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Securities and Exchange Commission v. McKnight, 08-11887. (2017)

Court: District Court, E.D. Michigan Number: infdco20170629857 Visitors: 5
Filed: May 31, 2017
Latest Update: May 31, 2017
Summary: ORDER GRANTING THE RECEIVER'S MOTION FOR AUTHORITY TO (I) MAKE THIRD INTERIM DISTRIBUTION TO CREDITORS AND (II) EMPLOY EPIQ SYSTEMS, INC. TO SERVE AS DISBURSING AGENT GEORGE CARAM STEEH , District Judge . This matter having come before the Court upon the Receiver's Motion for Authority to (I) Make Third Interim Distribution to Creditors and (II) Employ Epiq Systems, Inc. to Serve as Disbursing Agent (the " Motion "); and the Court having considered the Motion and any responses thereto; a
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ORDER GRANTING THE RECEIVER'S MOTION FOR AUTHORITY TO (I) MAKE THIRD INTERIM DISTRIBUTION TO CREDITORS AND (II) EMPLOY EPIQ SYSTEMS, INC. TO SERVE AS DISBURSING AGENT

This matter having come before the Court upon the Receiver's Motion for Authority to (I) Make Third Interim Distribution to Creditors and (II) Employ Epiq Systems, Inc. to Serve as Disbursing Agent (the "Motion"); and the Court having considered the Motion and any responses thereto; and it appearing that notice of the Motion was sufficient; and the Court being fully advised in the premises and finding good cause for the entry of this Order;

NOW, THEREFORE, IT IS HEREBY ORDERED that:

1. The Motion is granted.

2. The Receiver is authorized to make a pro-rata distribution of $4.0 million to all holders of Allowed Claims in accordance with the Motion and the Claims Roster attached as Exhibit A to the Motion.1

3. Failure of a holder of an Allowed Claim to timely present (i.e., cash or deposit) its Third Interim Distribution check within 120 days from the date such check is issued shall be deemed a waiver of the Third Interim Distribution by the holder, and such Allowed Claim shall not be entitled to participate in this Third Interim Distribution or be entitled to any "catch-up" payment at a later date with respect to this Third Interim Distribution.

4. Epiq Systems, Inc. is authorized to serve as the disbursing agent for the Third Interim Distribution in accordance with the Motion.

5. The terms and conditions of this Order shall be immediately effective and enforceable upon its entry.

6. The Court retains jurisdiction with respect to all matters arising from or relating to the interpretation or implementation of this Order.

FootNotes


1. All capitalized terms used but not defined herein shall have the meanings ascribed to them in the Motion.
Source:  Leagle

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