SMALL BUSINESS CAPITAL CORP. RECEIVERSHIP
Thomas Seaman, As Receiver

SEC vs.  SMALL BUSINESS CAPITAL CORP.; MARK FEATHERS; INVESTORS PRIME FUND, LLC; and SBC PORTFOLIO FUND, LLC;

CASE NO. 5:12-CV-03237-EJD

 

UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA

SAN JOSE DIVISION

HONORABLE EDWARD J. DAVILA, PRESIDING
 
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Thomas Seaman, Receiver for
Small Business Capital Corp, et al
3 Park Plaza, Ste. 550
Irvine, CA  92614
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Website Of

Thomas Seaman, CFA

Judicial Receiver

Thomas Seaman Company

3 Park Plaza, Suite 550

Irvine, California 92614

This website was last updated May 13, 2013.
Welcome to the website of the Permanent Receiver for Small Business Capital Corporation, Investors Prime Fund, LLC; and SBC Portfolio Fund, LLC, their subsidiaries and affiliates.
This website has been established to facilitate efficient communications between investors, creditors, former employees, and other interested parties of Small Business Capital Corporation, Investors Prime Fund, LLC, and SBC Portfolio Fund, LLC, all of its subsidiaries and affiliates; and Thomas Seaman who is serving as their Receiver.  Mr. Seaman was appointed as Receiver on June 26, 2012, by the Honorable Edward J. Davila, Judge of the United States District Court in a securities fraud enforcement action brought by the Securities and Exchange Commission (the "Commission").
 

The Commission has alleged that the defendants violated federal securities laws. Judge Davila also ordered that the assets of Small Business Capital Corporation, Mark Feathers, Investors Prime Fund, LLC, and SBC Portfolio Fund, LLC, and subsidiaries and affiliates, be frozen and issued a TEMPORARY RESTRAINING ORDER AND ORDERS: (1) FREEZING ASSETS; (2) PROHIBITING THE DESTRUCTION OF DOCUMENTS; (3) GRANTING EXPEDITED DISCOVERY; (4) REQUIRING ACCOUNTINGS; AND (5) APPOINTING A TEMPORARY RECEIVER; AND AN ORDER TO SHOW CAUSE RE PRELIMINARY INJUNCTION AND APPOINTMENT OF PERMANENT RECEIVER (“TRO").  A copy of the Commission’s COMPLAINT can also be found on the Case Documents page. 

 

Other questions involving the Receiver's role can be answered on the Frequently Asked Questions page.

 
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REMINDER TO DELIVER COMPLETED CLAIMS FORMS TO THE RECEIVER BY MAY 10

Any person who believes they have a claim of any type against Small Business Capital Corp., Investors Prime Fund, LLC, SBC Portfolio Fund, LLC, Small Business Capital, LLC, SBC Senior Commercial Mortgage Fund, LLC, or their subsidiaries and affiliates must send a proof claim to Thomas Seaman, the Court-appointed Receiver, in order to receive a distribution from the receivership estate.  Claim forms must be received by May 10, 2013.  Claim forms cannot be faxed.  If you are sending in your completed claim form after May 6th, please use a next day delivery service to send your claim forms in order to be delivered on time.  Instructions and claim forms can be found on the Claims Process page of the Receiver's website.

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RECEIVER'S MOST RECENT REPORT TO THE COURT


RECEIVER'S FIFTH INTERIM REPORT
On April 15, 2013, the Receiver filed the RECEIVER'S FIFTH INTERIM REPORT [Dkt. No. 386].  Items discussed in this Status Report include a summary of the Receiver’s actions over the past three months, an inventory of key assets of the receivership and an accounting as of March 31, 2013, including a Profit and Loss Statement, Balance Sheet, a redacted detailed General Ledger, as well as an inception-to-date accounting of the receivership.  The report also summarizes the Receiver's recommendations for the management and disposition of receivership assets; and, the claims process and plan of distribution. Also filed with the report is the [PROPOSED] ORDER APPROVING RECEIVER’S FIFTH INTERIM REPORT [Dkt. No. 386-1].

RECEIVER'S PRELIMINARY FORENSIC ACCOUNTING REPORT AND PETITION FOR INSTRUCTION

On January 16, 2013, the Receiver filed his RECEIVER'S PRELIMINARY FORENSIC ACCOUNTING REPORT AND PETITION FOR INSTRUCTION. The report provides a status of completion of the accounting work, preliminary summary level information, an analysis of the cost of the accounting work and a petition for instruction directing the Receiver to complete the detailed compilation of cash based receipts and disbursements, or, should the information presented herein be deemed to sufficient by the Court, to stop the forensic accounting work to conserve receivership estate resources. The accounting information presented herein covers the period from January 1, 2007 through the time of the Receiver’s appointment on June 26, 2012.


DEFENDANT FEATHERS OPPOSITION TO PRELIMINARY FORENSIC ACCOUNTING
On January 16, 2013, Defendant Mark Feathers filed with the Court his DEFENDANT’S OPPOSITION TO COURT APPROVAL OF RECEIVER’S PRELIMINARY FORENSIC ACCOUNTING REPORT.


DEFENDANT FEATHERS AMENDED OPPOSITION TO PRELIMINARY FORENSIC ACCOUNTING
On January 18, 2013, Defendant Mark Feathers filed with the court his DEFENDANT’S AMENDED OPPOSITION TO COURT APPROVAL OF RECEIVER’S PRELIMINARY FORENSIC ACCOUNTING REPORT.


NATALIE FEATHERS DECLARATION IN OPPOSITION TO PRELIMINARY FORENSIC ACCOUNTING
On January 22, 2013, Natalie Feathers filed with the Court her DECLARATION OF NATALIE E. FEATHERS IN OPPOSITION TO COURT APPROVAL OF THE RECEIVERS’S PRELIMINARY FORENSIC REPORT TO THE COURT.


RECEIVER’S RESPONSE TO NATALIE FEATHERS’ OPPOSITION TO THE PRELIMINARY FORENSIC ACCOUNTING
On February 1, 2013, the Receiver filed with the Court his RESPONSE TO DECLARATION OF NATALIE E. FEATHERS IN OPPOSITION TO RECEIVER'S PRELIMINARY FORENSIC ACCOUNTING REPORT.


DEFENDANT'S MOTION TO DISMISS; RECEIVER'S RESPONSE TO MOTION

On February 22, 2013, Defendant Mark Feathers filed the following motion to dismiss with the Court: FRCP 12 MOTION TO DISMISS. On March 8, 2013, the Receiver filed the following DECLARATION OF THOMAS SEAMAN IN RESPONSE.


PLAINTIFF SEC’S OPPOSITION TO DEFENDANT’S MOTION TO DISMISS

On March 8, 2013, the SEC filed with the Court their PLAINTIFF SECURITIES AND EXCHANGE COMMISSION’S OPPOSITION TO DEFENDANT MARK FEATHERS’ MOTION AND AMENDED FRCP 12 MOTION TO DISMISS THE LAWSUIT, MOTION TO INSTRUCT RECEIVER TO DISCONTINUE FORENSIC WORK AND MOTION TO DISMISS THE RECEIVER AND INVALIDATE ALL PRIOR REPORTS TO THE COURT, FRCP 11 MOTION FOR SANCTIONS AGAINST THE PLAINTIFF’S OFFICERS JOHN BULGOZDY AND SUSAN HANNAN (DKT. NOS. 273 & 274 & 275). The hearing is calendared for May 10, 2013, at 9:00 a.m.


 

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OTHER ANNOUNCEMENTS IN CHRONOLOGICAL ORDER

NEW!   ORDER DENYING DEFENDANT'S MOTION FOR RECONSIDERATION (re DKT. 329)
On May 10, 2013, the Court entered its [DKT. NO. 457] ORDER DENYING DEFENDANT'S MOTION FOR RECONSIDERATION (re DKT. 329).  The order denied the Defendant's motion that the Court reconsider its previous [DKT. 70] ORDER DENYING REQUEST FOR LEGAL EXPENSES from September 26, 2012.

NEW!  ORDER AUTHORIZING RECEIVER TO SELL PROPERTIES; INSURANCE POLICY TERMINATION; MOTION TO DISMISS DENIED
On May 10, 2013, Judge Davila entered his [DKT. NO. 454] CIVIL MINUTES OF MAY 10 HEARING and [DKT. NO. 456] ORDER AFTER MAY 10 HEARING.  The minutes and orders covered several issues brought before the Court, specifically, the Receiver Thomas Seaman’s motion for order instructing defendant Mark Feathers to terminate an insurance policy and turn over cash value (Docket Item No. 177) is GRANTED; the Defendant Mark Feathers’ second amended motion to dismiss and motion for sanctions (Docket Item No. 275) is DENIED; and Receiver Thomas Seaman’s motion for authorization to sell the Natoma, Sweet Fingers and Whiskey Junction properties and accept a discounted payoff of the Four Brothers’ Inns loan (Docket Item No. 419) is GRANTED. 

RECEIVER’S RESPONSE TO DEFENDANT’S OPPOSITION TO RECEIVER’S MOTION

On May 7, 2013, the Receiver filed his [Dkt 441] RECEIVER’S RESPONSE TO DEFENDANT MARK FEATHERS’ OPPOSITION TO RECEIVER’S MOTION FOR AUTHORITY TO: SELL NATOMA PROPERTY; SELL SWEET FINGERS PROPERTY; SELL WHISKEY JUNCTION PROPERTY; AND ACCEPT DISCOUNTED PAYOFF FROM THE FOUR BROTHERS INNS, LLC. The hearing is calendared for May 10, 2013, at 9 a.m.



SECOND FEE APPLICATIONS OF RECEIVER AND RECEIVER’S COUNSEL, ALLEN MATKINS LLP

On April 4, 2013, the Receiver filed his [Dkt. No. 340] NOTICE OF HEARING ON INTERIM FEE APPLICATIONS FOR APPROVAL AND PAYMENT OF COMPENSATION TO RECEIVER AND HIS PROFESSIONALS, and his [Dkt. No. 338] RECEIVER'S SECOND INTERIM FEE APPLICATION with the Court. The fee application details work performed by the Receiver from October 1, 2012, through December 31, 2012.  The Receiver and his staff worked 1,019.1 hours executing the duties set forth in the Temporary Restraining Order and Order Appointing Receiver and subsequent orders of the Court.  Exhibit A of the application details all fees sorted by task.  Exhibit B of the application is a Summary By Timekeeper.  Exhibit C is a Summary By Task.  The Receiver seeks an order to approve payment of 90% of the detailed fees of the First Fee Application Period.  The hearing of this fee application is set for July 5, 2013, at 9:00 a.m.

 

On April 4, 2013, the Receiver's attorneys, Allen Matkins LLP, filed their [Dkt. No. 339] SECOND INTERIM FEE APPLICATION OF ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS LLP, GENERAL COUNSEL TO THE RECEIVER with the Court.  The fee application details 262.1 hours of work performed by the attorneys from October 1, 2012, through December 31, 2012, on behalf of the receivership estate.  The Receiver’s attorneys seek an order authorizing the Receiver to pay 90% of the detailed fees and 100% of claimed costs.  The hearing of this fee application is set for July 5, 2013, at 9:00 a.m.


SECOND FEE APPLICATIONS OF RECEIVER AND COUNSEL: SEC RESPONSE; DEFENDANT’S OPPOSITION; RECEIVER AND COUNSEL’S REPLY TO OPPOSITION
On April 18, 2013, the SEC filed with the Court their [DKT. 398] PLAINTIFF SECURITIES AND EXCHANGE COMMISSION’S CONSOLIDATED RESPONSE TO THE SECOND INTERIM FEE APPLICATIONS OF THE RECEIVER AND THE RECEIVER’S GENERAL COUNSEL, ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS LLP. 

On April 18, 2013, the Defendant filed his [DKT. 399] DEFENDANT’S OPPOSITION REPLY ON RECEIVER’S MOTION FOR PAYMENTS and his [DKT. 400] DEFENDANT’S OPPOSITION REPLY ON RECEIVER’S COUNSEL’S MOTION FOR PAYMENT.  The oppositions are supported by the [DKT. 401] DECLARATION OF MARK FEATHERS IN OPPOSITION TO RECEIVER’S COUNSEL’S MOTION FOR PAYMENT.

On April 25, 2013, the Receiver filed his [DKT. 426] REPLY TO DEFENDANT MARK FEATHERS' OPPOSITION TO RECEIVER'S SECOND INTERIM FEE APPLICATION.  The Receiver’s counsel, Allen Matkins, filed their [DKT. 427] REPLY TO DEFENDANT MARK FEATHERS' OPPOSITION TO SECOND INTERIM FEE APPLICATION OF ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS LLP, GENERAL COUNSEL TO THE RECEIVER.

The hearing on the fee applications has been re-calendared to July 5, 2013, at 2:00 p.m.


MOTION FOR AUTHORITY TO SELL NATOMA, SWEET FINGERS & WHISKEY JUNCTION PROPERTIES; ACCEPT DISCOUNTED PAYOFF RE FOUR BROTHERS INNS, LLC
On April 24, 2013, the Receiver filed with the Court his [DKT. 419] MOTION FOR AUTHORITY TO: (A) SELL NATOMA PROPERTY; (B) SELL SWEET FINGERS PROPERTY; (C) SELL WHISKEY JUNCTION PROPERTY; AND (D) ACCEPT DISCOUNTED PAYOFF FROM THE FOUR BROTHERS INNS, LLC.  The motion is supported by the [DKT. 419-1] DECLARATION OF THOMAS A. SEAMAN IN SUPPORT OF MOTION FOR AUTHORITY TO: (A) SELL NATOMA PROPERTY; (B) SELL WHISKEY JUNCTION PROPERTY; (C) SELL SWEET FINGERS PROPERTY; AND (D) ACCEPT DISCOUNTED PAYOFF OF LOAN TO THE FOUR BROTHERS INNS, LLC.  This motion is calendared for August 23, 2013, at 9:00 a.m.

The Receiver also filed his [DKT. 420] EX PARTE APPLICATION FOR ORDER SHORTENING TIME ON MOTION FOR AUTHORITY TO: (A) SELL NATOMA PROPERTY; (B) SELL SWEET FINGERS PROPERTY; (C) SELL WHISKEY JUNCTION PROPERTY; (D) ACCEPT DISCOUNTED PAYOFF OF LOAN TO THE FOUR BROTHERS INNS, LLC.

HEARING TO SELL NATOMA, SWEET FINGERS & WHISKEY JUNCTION PROPERTIES AND ACCEPT DISCOUNTED PAYOFF OF FOUR BROTHERS INNS LOAN; SET FOR MAY 10, 2013
On April 26, 2013, Judge Davila entered his [DKT. 429] ORDER SHORTENING TIME ON RECEIVER'S MOTION FOR AUTHORIZATION TO: (A) SELL NATOMA PROPERTY; (B) SELL WHISKEY JUNCTION PROPERTY; (C) SELL SWEET FINGERS PROPERTY; AND (D) ACCEPT DISCOUNTED PAYOFF OF LOAN TO THE FOUR BROTHERS INNS, LLC.  The hearing will be on May 10, 2013. Oppositions to the motion are due May 3, 2013.  The Receiver’s reply is due May 7, 2013. 


ORDER STRIKING IMPROPERLY FILED PLEADINGS
On April 12, 2013, Judge Davila entered his [DKT. 371] ORDER STRIKING IMPROPERLY FILED PLEADINGS.  The Court has stricken opposition pleadings filed by investors who are not parties to the litigation and instructed them to be received in the same manner as letters.  Moreover, the Court has previously stated that it will not read letters submitted by non-parties.   

REQUEST FOR AUTHORITY TO ACCEPT PAYOFF OF BAY ROAD CONSTRUCTION LOAN; DEFENDANT’S OPPOSITION; ORDER GRANTING AUTHORITY
On March 22, 2013, the Receiver filed his [DKT. NO. 307] MOTION FOR ADMINISTRATIVE RELIEF UNDER CIVIL L.R. 7-11; REQUEST FOR AUTHORITY TO ACCEPT PAYOFF OF CONSTRUCTION LOAN, which is supported by the [DKT. NO. 307-1] DECLARATION OF THOMAS A. SEAMAN IN SUPPORT OF MOTION FOR ADMINISTRATIVE RELIEF.  
  
DEFENDANT’S OPPOSITION
 
ORDER GRANTING AUTHORITY TO ACCEPT PAYOFF OF BAY ROAD LOAN

 
DEFENDANT’S MOTION TO SUE THE RECEIVER; ORDER THEREON; RECEIVER’S APPLICATION FOR RECONSIDERATION; ORDER GRANTING RECEIVER'S APPLICATION
On March 14, 2013, the defendant, Mark Feathers, filed his [DKT NO. 296] DEFENDANT’S MOTION FOR LEAVE TO FILE LAWSUIT ACTION AGAINST THE RECEIVER.  On March 19, 2013, the Court entered its [DKT NO. 302] AMENDED ORDER RE DEFENDANT’S PENDING ADMINISTRATIVE MOTIONS, granting the Defendant leave to file a lawsuit against the Receiver. 
 
On April 12, 2013, the Court entered its [DKT. 362] ORDER GRANTING EX PARTE APPLICATION FOR RECONSIDERATION AND CLARIFICATION OF AMENDED ORDER RE: DEFENDANT’S PENDING ADMINISTRATIVE MOTIONS (DKT. 302).  The order clarifies the previous order, [Dkt. 302], entered March 19, 2013, and requires the Defendant to apply to the Court before initiating any legal action against the Receiver.

 
RECEIVER’S MOTION TO PURSUE CLAIMS AGAINST CALIFORNIA BUSINESS BANK; DEFENDANT’S OPPOSITION; ORDER APPROVING RECEIVER’S MOTION
On March 29, 2013, the Receiver filed his [DKT. 322] MOTION FOR ADMINISTRATIVE RELIEF REQUEST FOR AUTHORITY TO PURSUE CLAIMS AGAINST CALIFORNIA BUSINESS BANK AND ITS OFFICERS AND DIRECTORS.  The motion is supported by his [DKT. 322-1] DECLARATION OF THOMAS SEAMAN IN SUPPORT OF MOTION FOR AUTHORITY TO PURSUE CLAIMS AGAINST CALIFORNIA BUSINESS BANK AND ITS OFFICERS AND DIRECTORS.  The Receivers also filed a proposed order,  [DKT. 322-2] PROPOSED ORDER AUTHORIZING RECEIVER TO PURSUE CLAIMS AGAINST CALIFORNIA BUSINESS BANK AND ITS OFFICERS AND DIRECTORS.

On April 2, 2013, the Defendant filed his [DKT. 331] OPPOSITION ON RECEIVER'S MOTION FOR ADMINISTRATIVE RELIEF (RE DKT. NO. 322), supported by his [DKT. 332] DECLARATION OF MARK FEATHERS IN OPPOSITION TO RECEIVER'S ADMIN MOTION (RE DKT. NO. 322).

On April 12, 2013, Judge Davila entered his [DKT. 361] ORDER AUTHORIZING RECEIVER TO PURSUE CLAIMS AGAINST CALIFORNIA BUSINESS BANK AND ITS OFFICERS AND DIRECTORS.

 
DEFENDANT’S MOTION TO SUE THE RECEIVER; ORDER THEREON; RECEIVER’S APPLICATION FOR RECONSIDERATION
On March 14, 2013, the defendant, Mark Feathers, filed his [DKT NO. 296] DEFENDANT’S MOTION FOR LEAVE TO FILE LAWSUIT 

ACTION AGAINST THE RECEIVER.  On March 19, 2013, the Court entered its [DKT NO. 302] AMENDED ORDER RE DEFENDANT’S PENDING 

ADMINISTRATIVE MOTIONS, granting the Defendant leave to file a lawsuit against the Receiver.  

On March 26, 2013, the Receiver filed his [DKT. NO. 311] RECEIVER'S EX PARTE APPLICATION FOR RECONSIDERATION AND 

CLARIFICATION OF THIS COURT'S AMENDED ORDER RE DOCKET NO. 302; which is supported by the [DKT. NO. 311-1] DECLARATION OF 

THOMAS A. SEAMAN IN SUPPORT OF EX PARTE APPLICATION FOR RECONSIDERATION OF THIS COURT'S AMENDED ORDER RE DOCKET NO. 302. 
DEFENDANT’S MOTION TO SUE THE RECEIVER; ORDER THEREON; RECEIVER’S APPLICATION FOR RECONSIDERATION
On March 14, 2013, the defendant, Mark Feathers, filed his [DKT NO. 296] DEFENDANT’S MOTION FOR LEAVE TO FILE LAWSUIT 

ACTION AGAINST THE RECEIVER.  On March 19, 2013, the Court entered its [DKT NO. 302] AMENDED ORDER RE DEFENDANT’S PENDING 

ADMINISTRATIVE MOTIONS, granting the Defendant leave to file a lawsuit against the Receiver.  

On March 26, 2013, the Receiver filed his [DKT. NO. 311] RECEIVER'S EX PARTE APPLICATION FOR RECONSIDERATION AND 

CLARIFICATION OF THIS COURT'S AMENDED ORDER RE DOCKET NO. 302; which is supported by the [DKT. NO. 311-1] DECLARATION OF 

THOMAS A. SEAMAN IN SUPPORT OF EX PARTE APPLICATION FOR RECONSIDERATION OF THIS COURT'S AMENDED ORDER RE DOCKET NO. 302.
DEFENDANT’S MOTION TO SUE THE RECEIVER; ORDER THEREON; RECEIVER’S APPLICATION FOR RECONSIDERATION
On March 14, 2013, the defendant, Mark Feathers, filed his [DKT NO. 296] DEFENDANT’S MOTION FOR LEAVE TO FILE LAWSUIT 

ACTION AGAINST THE RECEIVER.  On March 19, 2013, the Court entered its [DKT NO. 302] AMENDED ORDER RE DEFENDANT’S PENDING 

ADMINISTRATIVE MOTIONS, granting the Defendant leave to file a lawsuit against the Receiver.  

On March 26, 2013, the Receiver filed his [DKT. NO. 311] RECEIVER'S EX PARTE APPLICATION FOR RECONSIDERATION AND 

CLARIFICATION OF THIS COURT'S AMENDED ORDER RE DOCKET NO. 302; which is supported by the [DKT. NO. 311-1] DECLARATION OF 

THOMAS A. SEAMAN IN SUPPORT OF EX PARTE APPLICATION FOR RECONSIDERATION OF THIS COURT'S AMENDED ORDER RE DOCKET NO. 302.
DEFENDANT’S MOTION TO SUE THE RECEIVER; ORDER THEREON; RECEIVER’S APPLICATION FOR RECONSIDERATION
On March 14, 2013, the defendant, Mark Feathers, filed his [DKT NO. 296] DEFENDANT’S MOTION FOR LEAVE TO FILE LAWSUIT 

ACTION AGAINST THE RECEIVER.  On March 19, 2013, the Court entered its [DKT NO. 302] AMENDED ORDER RE DEFENDANT’S PENDING 

ADMINISTRATIVE MOTIONS, granting the Defendant leave to file a lawsuit against the Receiver.  

On March 26, 2013, the Receiver filed his [DKT. NO. 311] RECEIVER'S EX PARTE APPLICATION FOR RECONSIDERATION AND 

CLARIFICATION OF THIS COURT'S AMENDED ORDER RE DOCKET NO. 302; which is supported by the [DKT. NO. 311-1] DECLARATION OF 

THOMAS A. SEAMAN IN SUPPORT OF EX PARTE APPLICATION FOR RECONSIDERATION OF THIS COURT'S AMENDED ORDER RE DOCKET NO. 302.
DEFENDANT’S MOTION TO SUE THE RECEIVER; ORDER THEREON; RECEIVER’S APPLICATION FOR RECONSIDERATION
On March 14, 2013, the defendant, Mark Feathers, filed his [DKT NO. 296] DEFENDANT’S MOTION FOR LEAVE TO FILE LAWSUIT 
ACTION AGAINST THE RECEIVER.  On March 19, 2013, the Court entered its [DKT NO. 302] AMENDED ORDER RE DEFENDANT’S PENDING 
ADMINISTRATIVE MOTIONS, granting the Defendant leave to file a lawsuit against the Receiver.  
On March 26, 2013, the Receiver filed his [DKT. NO. 311] RECEIVER'S EX PARTE APPLICATION FOR RECONSIDERATION AND 
CLARIFICATION OF THIS COURT'S AMENDED ORDER RE DOCKET NO. 302; which is supported by the [DKT. NO. 311-1] DECLARATION OF 
THOMAS A. SEAMAN IN SUPPORT OF EX PARTE APPLICATION FOR RECONSIDERATION OF THIS COURT'S AMENDED ORDER RE DOCKET NO. 302. 
DEFENDANT’S MOTION TO SUE THE RECEIVER; ORDER THEREON; RECEIVER’S APPLICATION FOR RECONSIDERATION
On March 14, 2013, the defendant, Mark Feathers, filed his [DKT NO. 296] DEFENDANT’S MOTION FOR LEAVE TO FILE LAWSUIT 
ACTION AGAINST THE RECEIVER.  On March 19, 2013, the Court entered its [DKT NO. 302] AMENDED ORDER RE DEFENDANT’S PENDING 
ADMINISTRATIVE MOTIONS, granting the Defendant leave to file a lawsuit against the Receiver.  
On March 26, 2013, the Receiver filed his [DKT. NO. 311] RECEIVER'S EX PARTE APPLICATION FOR RECONSIDERATION AND 
CLARIFICATION OF THIS COURT'S AMENDED ORDER RE DOCKET NO. 302; which is supported by the [DKT. NO. 311-1] DECLARATION OF 
THOMAS A. SEAMAN IN SUPPORT OF EX PARTE APPLICATION FOR RECONSIDERATION OF THIS COURT'S AMENDED ORDER RE DOCKET NO. 302. 
DEFENDANT’S MOTION TO SUE THE RECEIVER; ORDER THEREON; RECEIVER’S APPLICATION FOR RECONSIDERATION
On March 14, 2013, the defendant, Mark Feathers, filed his [DKT NO. 296] DEFENDANT’S MOTION FOR LEAVE TO FILE LAWSUIT 
ACTION AGAINST THE RECEIVER.  On March 19, 2013, the Court entered its [DKT NO. 302] AMENDED ORDER RE DEFENDANT’S PENDING 
ADMINISTRATIVE MOTIONS, granting the Defendant leave to file a lawsuit against the Receiver.  
On March 26, 2013, the Receiver filed his [DKT. NO. 311] RECEIVER'S EX PARTE APPLICATION FOR RECONSIDERATION AND 
CLARIFICATION OF THIS COURT'S AMENDED ORDER RE DOCKET NO. 302; which is supported by the [DKT. NO. 311-1] DECLARATION OF 
THOMAS A. SEAMAN IN SUPPORT OF EX PARTE APPLICATION FOR RECONSIDERATION OF THIS COURT'S AMENDED ORDER RE DOCKET NO. 302.
DEFENDANT’S MOTION TO SUE THE RECEIVER; ORDER THEREON; RECEIVER’S APPLICATION FOR RECONSIDERATION
On March 14, 2013, the defendant, Mark Feathers, filed his [DKT NO. 296] DEFENDANT’S MOTION FOR LEAVE TO FILE LAWSUIT 
ACTION AGAINST THE RECEIVER.  On March 19, 2013, the Court entered its [DKT NO. 302] AMENDED ORDER RE DEFENDANT’S PENDING 
ADMINISTRATIVE MOTIONS, granting the Defendant leave to file a lawsuit against the Receiver.  
On March 26, 2013, the Receiver filed his [DKT. NO. 311] RECEIVER'S EX PARTE APPLICATION FOR RECONSIDERATION AND 
CLARIFICATION OF THIS COURT'S AMENDED ORDER RE DOCKET NO. 302; which is supported by the [DKT. NO. 311-1] DECLARATION OF 
THOMAS A. SEAMAN IN SUPPORT OF EX PARTE APPLICATION FOR RECONSIDERATION OF THIS COURT'S AMENDED ORDER RE DOCKET NO. 302.
SECOND FEE APPLICATIONS OF RECEIVER AND RECEIVER’S COUNSEL, ALLEN MATKINS LLP 
On April 4, 2013, the Receiver filed his [Dkt. No. 340] NOTICE OF HEARING ON INTERIM FEE APPLICATIONS FOR APPROVAL AND PAYMENT OF COMPENSATION TO RECEIVER AND HIS PROFESSIONALS, and his [Dkt. No. 338] RECEIVER'S SECOND INTERIM FEE APPLICATION with the Court. The fee application details work performed by the Receiver from October 1, 2012, through December 31, 2012.  The Receiver and his staff worked 1,019.1 hours executing the duties set forth in the Temporary Restraining Order and Order Appointing Receiver and subsequent orders of the Court.  Exhibit A of the application details all fees sorted by task.  Exhibit B of the application is a Summary By Timekeeper.  Exhibit C is a Summary By Task.  The Receiver seeks an order to approve payment of 90% of the detailed fees of the First Fee Application Period.  The hearing of this fee application is set for July 5, 2013, at 9:00 a.m.
On April 4, 2013, the Receiver's attorneys, Allen Matkins LLP, filed their [Dkt. No. 339] SECOND INTERIM FEE APPLICATION OF ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS LLP, GENERAL COUNSEL TO THE RECEIVER with the Court.  The fee application details 262.1 hours of work performed by the attorneys from October 1, 2012, through December 31, 2012, on behalf of the receivership estate.  The Receiver’s attorneys seek an order authorizing the Receiver to pay 90% of the detailed fees and 100% of claimed costs.  The hearing of this fee application is set for July 5, 2013, at 9:00 a.m.
SECOND FEE APPLICATIONS OF RECEIVER AND RECEIVER’S COUNSEL, ALLEN MATKINS LLP 
On April 4, 2013, the Receiver filed his [Dkt. No. 340] NOTICE OF HEARING ON INTERIM FEE APPLICATIONS FOR APPROVAL AND PAYMENT OF COMPENSATION TO RECEIVER AND HIS PROFESSIONALS, and his [Dkt. No. 338] RECEIVER'S SECOND INTERIM FEE APPLICATION with the Court. The fee application details work performed by the Receiver from October 1, 2012, through December 31, 2012.  The Receiver and his staff worked 1,019.1 hours executing the duties set forth in the Temporary Restraining Order and Order Appointing Receiver and subsequent orders of the Court.  Exhibit A of the application details all fees sorted by task.  Exhibit B of the application is a Summary By Timekeeper.  Exhibit C is a Summary By Task.  The Receiver seeks an order to approve payment of 90% of the detailed fees of the First Fee Application Period.  The hearing of this fee application is set for July 5, 2013, at 9:00 a.m.
On April 4, 2013, the Receiver's attorneys, Allen Matkins LLP, filed their [Dkt. No. 339] SECOND INTERIM FEE APPLICATION OF ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS LLP, GENERAL COUNSEL TO THE RECEIVER with the Court.  The fee application details 262.1 hours of work performed by the attorneys from October 1, 2012, through December 31, 2012, on behalf of the receivership estate.  The Receiver’s attorneys seek an order authorizing the Receiver to pay 90% of the detailed fees and 100% of claimed costs.  The hearing of this fee application is set for July 5, 2013, at 9:00 a.m.
SECOND FEE APPLICATIONS OF RECEIVER AND RECEIVER’S COUNSEL, ALLEN MATKINS LLP 
On April 4, 2013, the Receiver filed his [Dkt. No. 340] NOTICE OF HEARING ON INTERIM FEE APPLICATIONS FOR APPROVAL AND PAYMENT OF COMPENSATION TO RECEIVER AND HIS PROFESSIONALS, and his [Dkt. No. 338] RECEIVER'S SECOND INTERIM FEE APPLICATION with the Court. The fee application details work performed by the Receiver from October 1, 2012, through December 31, 2012.  The Receiver and his staff worked 1,019.1 hours executing the duties set forth in the Temporary Restraining Order and Order Appointing Receiver and subsequent orders of the Court.  Exhibit A of the application details all fees sorted by task.  Exhibit B of the application is a Summary By Timekeeper.  Exhibit C is a Summary By Task.  The Receiver seeks an order to approve payment of 90% of the detailed fees of the First Fee Application Period.  The hearing of this fee application is set for July 5, 2013, at 9:00 a.m.
On April 4, 2013, the Receiver's attorneys, Allen Matkins LLP, filed their [Dkt. No. 339] SECOND INTERIM FEE APPLICATION OF ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS LLP, GENERAL COUNSEL TO THE RECEIVER with the Court.  The fee application details 262.1 hours of work performed by the attorneys from October 1, 2012, through December 31, 2012, on behalf of the receivership estate.  The Receiver’s attorneys seek an order authorizing the Receiver to pay 90% of the detailed fees and 100% of claimed costs.  The hearing of this fee application is set for July 5, 2013, at 9:00 a.m.

SECOND FEE APPLICATIONS OF RECEIVER AND RECEIVER’S COUNSEL, ALLEN MATKINS LLP

On April 4, 2013, the Receiver filed his [Dkt. No. 340] NOTICE OF HEARING ON INTERIM FEE APPLICATIONS FOR APPROVAL AND PAYMENT OF COMPENSATION TO RECEIVER AND HIS PROFESSIONALS, and his [Dkt. No. 338] RECEIVER'S SECOND INTERIM FEE APPLICATION with the Court. The fee application details work performed by the Receiver from October 1, 2012, through December 31, 2012.  The Receiver and his staff worked 1,019.1 hours executing the duties set forth in the Temporary Restraining Order and Order Appointing Receiver and subsequent orders of the Court.  Exhibit A of the application details all fees sorted by task.  Exhibit B of the application is a Summary By Timekeeper.  Exhibit C is a Summary By Task.  The Receiver seeks an order to approve payment of 90% of the detailed fees of the First Fee Application Period.  The hearing of this fee application is set for July 5, 2013, at 9:00 a.m.

 

On April 4, 2013, the Receiver's attorneys, Allen Matkins LLP, filed their [Dkt. No. 339] SECOND INTERIM FEE APPLICATION OF ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS LLP, GENERAL COUNSEL TO THE RECEIVER with the Court.  The fee application details 262.1 hours of work performed by the attorneys from October 1, 2012, through December 31, 2012, on behalf of the receivership estate.  The Receiver’s attorneys seek an order authorizing the Receiver to pay 90% of the detailed fees and 100% of claimed costs.  The hearing of this fee application is set for July 5, 2013, at 9:00 a.m.


RECEIVER’S LETTER TO INVESTORS REGARDING 2012 MEMBER K-1s

On March 12, 2013, the Receiver began sending to investors of Investors Prime Fund, LLC, SB Capital Portfolio Fund, LLC, and SBC Senior Commercial Loan Fund, LLC, his RECEIVER’S LETTER TO INVESTORS REGARDING 2012 MEMBER K-1s.


The letter informs members that the Funds will apply to the Internal Revenue Service and the California Franchise Tax Board for an extension until September 16, 2013, and October 15, 2013, respectively, to file the Funds’ 2012 federal and California income tax returns.

HEARING OF FEBRUARY 22, 2013; CIVIL MINUTES AND ORDER

On February 22, 2013, the Court ruled on several motions filed by Mr. Feathers.  The Court denied all of Mr. Feathers’ motions except for his request for living expense which was granted for $5,000 per month and will be paid from the receivership estate for six months.  The Court also stated that it had received many letters from investors and that the Court files them, but is not permitted to read them. 

 

The Court took the Receiver’s matters under submission.  After the hearing the Court entered its CIVIL MINUTES FOR THE FEBRUARY 22, 2013 HEARING.

 

DEFENDANT REQUESTS TRO AND INJUNCTION AGAINST PLAINTIFF’S USE OF THE WORD “PONZI”; COURT DENIES
On February 5, 2013, Defendant Mark Feathers filed his DEFENDANT’S EX PARTE REQUEST FOR TEMPORARY RESTRAINING ORDER AND INJUNCTION AGAINST PLAINTIFF’S USE OF THE WORD “PONZI”, AND AN ORDER FOR THE IMMEDIATE DISCONTINUATION OF ITS POSTINGS OF THE WORD “PONZI”. 

On February 11, 2013, Judge Davila entered his ORDER DENYING DEFENDANT’S REQUEST FOR TEMPORARY RESTRAINING ORDER AND ORDER TO SHOW CAUSE FOR PRELIMINARY INJUNCTION. 



 

RECEIVER'S FOURTH INTERIM REPORT

On January 15, 2013, the Receiver filed the RECEIVER’S FOURTH INTERIM REPORT. Items discussed in this Status Report include a summary of the Receiver’s actions over the past three months, an inventory of key assets of the receivership and an accounting as of December 31, 2012, including a Profit and Loss Statement, Balance Sheet, a redacted detailed General Ledger, as well as an inception-to-date accounting of the receivership. The report also summarizes the Receiver's recommendations for further investigation and activities, including; the management and disposition of receivership assets; and, the claims process and plan of distribution.


DEFENDANT'S OPPOSITION TO COURT APPROVAL OF RECEIVER'S FOURTH INTERIM REPORT
On January 18, 2013, Defendant Mark Feathers’ filed with the Court his DEFENDANT'S OPPOSITION TO COURT APPROVAL OF RECEIVER'S FOURTH INTERIM REPORT.


RECEIVER’S RESPONSE TO DEFENDANT'S OPPOSITION TO FOURTH INTERIM REPORT
On February 1, 2013, the Receiver filed his RESPONSE TO DEFENDANT MARK FEATHERS' OPPOSITION TO RECEIVER'S FOURTH INTERIM REPORT.


DEFENDANT’S MOTION FOR A REQUIREMENT FOR RECEIVERSHIP ESTATE TO ENJOIN A LEGAL ACTION; SEC’S OPPOSITION; RECEIVER’S RESPONSE
On January 3, 2013, defendant Mark Feathers filed with the Court his (1) REQUEST FOR A COURT ORDERED AMENDMENT TO THE ORDER AND INJUNCTION; AND, (2) MOTION FOR A REQUIREMENT FOR THE RECEIVERSHIP ESTATE TO ENJOIN A LEGAL ACTION. 

On January 16, 2013, the SEC filed their PLAINTIFF SECURITIES AND EXCHANGE COMMISSION’S OPPOSITION TO DEFENDANT MARK FEATHERS’ REQUEST FOR A COURT ORDERED AMENDMENT TO THE ORDER AND INJUNCTION AND MOTION FOR A REQUIREMENT FOR THE RECEIVERSHIP ESTATE TO ENJOIN A LEGAL ACTION (DKT. NO. 156). The Receiver also filed his RECEIVER’S RESPONSE TO DEFENDANT FEATHERS’ MOTION FOR DEFENDANT FEATHERS’ MOTION FOR A REQUIREMENT FOR THE RECEIVERSHIP ESTATE TO ENJOIN IN A LEGAL ACTION. The hearing is calendared for February 22, 2013, at 9:00 a.m.


FIRST FEE APPLICATIONS OF RECEIVER AND RECEIVER’S COUNSEL, ALLEN MATKINS LLP
On December 6, 2012, the Receiver filed his NOTICE OF HEARING ON INTERIM FEE APPLICATIONS FOR APPROVAL AND PAYMENT OF COMPENSATION TO RECEIVER AND HIS PROFESSIONALS, and his RECEIVER'S FIRST INTERIM FEE APPLICATION with the Court. The fee application details work performed by the Receiver from June 1, 2012, through September 30, 2012.  The Receiver and his staff worked 1,072.7 hours executing the duties set forth in the Temporary Restraining Order and Order Appointing Receiver and subsequent orders of the Court.  Exhibit A of the application details all fees sorted by task.  Exhibit B of the application is a Summary By Timekeeper.  Exhibit C is a Summary By Task.  The Receiver seeks an order to approve payment of 90% of the detailed fees of the First Fee Application Period.  The hearing of this fee application is set for February 22, 2013, at 9:00 a.m.

On December 6, 2012, the Receiver's attorneys, Allen Matkins LLP, filed their FIRST INTERIM FEE APPLICATION OF ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS LLP, GENERAL COUNSEL TO THE RECEIVER with the Court.  The fee application details 299.19 hours of work performed by the attorneys from June 26, 2012, through September 30, 2012, on behalf of the receivership estate.  The Receiver’s attorneys seek an order authorizing the Receiver to pay 90% of the detailed fees and 100% of claimed costs.  The hearing of this fee application is set for February 22, 2013, at 9:00 a.m.

 

DEFENDANT FEATHERS’ OPPOSITIONS TO FEE APPLICATIONS OF RECEIVER AND HIS COUNSEL

On December 10, 2012, Defendant Mark Feathers filed with the Court his DEFENDANT’S OPPOSITION REPLY ON RECEIVER’S MOTION FOR PAYMENTS (DOCKET NO. 134).  On December 20, 2012, Defendant Mark Feathers filed with the Court his DEFENDANT’S OPPOSITION REPLY ON ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS LLP’S (RECEIVER’S COUNSEL), MOTION FOR FIRST INTERIM PAYMENT (DOCKET NO. 135).  The hearing of this fee application is set for February 22, 2013, at 9:00 a.m. 

 

RECEIVER’S AND HIS COUNSEL’S REPLIES TO DEFENDANT’S OBJECTIONS TO FEE APPLICATIONS

On December 27, 2012, the Receiver filed with the Court his RESPONSE TO (A) OPPOSITION OF DEFENDANT MARK FEATHERS, (B) DECLARATION OF STEPHEN PAHL, (C) LETTER FROM HELEN HUNSAKER, (D) LETTER FROM CHARLOTTE WU, AND (E) LETTER FROM THE JEFF AND JANE SHEN TRUST REGARDING RECEIVER’S FIRST INTERIM FEE APPLICATION.  The Receiver’s counsel, Allen Matkins, also filed their RESPONSE TO (A) OPPOSITION OF DEFENDANT MARK FEATHERS, AND (B) DECLARATION OF STEPHEN PAHL REGARDING ALLEN MATKINS’ FIRST INTERIM FEE APPLICATION.  The hearing of this fee application is set for February 22, 2013, at 9:00 a.m.

 
RECEIVER’S AND SECURITIES EXCHANGE COMMISSION’S RESPONSES TO MOTIONS OF THE DEFENDANT MARK FEATHERS
On November 19, 2012, the Receiver filed his RECEIVER'S RESPONSE TO DEFENDANT MARK FEATHERS' MOTION TO DISMISS RECEIVER.  The Receiver’s response is to the several motions Defendant Mark Feathers’ filed with the Court on November 5, 2012.  Also on November 19, 2012, the Plaintiff, the Securities Exchange Commission, filed its PLAINTIFF SECURITIES AND EXCHANGE COMMISSION’S OMNIBUS OPPOSITION TO DEFENDANT MARK FEATHERS’S (1) MOTION TO DISMISS UNDER RULE 12(b)(2), (3), (4), (5), AND (6), RULE 8(d), AND RULE 9(a)(1)(B) (Dkt. No. 92), (2) MOTION TO DISMISS FOR CAUSE UNDER RULE 12(b) (Dkt. No. 93), AND (3) MOTION TO DISMISS RECEIVER (Dkt. No. 94); as well as its PLAINTIFF SECURITIES AND EXCHANGE COMMISSION’S OPPOSITION TO DEFENDANT MARK FEATHERS’ RULE 12(b)(6) MOTION TO DISMISS AND REQUEST FOR RULE 11 SANCTIONS (Dkt. No. 96).  The hearing of the motion and responses is calendared for February 22, 2013.
 
RECEIVER STARTS THE CLAIMS PROCESS WITH COURT FILING
On November 20, 2012, the Receiver started the claims process by filing with the Court the NOTICE OF MOTION AND MOTION FOR ADMINISTRATIVE RELIEF UNDER CIVIL L.R. 7-11: 1) SETTING CLAIMS BAR DATE; AND 2) APPROVING CLAIM FORMS.  The motion is supported by the DECLARATION OF THOMAS A. SEAMAN IN SUPPORT OF MOTION FOR ADMINISTRATIVE RELIEF UNDER CIVIL L.R. 7-11: 1) SETTING CLAIMS BAR DATE; AND 2) APPROVING CLAIM FORMS.  Until the Court rules on this motion and approves the claim forms, there is no action required by the investors.

MOTIONS FILED BY DEFENDANT FEATHERS
On November 5, 2012, Defendant Mark Feathers filed with the Court the following motions:  
MOTION TO DISMISS UNDER F.R.C.P. 12(B)2,3,4,5,6; MOTION TO DISMISS UNDER F.R.C.P. 8(D) AND F.R.C.P. 9(A)1(B); F.R.C.P. RULE 12(B) MOTION TO DISMISS FOR CAUSE; MOTION TO DISMISS RECEIVER; and F.R.C.P. RULE 12(B)(6) MOTION TO DISMISS; F.R.C.P. REQUEST FOR RULE 11 SANCTIONS AGAINST PLAINTIFF.

RECEIVER'S THIRD INTERIM REPORT AND PETITION FOR INSTRUCTIONS

On October 12, 2012, the Receiver filed the RECEIVER'S THIRD INTERIM REPORT AND PETITION FOR INSTRUCTIONS.  Items discussed in this Status Report include a summary of the Receiver’s actions over the past two months, an inventory of key assets of the receivership and an accounting as of September 30, 2012, including a Profit and Loss Statement, Balance Sheet, a redacted detailed General Ledger, as well as an inception-to-date accounting of the receivership.  The report also summarizes the Receiver's recommendations for further investigation and activities, including; document recovery efforts; receivership asset recovery efforts and investigation; management and disposition of receivership assets; and providing accounting and reporting to the Court.

 

ORDER DENYING REQUEST FOR LEGAL EXPENSES
On September 26, 2012, Judge Davila entered his ORDER DENYING REQUEST FOR LEGAL EXPENSES regarding the Defendant's request to use funds held by the Receiver for his legal defense.

ORDER GRANTING ADMINISTRATIVE RELIEF UNDER CIVIL L.R. 7-11
On August 28, 2012, Judge Davila entered his ORDER GRANTING ADMINISTRATIVE RELIEF UNDER CIVIL L.R. 7-11.
 

DEFENDANT'S ANSWER TO COMPLAINT AND DEMAND FOR JURY TRIAL

On August 24, 2012, the Defendant filed with the Court the DEFENDANT'S ANSWER TO COMPLAINT AND DEMAND FOR JURY TRIAL.
 
RECEIVER'S MOTION FOR ADMINISTRATIVE RELIEF
 

RECEIVER’S EX PARTE APPLICATION FOR AUTHORITY TO COMPLETE POOLING TRANSACTIONS FOR TWO EXISTING LOANS

 

DEFENDANT'S REPLY TO LETTER BRIEFS OF THE SEC'S AND THE RECEIVER'S OPPOSITION TO USE OF RECEIVERSHIP ASSETS FOR DEFENSE

On August 17, 2012, the Defendant's attorney submitted his REPLY LETTER BRIEF IN SUPPORT OF REQUEST FOR ATTORNEY'S FEES.  The brief is supported by the DECLARATION OF MARK P. FICKES IN SUPPORT OF REPLY LETTER BRIEF.  The brief replies to the SEC’s and the Receiver’s opposition to the use of the Defendant's claimed receivership assets to pay for defense costs.
 
LETTER BRIEFS REGARDING DEFENDANT'S REQUEST FOR RECEIVERSHIP FUNDS FOR LEGAL DEFENSE
On August 3, 2012, the Defendant's attorneys filed with the Court FEATHERS' ATTORNEYS' LETTER BRIEF requesting receivership funds for the defense of Mr. Feathers.  On August 10, 2012, the SEC submitted the SEC LETTER BRIEF in opposition to Feathers' request for use of receivership funds for his defense. The Receiver also submitted the RECEIVER'S LETTER BRIEF.


RECEIVER'S SECOND INTERIM REPORT AND PETITION FOR INSTRUCTIONS
On August 10, 2012, the Receiver filed the RECEIVER'S SECOND INTERIM REPORT AND PETITION FOR INSTRUCTIONS.  Items discussed in this Status Report include a summary of the Receiver’s actions over the past month, an inventory of key assets of the receivership and an accounting as of July 31, 2012, including a Profit and Loss Statement, Balance Sheet and a redacted detailed General Ledger.  The report also summarizes the Receiver's recommendations for further investigation and activities, including; document recovery efforts; receivership asset recovery efforts and investigation; management and disposition of receivership assets; and providing accounting and reporting to the Court.


APPOINTMENT OF THOMAS SEAMAN AS PERMANENT RECEIVER; PRELIMINARY INJUNCTION AND ORDERS   

 

TEMPORARY RECEIVER'S FIRST STATUS REPORT AND INVENTORY        

On July 9, 2012, the Temporary Receiver filed his TEMPORARY RECEIVER'S FIRST STATUS REPORT AND INVENTORY. A hearing on the case is scheduled for July 10, 2012, at 10:00 a.m., before Judge Davila, in Courtroom 4 on the 5th Floor of the US District Courthouse located at 280 S. 1st St., San Jose, CA 95113.