ORDER TO APPROVE FINAL ACCOUNTING, DISTRIBUTE FINAL DISTRIBUTIONS AND DISCHARGE THE RECEIVER
MOTION TO APPROVE FINAL ACCOUNT & REPORT, FINAL DISTRIBUTION TO VICTIMS, APPROVE FEES, DISCHARGE RECEIVER
DECEMBER 22, 2015: The Receiver filed his MOTION TO APPROVE AND CONFIRM SALE OF REAL PROPERTY. The hearing is calendared for January 29, 2016, at 9:00 a.m.
MARCH 8, 2013: MOTION TO APPROVE SALE OF LAKE ELSINORE LOT
The Receiver filed his NOTICE OF MOTION AND MOTION TO APPROVE AND CONFIRM SALE OF REAL PROPERTY; DECLARATION OF THOMAS A. SEAMAN. The Receiver seeks Court confirmation to sell the small, unimproved lot on Heald Avenue in Lake Elsinore, CA, for $14,990. The hearing is calendared for 8:00 a.m., on April 5, 2013.
NOVEMBER 2, 2012: RECEIVER'S FIFTH STATUS REPORT AND ACCOUNTING; DECLARATION OF THOMAS A. SEAMAN; AND PROOF OF SERVICE
The Receiver filed with the Court his RECEIVER'S FIFTH STATUS REPORT AND ACCOUNTING; DECLARATION OF THOMAS A. SEAMAN. This latest status report includes an accounting of the receivership estate as of September 30, 2012.
SEPTEMBER 21, 2011: AUTHORIZATION TO PROCEED WITH SECOND DISTRIBUTION; APPROVAL OF ACCOUNTING RESERVE; AND APPROVAL OF RECEIVER’S FEE APPLICATION
On September 21, 2011, Judge Gill filed his order for the CONFIRMATION OF TERMS OF ORDER APPOINTING RECEIVER; AUTHORIZATION TO PROCEED WITH SECOND DISTRIBUTION; APPROVAL OF ACCOUNTING RESERVE; AND APPROVAL OF RECEIVER’S FEE APPLICATION.
AUGUST 11, 2011: RECEIVER’S PETITION FOR INSTRUCTION; FOURTH STATUS REPORT AND ACCOUNTING; FEE APPLICATION; DECLARATION OF THOMAS A. SEAMAN; AND PROOF OF SERVICE
On August 11, 2011, The Receiver filed with the Court his RECEIVER’S PETITION FOR INSTRUCTION; FOURTH STATUS REPORT AND ACCOUNTING; FEE APPLICATION; DECLARATION OF THOMAS A. SEAMAN. This latest status report includes an accounting of the receivership estate as of August 5, 2011, and accompanying fee application of the Receiver.
MAY 23, 2011: RECEIVER'S THIRD STATUS REPORT AND ACCOUNTING; DECLARATION OF THOMAS A. SEAMAN; AND PROOF OF SERVICE
The Receiver filed with the Court his RECEIVER'S THIRD STATUS REPORT AND ACCOUNTING; and DECLARATION OF THOMAS A. SEAMAN. This latest status report includes an accounting of the receivership estate as of April 30, 2011.
MAY 2, 2011: ORDERS FILED IN NEW MEXICO PROCEEDING
On May 2, 1011, Judge Jeffreys filed his ORDER DENYING MOTION TO SET ASIDE AND VACATE DEFAULT AND DEFAULT JUDGMENT. The judge also filed his ORDER GRANTING MOTION TO STRIKE the three pleadings of Mr. Swain in the matter.
MAY 2, 2011: UPDATE REGARDING NEW MEXICO PROCEEDING SEEKING TURNOVER OF FUNDS TO THE RECEIVER
The following is a summary of the current status of the New Mexico proceeding seeking turnover of funds to the Receiver.
On October 8, 2010, the Court entered a DEFAULT JUDGMENT against Mr. Swain and El Segundo Cincuenta Corporation, finding that the corporation is Mr. Swain's alter ego, that all assets standing in the name of El Segundo Cincuenta Corporation located in New Mexico are deemed to be the assets belonging to Mr. Swain and directing that Mr. Seaman's authority to act as receiver in the State of New Mexico be recognized. Within the time allowed by law, Mr. Swain filed a motion to set aside the default judgment, and in addition, he filed a "Request to Proceed in Forma Pauperis", a "Motion for a Jury Trial", and an answer to the complaint. Thereafter, on behalf of Mr. Seaman, a RESPONSE IN OPPOSITION TO THE MOTION TO SET ASIDE DEFAULT JUDGMENT was filed, and in addition, a MOTION TO STRIKE the three pleadings was filed.
A hearing was set on the various motions for Tuesday, April 26, 2011. Arrangements were made with the Frances Donovan Correctional Center to allow Mr. Swain to participate telephonically. At the hearing, the Judge determined that Mr. Swain could not represent El Segundo Cincuenta Corporation, and that the Answer, the Request to Proceed in Forma Pauperis, and the Motion for Jury Trial should be stricken from the record. In addition, the Judge denied Mr. Swain's Motion to Set Aside Default Judgment. We have prepared orders which will be sent to the Court so reflecting.
Once the orders are entered, Mr. Swain will have 30 days to file a notice of appeal of the Judge's ruling. The Judge has admonished Mr. Swain that, in order to prevent from Mr. Seaman from exercising his rights as receiver, he will need to post a bond. While Mr. Swain has indicated that he will file an appeal, he has also acknowledged that posting a bond will be problematical for him.
Ultimately, we believe that any appeal which Mr. Swain may file also may be problematical for him, because, in order to prevail, he will have to demonstrate that the Judge abused his discretion in making his rulings. That is a difficult standard for an appellant. However, as you might suspect, existence of an appeal could delay turnover of the funds to the Receiver.
Once we have the orders entered by the Court, we will contact the Bank and request a turn over of funds. I anticipate that we will have to obtain an additional Court order to accomplish that.
MARCH 15, 2011: HEARING OF DEFENDANT'S MOTION TO SET ASIDE DEFAULT JUDGMENT SET FOR MARCH 31, 2011 RESCHEDULED TO APRIL 26, 2011
A hearing of Mr. Swain's motion to set aside the DEFAULT JUDGMENT in the New Mexico matter will be held on March 31, 2011 April 26, 2011, at 4 p.m. At that hearing the Court will also consider the PLAINTIFF'S MOTION TO STRIKE and SEAMAN'S RESPONSE TO MOTION TO SET ASIDE JUDGMENT. The hearing has been rescheduled for April 26, 2011, to accomodate the March 31st Cesar Chavez Day holiday in California.
NOVEMBER 16, 2010: SEAMAN'S RESPONSE TO MOTION TO SET ASIDE JUDGMENT
NOVEMBER 16, 2010: PLAINTIFF'S MOTION TO STRIKE
OCTOBER 8, 2010: ORDER GRANTING DEFAULT JUDGMENT (THOMAS SEAMAN v. THEODORE WESLEY SWAIN, ET AL; CASE NO. D-619-CV-201000088)
SEPTEMBER 14, 2010: RECEIVER'S UPDATE LETTER TO INVESTORS WITH COPY OF CASE STATUS LETTER FROM RECEIVER'S COUNSEL RE: THOMAS A. SEAMAN vs. THEODORE WESLEY SWAIN, ET AL., CASE NO. D-619-CV-201000088
THIS UPDATE from the Receiver contains a case status report from the Receiver's New Mexico counsel regarding the attempts to collect Mr. Swain's funds held in a The First New Mexico Bank. In a subsequent email from counsel, the Receiver has been informed that the Receiver's application before the Sixth Judicial District Court in New Mexico has been set for Thursday, September 30, 2010, at 2:00 p.m.
MARCH 12, 2010: THOMAS A. SEAMAN vs. THEODORE WESLEY SWAIN, ET AL., CASE NO. D-619-CV-201000088; COMPLAINT FOR DECLARATORY RELIEF, TO REQUEST RECOGNITION OF AUTHORITY TO ACT AS RECEIVER, AND TO OBTAIN A TURNOVER OF FUNDS; FILED MARCH 12, 2010
On March 12, 2010, the Receiver filed a complaint in the Sixth Judicial District Court of the State of New Mexico requesting recognition of authority to act as receiver and to obtain a court order directing the First New Mexico Bank to turn over funds held by Mr. Swain in the bank to the Receiver.
MARCH 26, 2010: ORDER TO APPROVE AND CONFIRM SALE OF REAL ESTATE (ESCONDIDO PROPERTY)
This order approved the sale of two parcels of land which made up the La Honda Project property in Escondido, CA. The sale price was $220,000.
DECEMBER 30, 2009: DECLARATION OF THOMAS SEAMAN, RECEIVER RE: STATUS REPORT AND ACCOUNTING
This declaration to the Court provided a status report of the Receiver's collection efforts and an accounting of the receivership estate as required by the Court.
NOVEMBER 25, 2009: RECEIVER'S 3RD STATUS UPDATE LETTER TO INVESTORS
MARCH 4, 2009: RECEIVER'S 2ND STATUS UPDATE LETTER TO INVESTORS
OCTOBER 23, 2008: RECEIVER'S LETTER TO INVESTORS WITH DISTRIBUTION
THIS LETTER from the Receiver provided an update of the status of attempts to collect all funds controlled by the defendant as well as an accompanying initial distribution check equal to 12.8% of the investor/victims' net losses.
JUNE 2, 2008: ORDER APPOINTING RECEIVER; VICTIM RESTITUTION ORDER
On June 2, 2008, Judge Charles R. Gill filed the ORDER APPOINTING RECEIVER in the matter of The People of California v. Theodore Wesley Swain, Case No. CD199072. The appointing order named Thomas A. Seaman as Receiver for the estate of Theodore Wesley Swain. The VICTIM RESTITUTION ORDER specified restitution amounts to be paid to the investor/victims by the Receiver from the estate of the defendant.