I think of it as exactly the opposite. You have an opportunity to stipulate
that all these things are dischargeable in bankruptcy. Why not do it?
whereas "whatever the SEC wants"
Make sure these are not admissions that can be used for any other purpose
and that 5th protection rights, if needed, are not waived. You can't just
write it in, you literally have to make sure by operation of law, the
protections are not waived because she said one thing or another...
then stipulate to judgment(s) for X amounts and that such judgments are not
of the types enumerated in 523. That even if they were, the SEC waives
their right to pursue those debts.
Then a week after the SEC publishes a press release you can publish your
own!
Sincerely,
Michael Avanesian
On Sun, Oct 26, 2014 at 11:38 AM, Desiree Causey
causeylaw@gmail.com
[cdcbaa] wrote:
>
>
>
>
> Desiree Causey
> 714-375-6663
> Sent from my iPad
>
> On Oct 26, 2014, at 10:11 AM, R Grace Rodriguez
rgracelaw@gmail.com
> [cdcbaa] wrote:
>
>
>
> Hi Cliff & Desiree:
>
> Client has no money to defend the claims against her as a "Relief
> Defendant." A relief defendant based on unjust enrichment is that whatever
> she has that she got as a benefit of her husband's crimes has to be
> returned to the government. Her husband has been convicted criminally and
> has a restitution order. Now government wants a big money judgment against
> her so they can look good on paper, even though she is in bankruptcy and
> CLEARLY has no assets. The judgment would be dischargeable, BUT the STAY
> IS NOT EFFECTIVE against the government seeking money judgment against her
> to solidify their claim against her.
>
> " in accordance with the statutes and controlling cases, the filing of a
> petition under the Bankruptcy Code does not automatically operate as a stay
> against the enforcement proceedings brought by the Commission against a
> relief defendant. In particular, the Bankruptcy Code affords an
> exemption from the automatic stay to allow the continuation of the
> Commission-initiated federal securities law enforcement action against
> bankrupt debtor. *See *11 U.S.C. 362(b)(4). Moreover, this exemption
> from the stay is self-executing, so that a governmental unit, such as the
> Commission, may pursue legitimate enforcement ends without first seeking
> leave to lift the stay. *See, e.g., In re Charter First Mortgage, Inc.*,
> 42 B.R. 380, 385 (D. Or. 1984). Numerous bankruptcy court decisions have
> confirmed pursuant to this exemption that a civil enforcement action
> pursued by the Commission is excepted from the provisions of the automatic
> stay. *See*, *e.g., SEC v. Towers Fin. Corp., *205 B.R. 27 (S.D.N.Y.
> 1997); *SEC v. Elmas Trading Corp.*, 620 F. Supp. 231 (D. Nev. 1985),
> *aff'd*, 805 F.2d 1039 (9th Cir. 1986);*Bilzerian v. SEC*, 146 B.R. 871
> (Bankr. M.D. Fla. 1992).
>
> So they want her to STIP and I'm thinking a STIP is post petition
> agreement won't get discharged.
>
> A default is re pre-petition gains, so dischargeable. . . BUT Exactly
> what will they seek the default on?
>
> THE FEAR I have is Government asking for some sort of sanction or
> penalties that could be arguably non-dischargeable and she loses her chance
> of being free of the problems created by her husband. Client was stay-at
> home mom that basically thought she was with a good man and didn't know
> anything or really understand anything going on at his office.
>
>
>
> R. Grace Rodriguez, Esq.
> OFF: (818) 734-7223
> CEL: (818) 554-9922
>
>
>
>
I think of it as exactly the opposite. You have an opportunity to stipulate that all these things are dischargeable in bankruptcy. Why not do it?whereas "whatever the SEC wants"Make sure these are not admissions that can be used for any other purpose and that 5th protection rights, if needed, are not waived. You can't just write it in, you literally have to make sure by operation of law, the protections are not waived because she said one thing or another...then stipulate to judgment(s) for X amounts and that such judgments are not of the types enumerated in 523. That even if they were, the SEC waives their right to pursue those debts.Then a week after the SEC publishes a press release you can publish your own!Sincerely, Michael Avanesian
On Sun, Oct 26, 2014 at 11:38 AM, Desiree Causey
causeylaw@gmail.com [cdcbaa] <
cdcbaa@yahoogroups.com> wrote:
The post was migrated from Yahoo.