Source: s3://data.kl3m.ai/documents/govinfo/USCOURTS/USCOURTS-arwd-2_06-mc-00030/USCOURTS-arwd-2_06-mc-00030-0/pdf.json

Nature of Suit Code: 890
Nature of Suit: Other Statutory Actions
Cause of Action: Civil Miscellaneous Case

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Case 3:05-cv-00419-SRU Ooru.n*n,O[

I

U S. DI$TRICT COURT wEs TE H N Df$tltB" ARrfi NSAS

Filed 06/23/2006 Page 1 of 6

I]NITED STATES DI$TRICT COURT

DISTRICT OF CONNECTICUT

I.JNITED STATES OF AMERIC,C.

Plaintiff,

FIELDPOINT PARTNERS SBIC, L,P.,

Defcndant

JUL $ 6 200$

cHBt$ R. Joffi$o 

, H."SK

DEPIfiY CL"E8K

iffi'i'8ll?il* Fs o6- 3a

ORDER APPOINTE{G RECEIVER

IT IS TIEREBY ORDERED, ADJIJDGED AND DECREED:

1. Pursu.ent to tho partics' Joint $tipulation Co,tls€fltiflg to AFpointnont of

Receiver and tho provisiors 15 U.S,C. $ 687c, this Court hereby takes sxclusivc

jurisdiction of Fieldpoint Pathers SBIC, L.P. C.FIELDPOINT"), and all of its agsets and

property, ofrvhatev€r kifld and wherevor located, and the United States Small Budness

Ad$dnisfiatioh C'SBA) is hcrcby appointed Receiver of FIELDpOINT (,'Receiver) to

scrye witlout bond until fitther order of this Court. The Roooiver is appointed for the

purposo of marshaling and tiquidating aII of FELDPOINT's asscts and sdisqdng ths

clahne of cteditors therefrom in the ordor of priority as determined by this Coufi.

2. Tho Rocoiver shf,ll heve all powers, ruthoritiee, rights und privilegcs

huetofore poesessed by the officerr, directors, manegers and goneml *nd limrted partnen

of FIELDPOINT undcr appliceble state and fcdent law, by the Agrer:ment of Limited

Parnrership, and Charter aud/or By-Laws of eaid limited partnerrhip, in addition to all

powors and authority ofa rooeiver at cquity, and all powors and authority conferrod upon

the Receiver by the provisions of 15 U.S.C. $ 68?c and 28 U.S.C. $ ?S4, Tho tuste€s,

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directors, officers, rnanagErs, efnployees, investmett advisor$, acoountaDts, aftomoys aFd

other agents of FIELDPOINT are heteby dismissed and the powers of any geueral

parlflers arc hereby suspendod, Suoh persons and entities shall have no authority with

respeCt to FIEI DPOINT's operations oI d6setg, sxcspt to the exteflt as may hereafter be

expressly gra$ted by tho Rec+iver. The Receiver shall assume and contol the operation

of FIELDPOINT and shall pursue md preserve all of its claims,

3. The Receiver is entitled to tako irnmodiate possession of all assets, bank

acoounts or other financial accormte, books and rEcords and all other docunFnt8 or

instruments rcIating to FIELDPOINT. Tho past ando,r present ofEcers, directors, agsntt,

menageni, getroral afld liftited parthert, tu.sttes, stbmeys, accprmti.bt6, and employees

of FIELDPOINT, sE well as all thosc acting in theif plf,oe, ffe hersby ordered af,d

direoted to tum over to the Receivs fonhwith all books, records, docurrr'f,ts, accourts

efld all other instrurnents and papers of and rcIating to FIELDPOINT and all of

FIELDPOINT'd assets snd all othor ss8eb ffld propeflry ofthe limited partnership,

whether roal or personal. Fieldpoint General Partns, LP, shall firmish a written

staternent within five (5) days after the entry of this Order, listing the identity, locatiol

and ostimated valuc of all assets of FIELDPOINT, a list of all enployees (and job titlee

thoreof), other perso'trncl, attoftEE, accoutrtflnts and any othet agents or coqtactors of

FIELDPOINT, as rrell as the names, addtesses and amounh of claims of all known

creditors of FIELDPOINT. Wilhin thirly (30) d'q)rs followjq rho cntry of this Ordet,

Fieldpoint Gsnerfll Pfitner, LP shall also furnish a written rcport doscribirg all a.sset$.

All pereons and cntities having conho[ custody or poosession of ery as$ets or property of

,

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FIELDPOINT are hcrcby directed to tum such assots and pro,perty over to the Receiver.

4. The Receivor shall promptly give notice ofit* appoinhrent to all known

officors, directors, agents, employees, shareholdus, creditord, debtors, managcrs and

general aud limited parlncru of EIELDPOINT, as the Receivet deeme necesear5r or

advisablc to effectrrate the operaliou ofthe receiveruhip. All porsons and entitics owing

any obligation, debt, or distributiotr with respect to a parhor8hip htercst to FIELDPOINT

shall, until further ordorod by this Courl, pay all such obligations in accordmce with the

terme ftereof to the Recciver and its reoeipt for such pa)4rents shall have the samo force

and effect as if FIEIDPOINT had roccived such prymerrb,

5. The Receiver is hercby arrthorized to o,pen such Receiver'r [nnk a6qourg, s1

barking or otler financial institutions, to extend orodit on behalf of FIELDFOINT, to

utilize SBA pereobnel, and to employ such other personnel as it may drlerfir necessary to

effootuato the operation of the teceivsrnhip inqluding, but not limited to, attomcys,

acc0unbnt6, coDsultaflts afld appraieers, md is further authorized to expgnd receivership

firnds to compensatc such p€f,sorrel in such amomts and upon such terms gt the

Rcceivet shall deern reasonablc in light of the ueual fees and billing practices and

ptocedures of such pcrsonncl. The Redeiver iE not required to ob+ain Court approval

prior to the disbruseinent of receivership funds for payments to personnol employed by

the Rcceiver or for expenses that the Receivef, deoms advantageous to the orderly

administration and opemtion ofthe rereivcrship. In additiou, the Recoiver is authorized

to reimburse SBA for fawl experses incured by SBA pcrsonnel in the establishmeut

and administmtio'tr of thb receiveehip. The Recoiver may, without further order of this

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Court, trdnsferr compromise, or otherwise dispose of any claim or asset in the ordinary

coursc ofbusiness. other tLan real estate.

6. FIELDPOINT's past aniVor preeent officers, direotors, lgents, attomeys,

managers, shareholdcrs, etnployeos, accoutrtant$, debtors, creditors, managers, goneral

and limited partne$ and other appropriate persons or rntities (including without

limitation, the defendanfs portfolio of surall business coqcems aud fitralrcial irctitution$

d6irg business with defcndant and/or defendant's pprtfolio of small business concerus)

shall answer under oath to ihe Receiver all questions which the Receiver may Fut to them

and produce any doctrments as rcquircd by the Rocsiver rcgarding ths business of said

Iimitod parhership, or any other mattor relovant to the oFetation 0,r aftfliflistation of tho

receivership or the collection of firnds duc to FIELDPOINT. In the event that tho

Receiver doems it trecessafy to require the appeararce of the aforcmcntioned perrsons or

sntities, the Rcceiver rhsll make its discovery request{s) in accordance with the Fcdeml

Rules of Civil Prooedwe.

7. Thq parties to any and all civil legal proceodings ofafly hahre, inoluding,

but not limited to, barlruptcy proceedings, artitration proccedings, forecloeuro aotions,

default prooeedings, o.r other actions of any natuo iuvolving FIELDFOINT or aay assets

of FIELDpOINT, incl'rdi,,g subsidiarie s and parfoerehips, wherevet locded, and

excluding the instant proceeding, the Receivor, or my of FIEI,DpOINTs past or presef,t

offrcers, ilirectors, managers, agEnts, or general or limited paftlsrs sued for, ot in

connection with, any action taken by them while acting in such capacity, whother sucrl as

plaintiff, defendant, third-party plaintifl thirdaarty defendant, or otlrorwise, arc rnjoinetl

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ftom commencing or coftifluing any such legal proceeding or ftom taking any aotion in

connection urith Any SUch procoeding or any SuCh aSget.

L A11 civil legal proceedings of any nahue, including but uot limihd to

banlrrrptty ptoceedings, arbitation proceedings, foreclosuro actions, default

pl6geedingt, or othot aotion of any nature involviug FIELDPOINT or any asseb of

FIEI,DPOINT, including zubsidfuries afld partnoruhips, wherever located, and excluding

thc if,staflt proaeeding, involving FIEIIPOINT, thc Reoeiver, or any of FIEI.DPOINT's

past or present offioers, directors, mafllrgeffir aEeutgr or geneml or limited paitners sued

for, or in connection with, any action taken by them while acting in such capacity ofany

naturc, whethet ao plaintiff, ftfendaf,t, third-party plaintiff, third-party defrndant, or

otherwise, are stayed in their entirety, and all Courln having snyjurisdiotion thereof are

enjoined ftorr taking or permitting any ection until furthor Ordcr of this Corut.

9. FIELDPOINT afld its past and/or preeetrt directors, ofiicers, rnimagers,

general or limited pflrhrlrs, agfits, etnployass and other petsons ot cntities acting in

coucafr or participating thwewith be, and they hereby are, enjoined from either directly or

indirectly taking any actions or causing any such aution to bo taken which would

dissipate the arsets atrd/or property of FIEIIPOINT to the dctrimont of FIELDPOINT or

of thc Recciver appointed in this cause, including but not limited to destruction of

cotporate rccords, or which would violate the Small Busincss Invcstment Act of 1958, as

amended, 15 U;S.C. g 661 et. seq., or the regulatiou promulgated thoreuuder,

("Regulations"), 13 C.F.R. g 107.1 et. seq.

I0. The Receiver is authorized to bonow on behalf of FIELDPOINT. from the

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SBA, up to $500,000 and is authorized to cause FIF'T.DPOINT to issue Receiver's

crxtificates of I_ndeb,tedness in the principal amounte of the sums boffowed. which

certificates will heaf intorost at or about 10 pffcent p€r aanum and will hflvc a haturity

date no later than l8 ftonttrs after the date ofissue. Said Rcoeivofs Certificates of

Indebtedness shall hrvc priority over all other debts and obligations of FIELDPOINT,

excludiug adminishative cxperses of the Receivorship, whether cweutly exirting or

heroinaftor incurred, including witbout limitation any claims of general or limited

parfrrers of FIELDPOINT.

I l. 6ss61dingly, bascd on tbe pleadings in this matter md the Joint

Stipulation of the Partics, thir Court determinea that the SBA ie enritlod to tlre rolief set

fotth in this Order.

The Uuited States of Amuica's Motion to Appoint a Rcceiver (doc. # 4) is GRANTED,

The UnitEd States of America's Motion for a Pernanent Lrjunction (doc. #4) is DEI{IED ar

moot. ir light of tbis order reflecting the parties'joint stipulation.

It is so ordered.

Dated at Bridgepofi, ConDecticu! firid 2?d day of Jrrne 2006.

/r/ Stefan R. Underhill__

Stcfan R. Undrrhill

United Stotes Dietrist Judge

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