Securities and Exchange Commission v. Beasley et al, No. 2:2022cv00612 - Document 478 (D. Nev. 2023)
Court Description: ORDER Granting 475 Stipulation Authorizing the Sale of Real Property at 8 Twisted Rock Court, Henderson, Nevada with Proceeds from Sale to be Transferred from Escrow Directly to the Receiver. Signed by Judge Cristina D. Silva on 3/6/2023. (Copies have been distributed pursuant to the NEF - TRW)
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Securities and Exchange Commission v. Beasley et al Doc. 478 Case 2:22-cv-00612-CDS-EJY Document 478 Filed 03/06/23 Page 1 of 9 1 Jarrod L. Rickard, Bar No. 10203 jlr@skrlawyers.com 2 Katie L. Cannata, Bar No. 14848 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 7 Joshua A. del Castillo (admitted pro hac vice) jdelcastillo@allenmatkins.com 8 Matthew D. Pham (admitted pro hac vice) mpham@allenmatkins.com 9 ALLEN MATKINS LECK GAMBLE 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. 07743 hendricksk@gtlaw.com Jason K. Hicks, Bar No. 13149 hicksja@gtlaw.com Kyle A. Ewing, Bar No. 014051 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 PROPERTY AT 8 TWISTED ROCK COURT, HENDERSON, NEVADA WITH PROCEEDS FROM SALE TO BE TRANSFERRED FROM ESCROW DIRECTLY TO THE RECEIVER 25 26 27 28 LAW OFFICES Allen Matkins Leck Gamble Mallory & Natsis LLP 4867-6991-2402 2 Dockets.Justia.com Case 2:22-cv-00612-CDS-EJY Document 478 Filed 03/06/23 Page 2 of 9 The following Stipulation and [Proposed] Order (the "Stipulation") regarding the sale of 1 2 the real property located at 8 Twisted Rock Court, Henderson, Nevada and bearing the legal 3 description appended hereto as Exhibit A (the "Property"), with proceeds from the sale to be 4 transferred from escrow directly to Geoff Winkler (the "Receiver"), the Court-appointed receiver 5 in the above-entitled action, is made by and between the Receiver and the plaintiff Securities and 6 Exchange Commission (the "Commission"), on the one hand, and Defendants Jeffrey J. Judd and 7 Jennifer R. Judd, Trustees of the Judd Nevada Trust dated December 15, 2020 (collectively 8 "Seller"), on the other hand, by and through their respective representatives, and with respect to 9 the following facts: The Receiver was appointed on June 3, 2022 pursuant to this Court's Order Appointing 10 11 Receiver [ECF No. 88] which was amended on July 28, 2022 [ECF 207] (collectively the 12 "Appointment Order"); Among other things, the Appointment Order required the turnover of certain personal and 13 14 real property to the Receiver, including the Property. The proposed buyer, Studio Summit, LLC, a Nevada limited liability company 1 ("Buyer"), 15 16 has agreed to purchase the Property for the sum of $1,950,000 in accordance with that Vacant 17 Land Purchase Agreement dated February 6, 2023, as amended by Counter Offer No. 2, dated 18 February 9, 2023 (together the “PSA”). Buyer has deposited $75,000 into the escrow established 19 at Stewart Title (the "Escrow"), pursuant to that escrow agreement dated February 6, 2023, as an 20 earnest money deposit. Buyer, Seller, and the Receiver have agreed that the proceeds of the sale 21 shall be transmitted from Escrow to the Receiver, via wire transfer, immediately upon the closing 22 of the sale. It is anticipated that the sale will close within 30 days of the District Court's approval 23 of this Stipulation. The Receiver and Seller believe and agree that the offer represents fair market 24 value for the Property. Seller has agreed that, after payment of closing costs and brokers' commissions, as 25 26 specifically reflected in the PSA, all sale proceeds from the sale of the Property shall be wired 27 28 LAW OFFICES 1 The PSA identified Noah Nehlich or his nominee as the buyer. Mr. Nehlich has identified Studio Summit, LLC, as his “nominee.” Allen Matkins Leck Gamble Mallory & Natsis LLP 4867-6991-2402 2 Case 2:22-cv-00612-CDS-EJY Document 478 Filed 03/06/23 Page 3 of 9 1 directly to the Receiver from Escrow, as provided for in Paragraph 3, above. It is estimated that 2 the net proceeds of the sale which will be wired from the Escrow to the Receiver will be 3 approximately $1,822,063.79. Based upon the time that the Property has been on the market, the terms of the Buyer's 4 5 offer, and the anticipated market conditions impacting the sale price of homes in this price range, 6 the Receiver, Seller and the Commission have agreed to the immediate sale to Buyer on the terms 7 set forth in the PSA. Accordingly, in light of the unique facts and circumstances surrounding proposed sale of 8 9 the Property including but not limited to its high value, the limited market for an "as is" sale of 10 such an expensive property, the all-cash terms of the sale, as well as the Receiver's concerns that 11 failing to immediately move forward with this sale may lead to the receipt of significantly less 12 recovery for the receivership estate, the undersigned parties believe this Stipulation is necessary, 13 and in the best interest of all parties and the receivership estate. Therefore, the undersigned agree 14 that it is appropriate to waive any requirements imposed by 28 U.S.C. § 2001, et. seq. to the extent 15 they are applicable to the offer, the PSA and the proposed sale. ACCORDINGLY, IT IS HEREBY STIPULATED AND AGREED by and between the 16 17 undersigned counsel that: 18 A. Seller may sell the Property pursuant to the offer reflected in the PSA; 19 B. The deposit received relating to the PSA be immediately delivered to the Receiver; and 20 C. 21 Following the District Court's approval of this Stipulation, on the Closing Date 22 reflected in the PSA, that the net proceeds of the sale shall be wired directly from 23 Escrow to the Receiver. 24 /// 25 /// 26 /// 27 28 LAW OFFICES Allen Matkins Leck Gamble Mallory & Natsis LLP 4867-6991-2402 2 -2- Case 2:22-cv-00612-CDS-EJY Document 478 Filed 03/06/23 Page 4 of 9 Case 2:22-cv-00612-CDS-EJY Document 478 Filed 03/06/23 Page 5 of 9 1 IT IS HEREBY ORDERED that: 2 A. Seller may sell the real property located at 8 Twisted Rock Court, Henderson, 3 Nevada pursuant to the terms of the PSA. 4 B. The deposit received by Escrow pursuant to the PSA shall be immediately transferred 5 to the Receiver; and 6 C. Upon the Closing of the sale of the property located at 8 Twisted Rock Court, 7 Henderson, Nevada, pursuant to the PSA, the net sale proceeds shall be wired directly from Escrow 8 to the Receiver. 9 IT IS SO ORDERED. 10 HON. CRISTINA D. SILVA Judge, United States District Court 11 12 DATED this 6th day of March 2023. 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 4867-6991-2402.1ACTIVE 685795646v1 -4- Case 2:22-cv-00612-CDS-EJY Document 478 Filed 03/06/23 Page 6 of 9 CERTIFICATE OF SERVICE 1 2 I hereby certify that on March 3, 2023, I caused the foregoing document to be 3 electronically filed with the Clerk of the Court using the CM/ECF system, which will send 4 notification of such filing to the CM/ECF participants registered to receive such service. 5 /s/ Evelyn Escobar-Gaddi An employee of GREENBERG TRAURIG, LLP 6 7 8 9 GREENBERG TRAURIG, LLP 10845 Griffith Peak Drive, Suite 600, Las Vegas, Nevada 89135 Telephone: (702) 792-3773 Facsimile: (702) 792-9002 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 ACTIVE 684991065v1 3 Case 2:22-cv-00612-CDS-EJY Document 478 Filed 03/06/23 Page 7 of 9 Case 2:22-cv-00612-CDS-EJY Document 478 Filed 03/06/23 Page 8 of 9 Case 2:22-cv-00612-CDS-EJY Document 478 Filed 03/06/23 Page 9 of 9 EXHIBIT "A" LEGAL DESCRIPTION File No.: 1853362 Lot One Hundred Seventy (170) in Block Six (6) of AMENDED MAP OF ASCAYA (FKA CRYSTAL RIDGE) PHASE 1 as shown by map thereof on file in Book 141 of Plats, Page 92, and amended by that certain Certificate of Amendment recorded October 14, 2014 in Book 20141014 as Instrument No. 00868 in the Office of the County Recorder of Clark County, Nevada.
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