RECEIVERSHIPS: US Ventures and Winsome Investment Trust

WAYNE KLEIN, RECEIVER FOR
US Ventures and Winsome Investment Trust

PO Box 1836
Salt Lake City, UT 84110
Telephone: (801) 824-9616

Updates: Descriptions of Recent Developments

December 7, 2017: Order Requiring Asset Delivery. Based on a motion filed by the Receiver, the Court issued an order requiring Forres McGraw to transfer to the Receiver the boat slip permit associated with real estate McGraw previously transferred to the Receivership Estate. The boat slip permit makes the property more valuable and is expected to enhance the marketing of the property. A copy of the order can be found here.

November 9, 2017: Motion to Recover Concealed Property. The Receiver filed a motion today asking the Court to order Forres McGraw to deliver to the Receiver a boat slip permit that relates to property that McGraw transferred to the Receiver in a settlement of claims filed by the Receiver. A copy of the motion can be found here.

September 29, 2017: Status Report Filed. The Receiver filed the quarterly status report for the three months ending on August 30, 2017. A copy of the report can be found here.

August 21, 2017: Third Distribution Approved. The Receiver mail distribution checks today to 92 claimants. The total distribution amount was $200,822.43. This distribution represents an additional 1.35% of the amount of investment. Distribution checks were sent to investors who have received distributions totaling less than 21.4% of their investment amounts. A copy of the order approving the third interim distribution can be found here.

July 27, 2017: Fee Application Filed. The Receiver filed an application for approval to be paid fees for work by the Receiver and his counsel from July 1, 2016 to June 30, 2017. A copy of the application can be found here. The Court has set a hearing on September 5, 2017 to consider the application.

June 26, 2017: Order Denying Andres Motion. The Court issued an order denying a motion filed by Robert Andres in January 2017. The motion sought to modify the amounts and nature of penalties, restitution, and injunctive relief ordered against Andres in 2014. In the order, the Court said Andres provided no justification for not having participated in the litigation leading up to the judgment against him and has not given any reason for waiting over two years before filing this motion. A copy of the motion can be found here.

June 22, 2017: Status Report Filed. The Receiver filed a quarterly status report for the period from March through May 2017. A copy of the report can be found here.

March 15, 2017: Status Report Filed. The Receiver filed a status report summarizing the actions taken during the period from November 2016 to February 2017 and listing the actions still needing to be taken. A copy can be found here.

February 2, 2017: Opposition to Andres Motion Filed. Both the Receiver and the CFTC filed papers today opposing a motion by Robert Andres (filed from prison) in which Andres sought to alter the judgment entered against him in 2014. Copies of the opposition papers filed by the Receiver can be found here. The CFTC’s opposition papers can be found here.

December 20, 2016: Settlement Approved. The Court today approved a settlement agreement between the Receiver and Forres McGraw. Under the agreement, McGraw will pay $9,000 and transfer to the Receivership undeveloped property he owns in Texas. A copy of the court order can be found here.

December 15, 2016: Motion to Approve Settlement. The Receiver filed a motion seeking approval of a settlement for a judgment he holds against Forres McGraw. Under the proposed settlement, McGraw will pay $9,000 and transfer property to the Receiver in exchange for a release of the judgment. A copy of the motion can be found here.

December 9, 2016: Status Report Filed. The Receiver filed a status report for the period from September 1 to November 30, 2016. The report summarizes activities for the prior period, identifies the amount in Receivership bank accounts, and explains the next steps for the Receivership. A copy of the report can be found here.

November 30, 2016: Motion to Auction Judgment Supplemented. The Receiver filed supplemental information with the Court regarding the motion seeking permission to auction the unpaid judgments still held by the Receivership. The supplement explains the efforts the Receiver undertook to evaluate the collectability of the judgments and the status of collection efforts made to date. The supplement can be found here.

November 14, 2016: Forfeited Funds Held by the U.S. Department of Justice. The Salt Lake City office of the US Department of Justice informed the Receiver that it has received permission to distribute approximately $120,000.00 in forfeited funds that it is holding. The monies were seized by the DOJ in a separate proceeding before the Receiver was appointed and has been holding the funds since that time. The funds will be distributed to victims according to the restitution order entered in connection with the conviction of Robert Holloway. The Receiver cannot tell investors how much each will receive or when the funds will be distributed. The Receiver urges investors to be patient in awaiting checks from the DOJ.

October 19, 2016: Motion Seeking Permission to Sell Judgments at Auction. The Receiver filed a motion seeking permission to hold an auction at which he will sell 27 judgments that the Receiver has obtained, but which have not been collected. A copy of the motion can be found here.

September 16, 2016: Status Report Filed. The Receiver filed his quarterly status report today for the period ending August 31, 2016. A copy of the report can be found here.

August 24, 2016: Fee Application Approved. After a hearing, the Court approved payment of the fees for the Receiver and his counsel for the 10-month period from September 2015 through June 2016. A copy of the order can be found here.

July 13, 2016: Fee Application Filed. The Receiver filed an application with the Court for payment of fees for the Receiver and his counsel for the ten month period from September 1, 2015 to June 30, 2016. A copy of the application can be found here.

June 20, 2016: Holloway Conviction Affirmed on Appeal. The Tenth Circuit Court of Appeals today affirmed the conviction and sentencing of Robert Holloway. The court rejected all four arguments Holloway made on appeal. A copy of the ruling can be found here.

June 3, 2016: Status Report Filed. The Receiver filed a status report today for the period from February through May 2016. A copy of the report can be found here.

June 1, 2016: Order Approving Widmark Settlement. The Court issued an order approving the proposed settlement agreement with the Widmarks. A copy of the Court’s order can be found here.

May 31, 2016: Motion for Approval of Settlement Agreement. The Receiver filed a motion seeking court approval of a settlement agreement of the last lawsuit still pending. Under the settlement with Peter and Laurie Widmark, the Widmarks will repay the full $191,000 in payments they received above their investment and will dismiss their appeal. The Receiver will forego collecting interest on the judgment. A copy of the motion can be found here.

April 7, 2016: Widmark Appeal Notice. The Widmarks have filed a notice of appeal of the $257,000 judgment against them. A copy of the notice of appeal is attached. The Receiver is moving to collect on the judgment during the pendency of the appeal.

March 9, 2016: Final Judgment on Widmark. The Court entered a final judgment against Peter and Laurie Widmark, granting the Receiver $66,633.83 in interest in addition to the $191,000 in excess payments. A copy of the order can be found here.

March 2, 2016: Court Orders Overpaid Investor to Pay Interest. The court issued an order requiring Peter Widmark to pay interest on the $191,000 in excess payments they received on their investments with Winsome. A copy of the order can be found here. The Receiver will submit a proposed order with the court showing the total amount of interest owed.

February 9, 2016: Status Report Filed. The Receiver filed his quarterly status report for the period from November 2015 through January 2016. A copy of the report can be found here.