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Notice:
Hearing on Defendants’ Motion for Summary Judgment reset
for 1:30 p.m. 12/2/05.
Final pretrial conference and
hearing on Fourth Verified Report of Receiver shall occur on
*Investors are again reminded not to contact the court
without legal counsel. Any requests to the court from investors shall be made
as provided in the Federal Rules of Civil Procedure and the Local Rules of the
Court.
Southern District of
California
Edward J. Schwartz Courthouse
Phone: 619-557-5600
Added November Fee Application
Added November Financial Statements
Added October Financial Statements
Added September Financial Statements
Added 10/4/2005
Order by Judge Dana M. Sabraw
Added the following:
Revised July 2005 Financial Statements
August 2005 Financial Statements
Added Third
Verified Report of Receiver
*These files require the most
recent version of Adobe Reader.
Added July 2005 Financial Statements
Added letter to investors.
Added Monthly Fee
Applications for:
Added Monthly Fee
Applications for:
Order
re Receiver's 2nd Report and petition for instructions now available on Docket page.
The following are quotes taken from Order re Receiver's 2nd Report and petition for
instructions:
“With the Receiver in place,
the Fund has become a profitable venture, possibly for the first time since its
inception.”
“In the five months since the
receivership has been in place, the Fund’s financial picture has changed
markedly: the Fund is not merely preserving
the investments – they are now growing.”
“In sum, the benefits of the
receivership outweigh its corresponding costs.”
The following is taken from Part L. Conclusion and Order in Order re Receiver's 2nd Report and petition for
instructions:
1.
The Receiver may
continue reconstruction the Fund’s historical loan transactions.
2.
To the extent
permissible under existing loan servicing contracts, the Receiver may solicit
competitive bids for new loan servicing agents. The Fund’s current loan servicing
agent, [Unified] Mortgage Service, Inc., retains the right to match any lower
bids.
3.
The proper course
of action concerning any discovery disputes is to proceed under the discovery
provisions of the Federal Rules of Civil Procedure. The preliminary injunction
is still in place, and the parties are expected to comply with the Court’s
Orders.
4.
Upon good cause
and without further leave of Court, the Receiver may begin making distributions
to investors based on a showing of extreme hardship or emergency, not to exceed
50% of those investors’ original capital investment. These emergency
distributions shall only affect investments of $15,000 or less.
5.
The Receiver is
awarded $41,918.15 in interim fees and expenses. The Receiver’s counsel is
awarded $5,132.48 in interim fees and expenses.
6.
The Receiver and
his counsel are not required to submit any additional interim fee requests.
Rather, they shall provide a monthly reporting of fees and costs, broken down
by hour, to be files with the Court, provided electronically to the parties,
and posted on the website. This shall be done within two weeks of the end of
each month. Then, each month, without further leave of Court, the Receiver and
his counsel shall draw 30% of their billed fees and 100% of their costs. At the
end of the litigation, the Receiver and his counsel shall submit their final
comprehensive fee application.
7.
Pursuant to Civ.
L.R. 83.9, the investors are again reminded that ex parte communication with the Court is prohibited. Future
requests from the investors shall be made as provided in the Federal Rules of
Civil Procedure and the Local Rules of this Court.
8.
Pursuant to Civ.
L.R. 66.1, the Receiver shall file, serve, and make available on the website
his Third Verified Report and Petition for Instructions, no later than
Added May Financial Statements.
Added Fee
Applications for Receiver and Receiver’s Attorney.
Hearing
scheduled for Friday, May 27, 2005 at 10:30 A.M.
Southern District of
California
Edward J. Schwartz Courthouse
Phone: 619-557-5600
Please
contact ed@emvest.info with any questions.
Added Archives
page to site.
-For all notices and updates falling out of the range
of the last two months.
Docket page
of site now up to date.
Financial statements for April
*Please
right click links to Adobe files and “Save Target As”.
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Added Receiver’s Second Verified Report and Petition for Instructions.
Financial statements for March
Revised financial statements for
January and February.
Financial statements for January and February
Order re receiver's 1st report and petition for instructions by Judge Dana M. Sabraw
Defendants opposition to extension of scope of Receivership.
Application to extend scope of
Receivership
Added link to Dennis Murphy’s
homepage