Securities and Exchange Commission v. Beasley et al, No. 2:2022cv00612 - Document 447 (D. Nev. 2023)
Court Description: ORDER Granting 445 Stipulation Authorizing the Sale of Real Properties at 5485 Ruffian Road, Las Vegas, Nevada and 0.64 Acre - SWC Ruffian Road and W. Stephen Avenue, Las Vegas, Nevada. Signed by Judge Cristina D. Silva on 1/30/2023. (Copies have been distributed pursuant to the NEF - TRW)
Download PDF
<![CDATA[
Securities and Exchange Commission v. Beasley et al Doc. 447 Case 2:22-cv-00612-CDS-EJY Document 447 Filed 01/30/23 Page 1 of 16 1 Jarrod L. Rickard, Bar No. 10203 jlr@skrlawyers.com Katie L. Cannata, Bar No. 14848 2 klc@skrlawyers.com 3 SEMENZA KIRCHER RICKARD 10161 Park Run Drive, Suite 150 4 Las Vegas, Nevada 89145 Telephone: (702) 835-6803 5 Facsimile: (702) 920-8669 6 David R. Zaro (admitted pro hac vice) dzaro@allenmatkins.com Joshua A. del Castillo (admitted pro hac vice) 7 jdelcastillo@allenmatkins.com 8 Matthew D. Pham (admitted pro hac vice) mpham@allenmatkins.com ALLEN MATKINS LECK GAMBLE 9 MALLORY & NATSIS LLP 10 865 South Figueroa Street, Suite 2800 Los Angeles, California 90017-2543 11 Telephone: (213) 622-5555 Facsimile: (213) 620-8816 12 Attorneys for Receiver Geoff Winkler 13 Kara B. Hendricks, Bar No. 7743 hendricksk@gtlaw.com Jason K. Hicks, Bar No. 13149 hicksja@gtlaw.com Kyle A. Ewing, Bar No. 14051 ewingk@gtlaw.com GREENBERG TRAURIG, LLP 10845 Griffith Peak Drive, Suite 600 Las Vegas, Nevada 89135 Telephone: (702) 792-3773 Facsimile: (702) 792-9002 14 UNITED STATES DISTRICT COURT 15 DISTRICT OF NEVADA 16 17 SECURITIES AND EXCHANGE COMMISSION, 18 Plaintiff 19 vs. 20 MATTHEW WADE BEASLEY, et al., 21 Defendants 22 THE JUDD IRREVOCABLE TRUST, et al., 23 Relief Defendants 24 Case No. 2:22-cv-00612-CDS-EJY STIPULATION AND ORDER AUTHORIZING THE SALE OF REAL PROPERTIES AT 5485 RUFFIAN ROAD, LAS VEGAS, NEVADA 89149, AND 0.64 ACRES – SWC RUFFIAN ROAD AND W. STEPHEN AVENUE, LAS VEGAS, NEVADA 89149 25 / / / 26 / / / 27 / / / 28 / / / LAW OFFICES Allen Matkins Leck Gamble Mallory & Natsis LLP Dockets.Justia.com Case 2:22-cv-00612-CDS-EJY Document 447 Filed 01/30/23 Page 2 of 16 1 The following Stipulation and [Proposed] Order (the “Stipulation”) regarding the sale of the 2 real property located at 5485 Ruffian Road, Las Vegas, Nevada 89149 (the “5485 Ruffian”), and 3 0.64 Acres – SWC Ruffian Road and W. Stephen Avenue, Las Vegas, Nevada 89149 (the “SWC 4 Ruffian”), bearing the legal description appended hereto as Exhibit A, is entered into by and 5 between Geoff Winkler (the “Receiver”), the Court-appointed receiver in the above-entitled action, 6 and the plaintiff Securities and Exchange Commission (the “Commission”), by and through their 7 respective representatives, and with respect to the following facts: 8 1. The Receiver was appointed on June 3, 2022 pursuant to this Court's Order 9 Appointing Receiver [ECF No. 88] which was amended on July 28, 2022 [ECF 207] (collectively 10 the “Appointment Order”). Pursuant to the Appointment Order, the Receiver was appointed as the 11 federal equity receiver for, among other entities, J&J Consulting Services, Inc., a Nevada 12 corporation (“Seller”); 13 2. The Appointment Order required the turnover of certain personal and real property 14 to the Receiver including but not limited to the Ruffian House and the Ruffian Land (collectively, 15 the “Properties”.) The Properties were transferred to Seller in accordance with the Appointment 16 Order. 17 3. The buyer of 5485 Ruffian, Christine Harper-Shene (“Buyer”), has agreed to 18 purchase the 5485 Ruffian for the sum of $295,000 in accordance with a Vacant Land Purchase 19 Agreement dated November 82, 2022 (the “5485 RSA”). Per the 5485 RSA, the Buyer has 20 deposited $10,000 into an escrow established at Stewart Title (the “5485 Escrow”), pursuant to that 21 escrow agreement dated November 29, 2022, as an earnest money deposit. 22 4. The Buyer has also agreed to purchase SWC Ruffian for the sum of $295,000 in 23 accordance with the Vacant Land Purchase Agreement dated November 28, 2022, (the “SWC 24 RSA”). Per the terms of the SWC RSA, Buyer has deposited $20,000 into an escrow established 25 at Stewart Title (the “SWC Escrow”), pursuant to that escrow agreement dated November 29, 2022, 26 as an earnest money deposit. 27 / / / 28 / / / LAW OFFICES Allen Matkins Leck Gamble Mallory & Natsis LLP Case 7 2:22-cv-00612-CDS-EJY Document 447 Filed 01/30/23 Page 3 of 16 5. 1 The Buyer, Seller, and the Receiver have agreed that all proceeds of the foregoing 2 sales shall be transmitted from the 5485 Escrow and the SWC Escrow (collectively the “Escrows”) 3 to the Seller, via wire transfer, immediately upon the closing of the sales. It is anticipated that the 4 sales will close within 30 days of the District Court’s approval of this Stipulation. The Receiver 5 believes that the offer represents fair market value for 5485 Ruffian and SWC Ruffian. 6. 6 Defendant Matthew Beasley and Paula Beasley voluntarily signed the deed 7 transferring the Properties to the Seller and consent to the sale. Attached hereto as Exhibit B is a 8 copy of the grant deed reflecting the transfer. (See also ECF Dkt No. 442) (order authorizing transfer 9 of properties from the Beasleys to Seller). 7. 10 The Receiver is seeking to close the sales via this Stipulation in lieu of a receiver’s 11 auction process because of changes and uncertainties in the real estate marketplace jeopardize the 12 sale of the Properties, and the recovery of the maximum sale proceeds for the benefit of the 13 receivership estate in the immediate term. In most cases, transfers of title from the defendants to 14 the Receiver are necessary in order for the Receiver to conduct the auctions contemplated by 15 28 U.S.C. 2001, and the sales procedures already approved by this Court (which include sale 16 pursuant to stipulation, in certain circumstances). However, delays in connection with the closing 17 of the sale that result from the auction process and the time required by the title company to 18 underwrite title policies have created untenable delays that could result in the buyers walking away 19 from the sale. 8. 20 The Receiver and his real estate broker believe that delays in the closing beyond the 21 timing contemplated by the 5485 RSA and SWC RSA will jeopardize the sales. As noted above, 22 the market is deteriorating as a result of, among other things, the extraordinary rise in mortgage rates 23 over the past six months. It is possible that if these sales do not close, the Properties may remain on 24 the market through the winter and into spring. 25 / / / 26 / / / 27 / / / 28 / / / LAW OFFICES Allen Matkins Leck Gamble Mallory & Natsis LLP ACTIVE 684920175v1 -2- Case 2:22-cv-00612-CDS-EJY Document 447 Filed 01/30/23 Page 4 of 16 9. 1 After payment of closing costs and brokers' commissions, as reflected in the 2 5485 RSA and SWC RSA, all sale proceeds from the sale of the respective Properties shall be wired 3 directly to the Seller from the Escrows, as provided above. It is estimated that the net proceeds of 4 the sales, which will be wired from the Escrows to the Seller, will be approximately $557,233.50. 10. 5 Based upon the time that the Properties have been on the market, the terms of the 6 offers and the anticipated market conditions for homes and raw land in these price ranges, the 7 Receiver, Seller and the Commission have agreed to the immediate sale of the Properties to the 8 buyers on the terms set forth in the 5485 RSA and SWC RSA. 11. 9 Accordingly, in light of the unique facts and circumstances surrounding the proposed 10 sale of the Properties including but not limited to the limited market for an "as is" sale of real 11 property, the all-cash terms of the sale, as well as the Receiver's concerns that failing to immediately 12 move forward with this sale may lead to the receipt of significantly less recovery for the receivership 13 estate, the undersigned parties believe this Stipulation is necessary, and in the best interest of all 14 parties and the receivership estate. Therefore, the undersigned agree that it is appropriate to waive 15 any requirements imposed by 28 U.S.C. § 2001, et. seq. to the extent they are applicable to the offer, 16 the 5485 RSA and SWC RSA and the proposed sale. ACCORDINGLY, IT IS HEREBY STIPULATED AND AGREED by and between the 17 18 undersigned counsel that: A. 19 Seller may sell the Properties pursuant to the offers reflected in the 5485 RSA and 20 the SWC RSA; B. 21 The deposits received relating to the 5485 RSA and the SWC RSA shall be 22 immediately delivered to the Seller; and 23 / / / 24 / / / 25 / / / 26 / / / 27 / / / 28 / / / LAW OFFICES Allen Matkins Leck Gamble Mallory & Natsis LLP ACTIVE 684920175v1 -3- Case 2:22-cv-00612-CDS-EJY Document 447 Filed 01/30/23 Page 5 of 16 C. 1 Following the District Court's approval of this Stipulation, on the Closing Date 2 reflected in the 5485 RSA and the SWC RSA, that the net proceeds of the sales shall be wired 3 directly from 5485 Escrow and the SWC Escrow to the Seller. 4 DATED this 27th day of January, 2023 DATED this 27th day of January, 2023 5 GREENBERG TRAURIG, LLP SECURITIES & EXCHANGE COMMISSION 6 By: /s/ Kara B. Hendricks KARA B. HENDRICKS (SBN 07743) 8 JASON K. HICKS (SBN 13149) KYLE A. EWING (SBN 14051) 9 JARROD L. RICKARD (SBN 10203) 10 KATIE L. CANNATA (SBN 14848) SEMENZA KIRCHER RICKARD 11 10161 Park Run Drive, Suite 150 12 Las Vegas, Nevada 89145 Telephone: (702) 835-6803 13 Facsimile: (702) 920-8669 By: 7 14 TRACY S. COMBS, ESQ. (California Bar No. 298664) CASEY R. FRONK, ESQ. (Illinois Bar No. 6296535) 351 South West Temple, Suite 6 100 Salt Lake City, Utah 84101 Telephone: (810) 524-5796 Facsimile: (810) 524-3558 DAVID R. ZARO* JOSHUA A. del CASTILLO* MATTHEW D. PHAM* *admitted pro hac vice 15 16 ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS LLP 17 865 South Figueroa Street, Suite 2800 Los Angeles, California 90017-2543 Telephone: (213) 622-5555 Facsimile: (213) 620-8816 Attorneys for Receiver Geoff Winkler 18 19 20 21 / / / 22 / / / 23 / / / 24 / / / 25 / / / 26 / / / 27 / / / 28 / / / LAW OFFICES Allen Matkins Leck Gamble Mallory & Natsis LLP ACTIVE 684920175v1 /s/ Casey R. Fronk -4- Case 2:22-cv-00612-CDS-EJY Document 447 Filed 01/30/23 Page 6 of 16 ORDER 1 2 IT IS HEREBY ORDERED that: 3 A. Seller may sell the Properties pursuant to the terms of the 5485 RSA and SWC RSA. 4 B. The deposit received by the escrows pursuant to the 5485 RSA and the SWC RSA 5 shall be immediately transferred to the Seller; and C. 6 Upon the Closing of the sale of the 5485 RSA and the SWC RSA, all of the net sale 7 proceeds shall be wired directly from the 5485 Escrow and the SWC Escrow to the Seller. IT IS SO ORDERED. 8 9 10 Dated: January 30, 2023 11 HON. CRISTINA D. SILVA Judge, United States District Court 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 LAW OFFICES Allen Matkins Leck Gamble Mallory & Natsis LLP ACTIVE 684920175v1 -5- Case 2:22-cv-00612-CDS-EJY Document 447 Filed 01/30/23 Page 7 of 16 Case 2:22-cv-00612-CDS-EJY Document 447 Filed 01/30/23 Page 8 of 16 Case 2:22-cv-00612-CDS-EJY Document 447 Filed 01/30/23 Page 9 of 16 5485 Ruffian Road -AND- 0.64 Acres – SWC Ruffian Road and W. Stephen Ave. LEGAL DESCRIPTION PARCEL ONE (1): That portion of the Northeast Quarter (NE ¼) of the Northeast Quarter (NE ¼) of Section 36, Township 19 South, Range 59 East, M.D.B &M., described as follows: Lots Three (3) and Four (4) as shown by the map thereof in File 107 of Parcel Maps, Page 22, in the Office of the County Recorder of Clark County, Nevada. Together with that land vacated by that Order of Vacation recorded October 30, 2019 in book 20191030 as Document No. 03413 and re-recorded October 31, 2019 in Book 20191031 as Document No. 00661, Official Records, Clark County, Nevada. PARCEL TWO (2): An Easement for ingress and egress over those portions of Lots One (1) and Two (2), lying within the Private Drive as shown by said map. Case 2:22-cv-00612-CDS-EJY Document 447 Filed 01/30/23 Page 10 of 16 Case 2:22-cv-00612-CDS-EJY Document 447 Filed 01/30/23 Page 11 of 16 Case 2:22-cv-00612-CDS-EJY Document 447 Filed 01/30/23 Page 12 of 16 Case 2:22-cv-00612-CDS-EJY Document 447 Filed 01/30/23 Page 13 of 16 Case 2:22-cv-00612-CDS-EJY Document 447 Filed 01/30/23 Page 14 of 16 Case 2:22-cv-00612-CDS-EJY Document 447 Filed 01/30/23 Page 15 of 16 Case 2:22-cv-00612-CDS-EJY Document 447 Filed 01/30/23 Page 16 of 16
]]>
Some case metadata and case summaries were written with the help of AI, which can produce inaccuracies. You
should read the full case before relying on it for legal research purposes.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
