Free Response to Motion - District Court of California - California

Case 3:08-cv-00400-DMS-BLM

Document 44

Filed 07/21/2008

Page 1 of 2

FRIER LEVITT
A T T O R N E Y S A T L A W

19 Microlab Road Suite A Livingston, NJ 07039 (973) 535-1660 Attorneys for T3 Capital, LLC. E-mail: [email protected] [email protected] UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF CALIFORNIA ______________________________ : SECURITIES AND EXCHANGE : COMMISSION, : CASE NO.: 08-CV-0400 DMS (BLM) Plaintiff, : v. : CREDITOR, T3 CAPITAL LLC'S LIMITED TUCO TRADING, LLC. and : OBJECTION TO RECEIVER'S MOTION DOUGLAS G. FREDERICK : FOR INTERIM DISTRIBUTION Defendants. : : Date: July 25, 2008 : Time 1:30 p.m. ______________________________ : Place: Courtroom 10 Judge: The Honorable Dana M. Sabraw

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Case 3:08-cv-00400-DMS-BLM

Document 44

Filed 07/21/2008

Page 2 of 2

JONATHAN E. LEVITT, ESQ., attorney for Creditor, T3 Capital, LLC, hereby submits this limited opposition to the Receiver's Motion for an Order Authorizing Interim Distribution. 1. T3 Capital, LLC (hereinafter "T3") and/or its predecessor entity was a Class B member of Defendant, Tuco Trading, LLC (hereinafter "Tuco"). 2. The Receiver has filed a motion seeking an Order authorizing it to make an interim distribution to Class B Members and other creditors of Tuco in the amount of forty percent (40%) of their Preliminary Claims. 3. The Receiver has requested the authority to hold back a Class B Member's 40% distribution based on the Receiver's discretion. 4. T3 has entered into a settlement in principal with the Receiver, Tuco, and Douglas Frederick. The written Settlement Agreement and Release is being circulated among the Defendants and the Receiver for execution. 5. Once fully executed, the Receiver will submit the Agreement for Court approval. 6. If the Settlement Agreement is not executed or the Court disapproves the Settlement Agreement, T3 reserves the right to object to the Receiver's retention of authority to hold back T3's interim distribution. Dated: July 21, 2008 Respectfully submitted, _/s/ Jonathan E. Levitt_ Jonathan E. Levitt, Esq. FRIER & LEVITT, LLC Attorneys for Creditor T3 Capital, LLC

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