1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 889094.01/SD LAW OFFICES Allen Matkins Leck Gamble Mallory & Natsis LLP ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS LLP DAVID R. ZARO (BAR NO. 124334) PETER A. GRIFFIN (BAR NO. 306201) 865 South Figueroa Street, Suite 2800 Los Angeles, California 90017-2543 Phone: (213) 622-5555 Fax: (213) 620-8816 E-Mail: [email protected][email protected]ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS LLP EDWARD G. FATES (BAR NO. 227809) One America Plaza 600 West Broadway, 27th Floor San Diego, California 92101-0903 Phone: (619) 233-1155 Fax: (619) 233-1158 E-Mail: [email protected]Attorneys for Receiver THOMAS A. SEAMAN UNITED STATES DISTRICT COURT CENTRAL DISTRICT OF CALIFORNIA SOUTHERN DIVISION SECURITIES AND EXCHANGE COMMISSION, Plaintiff, v. EMILIO FRANCISCO; PDC CAPITAL GROUP, LLC; CAFFE PRIMO INTERNATIONAL, INC.; SAL SENIOR LIVING, LP; SAL CARMICHAEL, LP; SAL CITRUS HEIGHTS, LP; SAL KERN CANYON, LP; SAL PHOENIX, LP; SAL WESTGATE, LP; SUMMERPLACE AT SARASOTA, LP; SUMMERPLACE AT CLEARWATER, LP; SUMMERPLACE AT CORRELL PALMS, LP; TRC TUCSON, LP; CLEAR CURRENTS WEST, LP; CAFFE PRIMO MANAGEMENT, LP; CAFFE PRIMO MANAGEMENT 102, LP; CAFFE PRIMO MANAGEMENT 103, LP; CAFFE PRIMO MANAGEMENT 104, LP; CAFFE PRIMO MANAGEMENT 105, LP; CAFFE PRIMO MANAGEMENT 106, LP; CAFFE PRIMO MANAGEMENT 107, LP; and CAFFE PRIMO MANAGEMENT 108, LP, Defendants. Case No. 8:16-cv-02257-CJC-DFM RECEIVER'S ELEVENTH INTERIM REPORT AND RECOMMENDATIONS Ctrm: 9B, 9th Floor Judge: Hon. Cormac J. Carney Case 8:16-cv-02257-CJC-DFM Document 371 Filed 09/26/19 Page 1 of 17 Page ID #:11918
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889094.01/SD
LAW OFFICES
Allen Matkins Leck Gamble Mallory & Natsis LLP
ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS LLP DAVID R. ZARO (BAR NO. 124334) PETER A. GRIFFIN (BAR NO. 306201) 865 South Figueroa Street, Suite 2800 Los Angeles, California 90017-2543 Phone: (213) 622-5555 Fax: (213) 620-8816 E-Mail: [email protected]
ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS LLP EDWARD G. FATES (BAR NO. 227809) One America Plaza 600 West Broadway, 27th Floor San Diego, California 92101-0903 Phone: (619) 233-1155 Fax: (619) 233-1158 E-Mail: [email protected]
Attorneys for Receiver THOMAS A. SEAMAN
UNITED STATES DISTRICT COURT
CENTRAL DISTRICT OF CALIFORNIA
SOUTHERN DIVISION
SECURITIES AND EXCHANGE COMMISSION,
Plaintiff, v.
EMILIO FRANCISCO; PDC CAPITAL GROUP, LLC; CAFFE PRIMO INTERNATIONAL, INC.; SAL SENIOR LIVING, LP; SAL CARMICHAEL, LP; SAL CITRUS HEIGHTS, LP; SAL KERN CANYON, LP; SAL PHOENIX, LP; SAL WESTGATE, LP; SUMMERPLACE AT SARASOTA, LP; SUMMERPLACE AT CLEARWATER, LP; SUMMERPLACE AT CORRELL PALMS, LP; TRC TUCSON, LP; CLEAR CURRENTS WEST, LP; CAFFE PRIMO MANAGEMENT, LP; CAFFE PRIMO MANAGEMENT 102, LP; CAFFE PRIMO MANAGEMENT 103, LP; CAFFE PRIMO MANAGEMENT 104, LP; CAFFE PRIMO MANAGEMENT 105, LP; CAFFE PRIMO MANAGEMENT 106, LP; CAFFE PRIMO MANAGEMENT 107, LP; and CAFFE PRIMO MANAGEMENT 108, LP,
Defendants.
Case No. 8:16-cv-02257-CJC-DFM
RECEIVER'S ELEVENTH INTERIM REPORT AND RECOMMENDATIONS
Ctrm: 9B, 9th Floor Judge: Hon. Cormac J. Carney
Case 8:16-cv-02257-CJC-DFM Document 371 Filed 09/26/19 Page 1 of 17 Page ID #:11918
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I. REPORT SUMMARY
Thomas A. Seaman ("Receiver") the Court-appointed permanent receiver for
the Defendant entities and their subsidiaries and affiliates (collectively,
"Receivership Entities"), hereby submits this Receiver's Report reflecting his work
for the period May 1, 2019, through July 31, 2019 ("Report Period"). This Report
also provides an accounting of receipts and disbursements since the inception of the
receivership.
During the Report Period, the Receiver concluded the Tucson TRC sale,
managed the Richardson litigation, considered alternatives and held negotiations for
the sale of the receivership estates’ interests in Professional Loading Services,
resolved claim objections, prepared a proposed plan of distribution, and worked on
pre-receiver tax returns.
For the Report Period, the Receiver recovered a total of $602,005 and
disbursed a total of $376,258. As of July 31, 2019, the Receiver was holding cash in
the amount of $11,287,933. The recoveries included the Tucson TRC sale proceeds
and interest income, while disbursements were primarily professional fees and
expenses related to the Professional Loading Services asset. Further details on
receipts and disbursements are provided in Section II.D. below.
II. RECEIVER'S ACTIVITIES
A. Receivership Assets
The Tucson TRC sale closed on around May 1, 2019. The proceeds, net of the
earnest money deposits of $300,000 and the hold back of $150,000 for Medicare
audit reserves, was $599,870.
B. Status of EB-5 Investor Applications
There are currently 133 EB-5 Investors seeking permanent residency who each
invested approximately $500,000 and paid administrative fees between $45,000 and
$50,000. The $500,000 capital contributions were direct investments by the EB-5
Investors into each project.
Case 8:16-cv-02257-CJC-DFM Document 371 Filed 09/26/19 Page 2 of 17 Page ID #:11919
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The Receiver has met with the counsel and staff of the Law Office of Marilyn
Thomassen, who represented and administered some of the EB-5 Investor
applications. Based on records maintained by Ms. Thomassen's office, review of
correspondence and notices from USCIS, and review of case status updates posted by
USCIS on its website, the current status of the EB-5 Investor applications with
USCIS is summarized as follows:
Approved I-526 01 I-526 approved then revoked 6 Notice of Intent to Revoke I-526 1 Pending 2 Request for Evidence 0 Notice of Intent to Deny 18 Denied 102 Status unknown 42
No applications have been approved and most have been denied or will be
denied.
C. Potential Claims Against Third Parties
As noted in previous reports, the Receiver determined that significant funds
were diverted to the Principals and other insiders. The Marilyn Thomassen case has
settled, with Court approval, and the Receiver has collected the settlement proceeds.
The Court recently granted the Receiver’s Motion for Summary Judgment in the Neil
Richardson matter. On June 11, 2019, Richardson filed an appeal. No further
actions against third parties are pending or anticipated to be filed at this time.
D. Receivership Accounting - Receipts and Disbursements
Exhibit A provides a profit and loss statement, balance sheet, and general
ledger as well as a Standardized Fund Accounting Report ("SFAR") for the Report
Period. Gross receipts were $602,005 comprised of net proceeds from the Tucson
1 Six I-526 applications were initially approved by USCIS. Since then, five were revoked and
the sixth has received a notice of intent to revoke from USCIS. 2 These EB-5 Investors are represented by law firms other than Marilyn Thomassen.
Case 8:16-cv-02257-CJC-DFM Document 371 Filed 09/26/19 Page 3 of 17 Page ID #:11920
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TRC sale of $599,870 and interest income of $2,135 on excess cash invested in short
term U.S. Treasury securities.
From inception through July 31, 2019, the Receiver has recovered a total of
$16,733,582, which is comprised of $209,052 turned over by financial institutions,
$3,357,906 in unused proceeds of the hard money loans taken out in December 2016,
$11,834,981 from sales of real property interests, $180,000 from the sale of the
Beroca yacht, $57,071 from Caffe Primo bank accounts, $45,000 in settlement
proceeds, $44,885 from the sale of Caffe Primo assets, $457,711 from the return of
construction bonds, $160,381 in unused retainers held by law firms, escrow account
proceeds of $192,765, rental income of $18,500, miscellaneous refunds and receipts
of $3,566, and interest income of $171,764.09.
For the Report Period, the Receiver disbursed $376,258, comprised primarily
of professional fees of $354,896, Professional Loading Services expenses of
$17,441, and the balance of $3,919 for various other operating expenses and
administrative expenses of the receivership estate, as set forth in further detail in
Exhibit A.
From inception through July 31, 2019, the Receiver has made disbursements
of $5,445,650, comprised of real estate operating expenses of $2,122,490, including
$748,115 for real property taxes; Court-approved professional fees in the amount of
$2,943,038; $58,298 for Caffe Primo payroll, operating expenses, and costs to vacate
certain leased premises; and $321,824 spent on operations as set forth in further
detail in Exhibit A. The Receiver was holding cash in the amount of $11,287,933 as
of July 31, 2019.
E. Investor Communications
The Receiver has held several meetings with investors and groups of investors
at the Receiver's offices. The Receiver has established a receivership website to
efficiently disseminate information to EB-5 Investors and interested parties. The
receivership website address is www.pdcreceiver.com. Due to the fact that the
Case 8:16-cv-02257-CJC-DFM Document 371 Filed 09/26/19 Page 4 of 17 Page ID #:11921
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majority of the EB-5 Investors are located in China, the website includes a tab where
the content can be viewed in Mandarin. The Receiver also employs a Mandarin-
speaking bookkeeper, who is helpful in these matters.
III. RECOMMENDATIONS
A. Accounting
The Receiver is working with tax accounts to prepare the pre-receiver tax and
post-receiver Qualified Settlement Fund tax returns and is using his accounting of the
sources and uses of investor funds.
B. Distribution Process
Now that the Court has ruled on the claims objections and all claims have been
resolved, the Receiver has filed a motion seeking Court approval of a proposed plan
of distribution to investors and other claimants, which motion is pending.
IV. CONCLUSION
Based upon his investigation and findings to date, the Receiver recommends
and requests that the receivership continue pursuant to the PI Order. The Receiver
also requests the Court approve this Eleventh Report and the recommendations
discussed herein.
Dated: September 26, 2019 By:
THOMAS A. SEAMAN Receiver
Dated: September 26, 2019 ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS LLP By: /s/ Edward G. Fates
EDWARD G. FATES Attorneys for Receiver THOMAS A. SEAMAN
Case 8:16-cv-02257-CJC-DFM Document 371 Filed 09/26/19 Page 5 of 17 Page ID #:11922
EXHIBIT A
Exhibit A, Page 6
Case 8:16-cv-02257-CJC-DFM Document 371 Filed 09/26/19 Page 6 of 17 Page ID #:11923
May - Jul 19
Ordinary Income/ExpenseIncome
Asset SalesReal Property Sales 749,870.34
Total Asset Sales 749,870.34
Total Income 749,870.34
Expense1415 Main St Invstmnts Expenses -1,385.98Moving & Storage 2,056.00Outside Services
Computer and Internet Expenses 427.50Postage & Delivery 195.35Reproduction & Subpoena Fees 191.00
Total Outside Services 813.85
Professional FeesReceiver's Fees 70,839.15Receiver's IT Consultant
Total PDC Capital Operating Account 606,581.34 380,833.90 490,318.37
SLALMC, LLC 0.00
Total SLALMC, LLC 0.00
Treasury Management Acct 6484 2,130,200.92
Total Treasury Management Acct 6484 2,130,200.92
Treasury Management Acct 8108 8,667,413.26
Total Treasury Management Acct 8108 8,667,413.26
Advances to Subsidiary 0.00
Total Advances to Subsidiary 0.00
Accumulated Depreciation 0.00
Total Accumulated Depreciation 0.00
Furniture and Equipment 0.00
Total Furniture and Equipment 0.00
SAL Phoenix LP Promissory Note 256,250.00
Total SAL Phoenix LP Promissory Note 256,250.00
Deposit for CP 106 0.00
Total Deposit for CP 106 0.00
Disputed Sarasota Lien 0.00
Total Disputed Sarasota Lien 0.00
Disputed West Sacramento Lien 0.00
Total Disputed West Sacramento Lien 0.00
Payroll Liabilities 0.00
Total Payroll Liabilities 0.00
RE Sales Earnest Money Deposit -300,000.00General Journal 5/2/2019 Donnel Investment M... Deposit to Sale Proc... PDC Capital Operati... 300,000.00 0.00
Total RE Sales Earnest Money Deposit 300,000.00 0.00 0.00
Total Tucson Medicare Audit Reserve 0.00 150,000.00 -150,000.00
Opening Balance Equity 0.00
Total Opening Balance Equity 0.00
Retained Earnings -11,184,990.55
Total Retained Earnings -11,184,990.55
1415 Main St Investments Income 0.00Rental Income 0.00
Total Rental Income 0.00
1415 Main St Investments Income - Other 0.00
Total 1415 Main St Investments Income - Other 0.00
Total 1415 Main St Investments Income 0.00
Asset Sales 0.00Personal Property Sales 0.00
Total Personal Property Sales 0.00
Real Property Sales 0.00General Journal 5/2/2019 Fidelity National Title Gross Sale Proceed... PDC Capital Operati... 899,870.34 -899,870.34General Journal 7/31/2019 01TAS Holdback on Tucson... Tucson Medicare A... 150,000.00 -749,870.34
12:31 PM PDC Capital Receivership
09/09/19 General LedgerAccrual Basis As of July 31, 2019
Page 1
Exhibit A, Page 11
Case 8:16-cv-02257-CJC-DFM Document 371 Filed 09/26/19 Page 11 of 17 Page ID #:11928
Type Date Num Name Memo Split Debit Credit Balance
Total Real Property Sales 150,000.00 899,870.34 -749,870.34
Asset Sales - Other 0.00
Total Asset Sales - Other 0.00
Total Asset Sales 150,000.00 899,870.34 -749,870.34
Reproduction & Subpoena Fees 1,440.33Check 7/2/2019 1462 American Express Case No. SACV160... PDC Capital Operati... 155.00 1,595.33Check 7/2/2019 1463 JP Morgan Chase Ba... Case SACV 16-022... PDC Capital Operati... 36.00 1,631.33
Total Reproduction & Subpoena Fees 191.00 0.00 1,631.33
Outside Services - Other 0.00
Total Outside Services - Other 0.00
Total Outside Services 813.85 0.00 4,756.58
Professional Fees 137,821.00Receiver's Fees 42,470.55Check 6/12/2019 Trasfer Thomas Seaman Co... Eighth Interim Fee A... PDC Capital Operati... 27,652.05 70,122.60Deposit 7/2/2019 2438 USFIA, Inc. Fee Reimbursement PDC Capital Operati... 273.00 69,849.60Check 7/9/2019 Trasfer Thomas Seaman Co... Ninth Interim Fee A... PDC Capital Operati... 43,460.10 113,309.70
Total Receiver's Fees 71,112.15 273.00 113,309.70
Receiver's IT Consultant 0.00Costs 0.00
Check 6/25/2019 Wire Berkeley Research G... Costs PDC Capital Operati... 225.94 225.94
Total Costs 225.94 0.00 225.94
12:31 PM PDC Capital Receivership
09/09/19 General LedgerAccrual Basis As of July 31, 2019
Page 3
Exhibit A, Page 13
Case 8:16-cv-02257-CJC-DFM Document 371 Filed 09/26/19 Page 13 of 17 Page ID #:11930
Type Date Num Name Memo Split Debit Credit Balance
Fees 0.00Check 6/25/2019 Wire Berkeley Research G... Fees PDC Capital Operati... 4,518.75 4,518.75
Total Fees 4,518.75 0.00 4,518.75
Receiver's IT Consultant - Other 0.00
Total Receiver's IT Consultant - Other 0.00
Total Receiver's IT Consultant 4,744.69 0.00 4,744.69
Receiver's Legal Counsel 95,350.45Costs 8,043.97
Check 6/12/2019 Wire Allen Matkins Eighth Interim Fee A... PDC Capital Operati... 9,528.49 17,572.46Check 7/10/2019 Wire Allen Matkins Ninth Interim Fee A... PDC Capital Operati... 14,857.59 32,430.05
Total Costs 24,386.08 0.00 32,430.05
Fees 87,306.48Check 6/12/2019 Wire Allen Matkins Eighth Interim Fee A... PDC Capital Operati... 92,529.36 179,835.84Deposit 7/2/2019 267916 Allen Matkins Refund of overpaym... PDC Capital Operati... 2,316.60 177,519.24Check 7/10/2019 Wire Allen Matkins Ninth Interim Fee A... PDC Capital Operati... 164,713.32 342,232.56
Total Fees 257,242.68 2,316.60 342,232.56
Receiver's Legal Counsel - Other 0.00
Total Receiver's Legal Counsel - Other 0.00
Total Receiver's Legal Counsel 281,628.76 2,316.60 374,662.61
Professional Fees - Other 0.00
Total Professional Fees - Other 0.00
Total Professional Fees 357,485.60 2,589.60 492,717.00
Prograde Expenses 0.00Check 5/8/2019 1452 DR Satin Insurance ... Insurance Down Pa... PDC Capital Operati... 7,431.37 7,431.37Check 7/22/2019 1465 Bitterroot Brass Consultation Service... PDC Capital Operati... 2,500.00 9,931.37Check 7/25/2019 Wire Professional Loading... For Final Paychecks PDC Capital Operati... 7,510.25 17,441.62
Total Prograde Expenses 17,441.62 0.00 17,441.62
Rent Expense 0.00
Total Rent Expense 0.00
Repairs and Maintenance 0.00
Total Repairs and Maintenance 0.00
Senior Living Project Expenses 140,200.00Appraiser Fees 0.00
Total Appraiser Fees 0.00
Architectural Services 0.00
Total Architectural Services 0.00
Construction/Site Expenses 0.00
Total Construction/Site Expenses 0.00
Fire Alarm Monitoring 0.00
Total Fire Alarm Monitoring 0.00
HOA Dues 0.00
Total HOA Dues 0.00
Insurance 0.00
Total Insurance 0.00
Landscape & Maintenance 0.00
Total Landscape & Maintenance 0.00
Legal Fees 0.00
Total Legal Fees 0.00
Licenses & Fees 0.00
Total Licenses & Fees 0.00
Mortgage Loan Interest 0.00
Total Mortgage Loan Interest 0.00
Outside Services 200.00
Total Outside Services 200.00
Property Management Fees 0.00
Total Property Management Fees 0.00
Property Taxes 0.00
Total Property Taxes 0.00
Real Estate Sales Breakup Fee 0.00
Total Real Estate Sales Breakup Fee 0.00
Security 0.00
Total Security 0.00
Telephone Expense 0.00
Total Telephone Expense 0.00
12:31 PM PDC Capital Receivership
09/09/19 General LedgerAccrual Basis As of July 31, 2019
Page 4
Exhibit A, Page 14
Case 8:16-cv-02257-CJC-DFM Document 371 Filed 09/26/19 Page 14 of 17 Page ID #:11931
Type Date Num Name Memo Split Debit Credit Balance
TRC Tucson Debt Servicing 140,000.00
Total TRC Tucson Debt Servicing 140,000.00
Utilities 0.00
Total Utilities 0.00
Senior Living Project Expenses - Other 0.00
Total Senior Living Project Expenses - Other 0.00
Total Senior Living Project Expenses 140,200.00
Travel Expense 0.00Check 7/26/2019 1466 Darren Clevenger Airfare PDC Capital Operati... 1,295.00 1,295.00Check 7/26/2019 1466 Darren Clevenger Hotel PDC Capital Operati... 441.56 1,736.56Check 7/26/2019 1466 Darren Clevenger Rental car PDC Capital Operati... 598.98 2,335.54Check 7/26/2019 1466 Darren Clevenger Meals, gas PDC Capital Operati... 101.29 2,436.83
Total Travel Expense 2,436.83 0.00 2,436.83
Interest Income -71,262.59Deposit 5/31/2019 157 SAL Phoenix LP 04-2019 Interest on ... PDC Capital Operati... 1,067.71 -72,330.30Deposit 7/2/2019 174 SAL Phoenix LP 05-2019 Interest on ... PDC Capital Operati... 1,067.71 -73,398.01
Total Interest Income 0.00 2,135.42 -73,398.01
Ask My Accountant 0.00
Total Ask My Accountant 0.00
No accnt 0.00
Total no accnt 0.00
TOTAL 1,437,415.24 1,437,415.24 0.00
12:31 PM PDC Capital Receivership
09/09/19 General LedgerAccrual Basis As of July 31, 2019
Page 5
Exhibit A, Page 15
Case 8:16-cv-02257-CJC-DFM Document 371 Filed 09/26/19 Page 15 of 17 Page ID #:11932
FUND ACCOUNTING (See instructions):
Detail Subtotal Grand Total
Line 1 Beginning Balance (05/01/2019): 11,062,185.11 11,062,185
Increases in Fund Balance:
Line 2 Business Income 599,870 599,870
Line 3 Cash and Securities ‐
Line 4 Interest/Dividend Income 2,135 2,135
Line 5 Business Asset Liquidation ‐
Line 6 Personal Asset Liquidation ‐
Line 7 Third‐Party Litigation Income ‐
Line 8 Miscellaneous ‐ Other ‐
Total Funds Available (Lines 1 ‐ 8): 11,664,191 11,664,191
Decreases in Fund Balance:
Line 9 Disbursements to Investors ‐ ‐
Line 10 Disbursements to Receivership Operations
Line 10a Disbursement to Receiver or Other Professionals (354,896) (354,896)
Line 10b Business Asset Expenses (21,362) (21,362)
Line 10c Personal Asset Expenses ‐
Line 10d Investment Expenses ‐ ‐
Line 10e Third‐Party Litigation Expenses ‐
1. Attorney Fees ‐
2. Litigation Expenses ‐ ‐
Total Third‐Party Litigation Expenses ‐ ‐
Line 10f Tax Administrator Fees and Bonds ‐ ‐
Line 10g Federal and State Tax Payments
Total Disbursements for Receivership Operations (376,258)
Line 11 Disbursements for Distribution Expenses Paid by the Fund:
Line 11a Distribution Plan Development Expenses:
1. Fees:
Fund Administrator……………………………………. ‐ ‐
Independent Distribution Consultant (IDC).. ‐ ‐
Distribution Agent……………………………………… ‐ ‐
Consultants……………………………………………….. ‐ ‐
Legal Advisors……………………………………………. ‐ ‐
Tax Advisors………………………………………………. ‐ ‐
2. Administrative Expenses ‐ ‐
3. Miscellaneous ‐ ‐
Total Plan Developmental Expenses ‐
Line 11b Distribution Plan Implementation Expenses:
1. Fees:
Fund Administrator……………………………………. ‐ ‐
IDC……………………………………………………………… ‐ ‐
Distribution Agent……………………………………… ‐ ‐
Consultants……………………………………………….. ‐ ‐
Legal Advisors……………………………………………. ‐ ‐
Tax Advisors………………………………………………. ‐ ‐
2. Administrative Expenses ‐ ‐
3. Investor Identification:
Notice/Publishing Approved Plan…………… ‐
Claimant Identification………………………….. ‐ ‐
Claims Processing…………………………………… ‐ ‐
Web Site Maintenance/Call Center…………. ‐ ‐
4. Fund Administrator Bond ‐ ‐
5. Miscellaneous ‐ ‐
6. Federal Account for Investor Restitution
(FAIR) Reports Expenses ‐ ‐
Total Plan Implementation Expenses ‐ ‐
Total Disbursements for Distribution Expenses Paid by the Fund ‐
Line 12 Disbursements to Court/Other:
Line 12a Investment Expenses/Court Registry Investment
System (CRIS) Fees ‐ ‐
Line 12b Federal Tax Payments ‐ ‐
Total Disbursement to Court/Other: ‐
Total Funds Disbursed (Lines 9 ‐ 11): (376,258)
Line 13 Ending Balance (As of 07/31/2019): 11,287,933
STANDARDIZED FUND ACCOUNTING REPORT for PDC Capital Receivership
SEC vs. PDC Capital, et al Case number 8:16‐cv‐02257‐CJC‐DFM
Reporting Period 05/01/2019 to 07/31/2019
Exhibit A, Page 16
Case 8:16-cv-02257-CJC-DFM Document 371 Filed 09/26/19 Page 16 of 17 Page ID #:11933
Line 14 Ending Balance of Fund ‐ Net Assets:
Line 14a Cash & Cash Equivalents 11,287,933
Line 14b Investments ‐
Line 14c Other Assets or Uncleared Funds ‐
Total Ending Balance of Fund ‐ Net Assets 11,287,933
OTHER SUPPLEMENTAL INFORMATION:
Detail Subtotal Grand Total
Report of Items NOT to be Paid by the Fund:
Line 15 Disbursement for Plan Administration Expenses Not Paid by the Fund:
Line 15a Plan Development Expenses Not Paid by the Fund:
1. Fees:
Fund Administrator……………………………………. ‐ ‐
IDC……………………………………………………………… ‐ ‐
Distribution Agent……………………………………… ‐ ‐
Consultants……………………………………………….. ‐ ‐
Legal Advisors……………………………………………. ‐ ‐
Tax Advisors………………………………………………. ‐ ‐
2. Administrative Expenses ‐ ‐
3. Miscellaneous ‐ ‐
Total Plan Developmental Expenses Not Paid by the Fund ‐
Line 15b Plan Implementation Expenses Not Paid by the Fund
1. Fees:
Fund Administrator……………………………………. ‐ ‐
IDC……………………………………………………………… ‐
Distribution Agent……………………………………… ‐ ‐
Consultants……………………………………………….. ‐ ‐
Legal Advisors……………………………………………. ‐ ‐
Tax Advisors………………………………………………. ‐ ‐
2. Administrative Expenses ‐ ‐
3. Investor Identification
Notice/Publishing Approved Plan…………… ‐ ‐
Claimant Identification………………………….. ‐ ‐
Claims Processing…………………………………… ‐
Web Site Maintenance/Call Center…………. ‐
4. Fund Administrator Bond ‐ ‐
5. Miscellaneous ‐ ‐
6. FAIR Reporting Expenses ‐ ‐
Total Plan Implementation Expenses Not Paid by the Fund ‐
Line 15c Tax Administrator Fees & Bonds Not Paid by the Fund ‐
Total Disbursements for Plan Administration Expenses Not Paid by the Fund ‐
Line 16 Disbursements to Court/Other Not Paid by the Fund:
Line 16a Investment Expenses/CRIS Fees ‐ ‐
Line 16b Federal Tax Payments ‐ ‐
Total Disbursement to Court/Other Not Paid by the Fund: ‐
Line 17 DC & State Tax Payments ‐ ‐
Line 18 No. of Claims:
Line 18a # of Claims Received This Reporting Period…………………………………………………………..
Line 18b # of Claims Received Since Inception of Fund……………………………………………………….
Line 19 No. of Claimants/Investors:
Line 19a # of Claimants/Investors Paid this Reporting Period…………………………………………….
Line 19b # of Claimants/Investors Paid Since Inception of Fund…………………………………………
Receiver:
By: Thomas Seaman
Receiver for PDC Capital
Date: September 9, 2019
STANDARDIZED FUND ACCOUNTING REPORT for USFIA ‐ Cash Basis
SEC vs. PDC Capital, et al Case number 8:16‐cv‐02257‐CJC‐DFM
Reporting Period 05/01/2019 to 07/31/2019
Exhibit A, Page 17
Case 8:16-cv-02257-CJC-DFM Document 371 Filed 09/26/19 Page 17 of 17 Page ID #:11934