Klein & Associates

April 29, 2019: Court Approves Closing Receivership Estate. The judge overseeing the US Ventures Receivership signed an order today approving closing the Receivership Estate. He ordered uncashed distribution payments to be paid over to the court registry to hold for another year, in the event the claimants Comeaux and Asselin show up to claim their payments. The Court approved paying fees to the Receiver and his counsel and authorized the Receiver to file final tax returns, close bank accounts, and destroy documents. A copy of the order can be found here.

April 10, 2019: Motion Filed to Terminate Receivership. The Receiver filed a motion today seeking approval by the Court to close the Receivership Estate. The motion explains that all known assets have been recovered and there are no reasons to keep the Receivership open. The three distributions previously sent to investors brought all investors to a minimum recovery of 20.55%. The remaining assets of the Estate are insufficient to satisfy all liabilities of the Estate, so there will be no further distributions. A copy of the motion can be found here.

February 27, 2019: Notice of Auction Sale Results. The Receiver reported on the results of the auction of uncollected judgments. The auction was held February 26, 2019. Two different bidders purchased the five parcels of uncollected judgments. The total bid price was $18,500. A copy of the Receiver’s notice can be found here. With the sale of these last assets the Receiver intends to file a motion seeking approval to terminate the Receivership Estate.

January 16, 2019: Auction of Judgments Approved. The Court has approved the Receiver’s motion to sell 26 unsatisfied judgments totaling $9,255,807.77 at an auction. The auction will be held February 26, 2018 in the lobby of the Third District Court of Utah, 450 South State Street, Salt Lake City, Utah. The order, containing information about the judgments, the auction procedures, and qualifying to bid at the auction, can be found here. A copy of the Receiver’s Notice, summarizing the planned auction, can be found here. We invite all interested bidders.

January 9, 2019: Status Report Filed. The Receiver filed with the Court his report on the status of the Receivership Estate and developments for the period from August 1, 2018 to December 31, 2018. A copy of the report can be found here.

December 17, 2018: Motion Seeking Permission to Sell Judgments at Auction. The Receiver filed a motion today seeking Court approval to sell the remaining uncollected judgments that are owed to the Receivership Estate at an auction. The Receiver’s motion explains that the uncollected judgments represent the last assets of the Receivership Estate and that most of the judgments should be abandoned as uncollectable. The motion proposes selling the judgments in five parcels, with the first four parcels representing judgments that are believed to have some value and the fifth parcel representing the other judgments that have been abandoned by the Receiver. The Receiver has received an opening bid of $1,000 for each parcel. If the Court approves, the Receiver will conduct a public auction, at which the debtors owing the judgments will be invited to bid. A copy of the Receiver’s motion can be found here.

August 31, 2018: Status Report Filed. The Receiver filed his status report summarizing the activities of the Receivership from April through July 2018. A copy of the report can be found here.

August 10, 2018: Fee Application Approved. The Court approved the fee application by the Receiver and his attorneys for the period from July 1, 2017 to June 30, 2018. A copy of the order can be found here.

July 17, 2018: Court Approves Property Sale. The Court approved the sale of the undeveloped property owned by the Receivership in Corsicana, Texas for $14,199. A copy of the court order approving the sale can be found here.

July 10, 2018: Fee Application Filed. The Receiver filed an application to be paid his fees and fees for his counsel for work they have done since July 1, 2017. The fee application summarizes actions that have been accomplished over the past year and the financial status of the Receivership. A copy of the fee application can be found here.

June 20, 2018: Proposed Sale of Texas Real Property. The Receiver filed a motion seeking approval to sell real property in Corsicana, Texas for $14,199. The Receiver obtained this property in a settlement with Forres McGraw, a former employee of Robert Holloway. A copy of the motion can be found here. The Court has approved the language of the legal notice to be published in newspapers in Utah and Texas. A copy of the order approving the publication notice can be found here. The judge has set a hearing for July 16, 2018 at 1:30 p.m. in the federal courthouse in Salt Lake City to decide whether to give final approval to the sale. Higher and better offers for the property are welcome.

April 16, 2018: Status Report Filed. The Receiver filed a status report today covering the period from December 1, 2017 to March 31, 2018. The report discusses progress in selling the remaining asset and collecting on outstanding judgments. A copy of the report can be found here.

February 5, 2018: Georgia Court Grants Partial Summary Judgment in King, King & Jones Collection Effort. In connection with the Receiver’s attempts to collect on a judgment against Georgia attorney David Jones, a court in Georgia ruled that Jones’ actions in closing his law office and opening another law office in a different form, but at the same location and with the same employees did not shield him from the judgment. However, the court also ruled that a trial will be necessary to prove that the transfers of assets to the new entities were fraudulent. A copy of the Georgia court ruling can be found here.

January 29, 2018: Distribution of Funds from U.S. Department of Justice. The Receiver has learned that some investors have received checks from the U.S. Treasury as a share of the funds that the Department of Justice seized from Robert Holloway. The Receiver expects that checks will eventually be sent to all claimants who received funds from the Receivership and those who submitted valid claims as part of the separate claims process tied to the criminal case.

December 26, 2017: Status Report Filed. The Receiver has filed a report summarizing the activities of the Receivership during the period from September through November 2017. A copy of the report can be found here.

December 7, 2017: Order Requiring Asset Delivery. Based on a motion filed by the Receiver, the Court issued an order requiring Forres McGraw to transfer to the Receiver the boat slip permit associated with real estate McGraw previously transferred to the Receivership Estate. The boat slip permit makes the property more valuable and is expected to enhance the marketing of the property. A copy of the order can be found here.

November 9, 2017: Motion to Recover Concealed Property. The Receiver filed a motion today asking the Court to order Forres McGraw to deliver to the Receiver a boat slip permit that relates to property that McGraw transferred to the Receiver in a settlement of claims filed by the Receiver. A copy of the motion can be found here.

September 29, 2017: Status Report Filed. The Receiver filed the quarterly status report for the three months ending on August 30, 2017. A copy of the report can be found here.

August 21, 2017: Third Distribution Approved. The Receiver mail distribution checks today to 92 claimants. The total distribution amount was $200,822.43. This distribution represents an additional 1.35% of the amount of investment. Distribution checks were sent to investors who have received distributions totaling less than 21.4% of their investment amounts. A copy of the order approving the third interim distribution can be found here.

July 27, 2017: Fee Application Filed. The Receiver filed an application for approval to be paid fees for work by the Receiver and his counsel from July 1, 2016 to June 30, 2017. A copy of the application can be found here. The Court has set a hearing on September 5, 2017 to consider the application.

June 26, 2017: Order Denying Andres Motion. The Court issued an order denying a motion filed by Robert Andres in January 2017. The motion sought to modify the amounts and nature of penalties, restitution, and injunctive relief ordered against Andres in 2014. In the order, the Court said Andres provided no justification for not having participated in the litigation leading up to the judgment against him and has not given any reason for waiting over two years before filing this motion. A copy of the motion can be found here.

June 22, 2017: Status Report Filed. The Receiver filed a quarterly status report for the period from March through May 2017. A copy of the report can be found here.

March 15, 2017: Status Report Filed. The Receiver filed a status report summarizing the actions taken during the period from November 2016 to February 2017 and listing the actions still needing to be taken. A copy can be found here.

February 2, 2017: Opposition to Andres Motion Filed. Both the Receiver and the CFTC filed papers today opposing a motion by Robert Andres (filed from prison) in which Andres sought to alter the judgment entered against him in 2014. Copies of the opposition papers filed by the Receiver can be found here. The CFTC’s opposition papers can be found here.

December 20, 2016: Settlement Approved. The Court today approved a settlement agreement between the Receiver and Forres McGraw. Under the agreement, McGraw will pay $9,000 and transfer to the Receivership undeveloped property he owns in Texas. A copy of the court order can be found here.

December 15, 2016: Motion to Approve Settlement. The Receiver filed a motion seeking approval of a settlement for a judgment he holds against Forres McGraw. Under the proposed settlement, McGraw will pay $9,000 and transfer property to the Receiver in exchange for a release of the judgment. A copy of the motion can be found here.

December 9, 2016: Status Report Filed. The Receiver filed a status report for the period from September 1 to November 30, 2016. The report summarizes activities for the prior period, identifies the amount in Receivership bank accounts, and explains the next steps for the Receivership. A copy of the report can be found here.

November 30, 2016: Motion to Auction Judgment Supplemented. The Receiver filed supplemental information with the Court regarding the motion seeking permission to auction the unpaid judgments still held by the Receivership. The supplement explains the efforts the Receiver undertook to evaluate the collectability of the judgments and the status of collection efforts made to date. The supplement can be found here.

November 14, 2016: Forfeited Funds Held by the U.S. Department of Justice. The Salt Lake City office of the US Department of Justice informed the Receiver that it has received permission to distribute approximately $120,000.00 in forfeited funds that it is holding. The monies were seized by the DOJ in a separate proceeding before the Receiver was appointed and has been holding the funds since that time. The funds will be distributed to victims according to the restitution order entered in connection with the conviction of Robert Holloway. The Receiver cannot tell investors how much each will receive or when the funds will be distributed. The Receiver urges investors to be patient in awaiting checks from the DOJ.

October 19, 2016: Motion Seeking Permission to Sell Judgments at Auction. The Receiver filed a motion seeking permission to hold an auction at which he will sell 27 judgments that the Receiver has obtained, but which have not been collected. A copy of the motion can be found here.

September 16, 2016: Status Report Filed. The Receiver filed his quarterly status report today for the period ending August 31, 2016. A copy of the report can be found here.

August 24, 2016: Fee Application Approved. After a hearing, the Court approved payment of the fees for the Receiver and his counsel for the 10-month period from September 2015 through June 2016. A copy of the order can be found here.

July 13, 2016: Fee Application Filed. The Receiver filed an application with the Court for payment of fees for the Receiver and his counsel for the ten month period from September 1, 2015 to June 30, 2016. A copy of the application can be found here.

June 20, 2016: Holloway Conviction Affirmed on Appeal. The Tenth Circuit Court of Appeals today affirmed the conviction and sentencing of Robert Holloway. The court rejected all four arguments Holloway made on appeal. A copy of the ruling can be found here.

June 3, 2016: Status Report Filed. The Receiver filed a status report today for the period from February through May 2016. A copy of the report can be found here.

June 1, 2016: Order Approving Widmark Settlement. The Court issued an order approving the proposed settlement agreement with the Widmarks. A copy of the Court’s order can be found here.

May 31, 2016: Motion for Approval of Settlement Agreement. The Receiver filed a motion seeking court approval of a settlement agreement of the last lawsuit still pending. Under the settlement with Peter and Laurie Widmark, the Widmarks will repay the full $191,000 in payments they received above their investment and will dismiss their appeal. The Receiver will forego collecting interest on the judgment. A copy of the motion can be found here.

April 7, 2016: Widmark Appeal Notice. The Widmarks have filed a notice of appeal of the $257,000 judgment against them. A copy of the notice of appeal is attached. The Receiver is moving to collect on the judgment during the pendency of the appeal.

March 9, 2016: Final Judgment on Widmark. The Court entered a final judgment against Peter and Laurie Widmark, granting the Receiver $66,633.83 in interest in addition to the $191,000 in excess payments. A copy of the order can be found here.

March 2, 2016: Court Orders Overpaid Investor to Pay Interest. The court issued an order requiring Peter Widmark to pay interest on the $191,000 in excess payments they received on their investments with Winsome. A copy of the order can be found here. The Receiver will submit a proposed order with the court showing the total amount of interest owed.

February 9, 2016: Status Report Filed. The Receiver filed his quarterly status report for the period from November 2015 through January 2016. A copy of the report can be found here.