THE RECEIVER; FEE APPLICATIONS OF RECEIVER'S ATTORNEYS AND CONSULTANTS
December 6, 2016: The Receiver filed with the Court his RECEIVER'S FOURTH INTERIM FEE APPLICATION [Dkt. No. 161]. From July 1, 2016, through September 30, 2016 (the "Fourth Application Period"), the Receiver and his agents spent 1,974.4 hours executing the duties set forth in the Temporary Restraining Order entered on September 28, 2015 ("TRO"). The Receiver seeks approval of 100% of fees and approval to pay 90% of fees. The Receiver does not seek reimbursement of any expenses.
The Receiver's attorneys, Allen Matkins Leck Gamble Mallory & Natsis, filed with the Court their FOURTH INTERIM FEE APPLICATION OF ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS, GENERAL COUNSEL TO THE RECEIVER FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 162]. During the Fourth Application Period the attorneys worked 96.5 hours on behalf of the receivership estate and request the Court approve 100% of fees and expenses on an interim basis and an order authorizing the Receiver to pay, on an interim basis, 80% of fees incurred and 100% of expenses incurred.
The Receiver's attorneys, Squire Patton Boggs US LLP, filed with the Court their FIRST INTERIM APPLICATION OF SQUIRE PATTON BOGGS US LLP, LOCAL COUNSEL IN THE DOMINICAN REPUBLIC TO THE RECEIVER, FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 164]. During the First Application Period of April 11, 2016, through October 31, 2016, the attorneys worked 319.70 hours on behalf of the receivership estate and request the Court approve 100% of fees and expenses on an interim basis and an order authorizing the Receiver to pay, on an interim basis, 100% of fees incurred and 100% of expenses incurred.
The Receiver's consultants, Berkeley Research Group, LLC ("BRG"), filed with the Court their THIRD INTERIM FEE APPLICATION OF BERKELEY RESEARCH GROUP, LLC [Dkt. No. 163]. Their application covers the period from May 1, 2016, through September 30, 2016, during which time the consultants worked 93.75 hours on behalf of the Receivership Entities. In accordance with this Court's orders, BRG now requests that the Court approve 100% of fees and expenses on an interim basis, and enter an Order authorizing the Receiver to pay 90% of the fees and 100% of expenses incurred.
Along with these applications the Receiver filed his NOTICE OF HEARING ON INTERIM FEE APPLICATIONS OF THE RECEIVER AND HIS PROFESSIONALS FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 165]. The hearing for these applications is calendared for 9:00 a.m., January 9, 2017.
RECEIVER'S FIFTH REPORT AND RECOMMENDATIONS
THIRD INTERIM FEE APPLICATIONS OF THE RECEIVER & HIS
ATTORNEYS; SECOND APPLICATION OF CONSULTANTS
September 12, 2016: The Receiver filed with the Court his RECEIVER'S THIRD INTERIM FEE APPLICATION [Dkt. No. 102]. From April 1, 2016, through June 30, 2016 (the "Third Application Period"), the Receiver and his agents spent 1,254.2 hours executing the duties set forth in the Temporary Restraining Order entered on September 28, 2015 ("TRO"). The Receiver seeks approval of 100% of fees and approval to pay 90% of fees. The Receiver does not seek reimbursement of any expenses.
The Receiver's attorneys, Allen Matkins Leck Gamble Mallory & Natsis, filed with the Court their THIRD INTERIM FEE APPLICATION OF ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS, GENERAL COUNSEL TO THE RECEIVER FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 103]. During the Third Application Period the attorneys worked 140.9 hours on behalf of the receivership estate and request the Court approve 100% of fees and expenses on an interim basis and an order authorizing the Receiver to pay, on an interim basis, 80% of fees incurred and 100% of expenses incurred.
The Receiver's consultants, Berkeley Research Group, LLC ("BRG"), filed with the Court their SECOND INTERIM FEE APPLICATION OF BERKELEY RESEARCH GROUP, LLC [Dkt. No. 104]. Their application covers the period from February 1, 2016, through April 30, 2016, during which time the consultants worked 159.35 hours on behalf of the Receivership Entities. In accordance with this Court's orders, BRG now requests that the Court approve 100% of fees and expenses on an interim basis, and enter an Order authorizing the Receiver to pay 90% of the fees and 100% of expenses incurred.
Along with these applications the Receiver filed his NOTICE OF HEARING ON INTERIM FEE APPLICATIONS OF THE RECEIVER AND HIS PROFESSIONALS FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 105]. The hearing for these applications is calendared for 9:00 a.m., October 17, 2016.
RECEIVER'S FOURTH REPORT AND RECOMMENDATIONS
RECEIVER'S THIRD REPORT AND RECOMMENDATIONS
FIRST INTERIM FEE APPLICATIONS OF THE RECEIVER, HIS ATTORNEYS & CONSULTANTS
April 4, 2016: The Receiver filed with the Court his FIRST INTERIM FEE APPLICATION OF THE RECEIVER [Dkt. No. 74]. From September 29, 2016, through December 31, 2016 (the "First Application Period"), the Receiver and his agents spent 1,015 hours executing the duties set forth in the Temporary Restraining Order entered on September 28, 2015 ("TRO"). The Receiver seeks approval of 100% of fees and approval to pay 90% of fees. The Receiver does not seek reimbursement of any expenses.
The Receiver's attorneys, Allen Matkins Leck Gamble Mallory & Natsis, filed with the Court their FIRST INTERIM FEE APPLICATION OF ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS, GENERAL COUNSEL TO THE RECEIVER FOR PAYMENT OF FEES AND REIMBURSEMENT OF EXPENSES [Dkt. No. 75]. During the First Application Period the attorneys worked 404.3 hours on behalf of the receivership estate and request the Court approve 100% of fees and expenses on an interim basis and an order authorizing the Receiver to pay, on an interim basis, 80% of fees incurred and 100% of expenses incurred.
The Receiver's consultants, Berkeley Research Group, LLC ("BRG"), filed with the Court their FIRST INTERIM FEE APPLICATION OF BERKELEY RESEARCH GROUP, LLC [Dkt. No. 76]. Their application covers the period from September 28, 2015, through January 31, 2016, during which time the consultants worked 486.55 hours on behalf of the Receivership Entities. In accordance with this Court's orders, BRG now requests that the Court approve 100% of fees and expenses on an interim basis, and enter an Order authorizing the Receiver to pay 90% of the fees and 100% of expenses incurred.
CASE INCEPTION
September 28, 2015: This website has been established to facilitate efficient communications between investors, creditors, former employees, and other interested parties and potential claimants of USFIA, Inc., all of its subsidiaries and affiliates (the "Receivership Entities"), and Thomas Seaman (the "Receiver") who is serving as their permanent Receiver. Mr. Seaman was appointed on September 28, 2015, by the Honorable R. Gary Klausner, Judge of the United States District Court for the Central District of California in a securities fraud enforcement action brought by the Securities and Exchange Commission (the "Commission"). The Commission has alleged in their COMPLAINT [Dkt. No. 3] that the defendants violated federal securities laws. Judge Klausner also ordered that the assets of USFIA, Inc. and its subsidiaries and affiliates be frozen and issued a TEMPORARY RESTRAINING ORDER [Dkt. No. 8] (the "TRO").
The TRO restrains and enjoins the Defendants from violations of the securities laws and orders them to provide an accounting of their assets. On October 5, 2015, the Defendant, Steve Chen, filed the CONSENT OF STEVE CHEN TO ENTRY OF PRELIMINARY INJUNCTION AND ORDERS: (1) FREEZING ASSETS; (2) APPOINTING A PERMANENT RECEIVER; (3) PROHIBITING THE DESTRUCTION OF DOCUMENTS; AND (4) REQUIRING ACCOUNTINGS [Dkt. No. 11]. On October 6, 2015, Judge Klausner entered his PRELIMINARY INJUNCTION AND ORDERS: (1) FREEZING ASSETS; (2) APPOINTING A PERMANENT RECEIVER; (3) PROHIBITING THE DESTRUCTION OF DOCUMENTS; AND (4) REQUIRING ACCOUNTINGS [Dkt. No. 13] (the "PI").
The Receiver is in the process of taking custody, control and possession of all assets of the receivership entities and their affiliates and subsidiaries including but not limited to the following entities:
USFIA, Inc.
Alliance Financial Group, Inc., a Delaware corporation*
Amauction, Inc.
Aborell Mgmt. I, LLC
Aborell Advisors, I, LLC
Aborell REIT, LLC
Ahome Real Estate, LLC
Alliance NGN, Inc.
Apollo REIT I, Inc.
Apollo REIT II, LLC
Amkey, Inc.
US China Consultation Association
Quail Ranch Golf Club, LLC
* The Defendant's Delaware corporation, Alliance Financial Group, Incorporated, is not related to Alliance Financial Group, Inc., a California corporation, which is not a party to these proceedings.
