Source: s3://data.kl3m.ai/documents/govinfo/USCOURTS/USCOURTS-caed-2_09-cv-00665/USCOURTS-caed-2_09-cv-00665-110/pdf.json

Nature of Suit Code: 850
Nature of Suit: Securities, Commodities, Exchange
Cause of Action: 15:77 Securities Fraud

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[AM. PROPOSED] ORDER GRANTING MOTION TO CONFIRM AND/OR APPROVE THE SALE OF ISLAND PARK PROPERTY

CASE NO. CV 09-000665 LKK-DAD 

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FUTTERMAN DUPREE 

DODD CROLEY

MAIER LLP

FUTTERMAN DUPREE DODD CROLEY MAIER LLP

JAMIE L. DUPREE (158105) 

JAIME G. TOUCHSTONE (233187) 

180 Sansome Street, 17th Floor 

San Francisco, CA 94104 

Telephone: (415) 399-3840 

Facsimile: (415) 399-3838 

jdupree@fddcm.com

jtouchstone@fddcm.com

Attorneys for Receiver 

Stephen E. Anderson 

UNITED STATES DISTRICT COURT 

EASTERN DISTRICT OF CALIFORNIA 

SACRAMENTO 

SECURITIES AND EXCHANGE 

COMMISSION, 

Plaintiff 

 v. 

ANTHONY VASSALLO, et al., 

Defendants. 

Case No. CV 09-000665 LKK-DAD

 ORDER GRANTING 

RECEIVER’S MOTION TO CONFIRM 

AND/OR APPROVE THE SALE OF 3788 

CENTURY DRIVE, ISLAND PARK, 

IDAHO PROPERTY 

Date: November 7, 2011 

Time: 10:00 a.m. 

Courtroom: 4, 15th Floor 

Judge: Hon. Lawrence K. Karlton 

Receiver Stephen E. Anderson’s Motion to Confirm and/or Approve the Sale of 3788 

Century Drive, Island Park, Idaho Property came on regularly for hearing in Courtroom 4 of the 

above-entitled Court on November 7, 2011, at 10:00 a.m., the Honorable Lawrence K. Karlton 

presiding, with counsel appearing on behalf of Receiver. The Court having considered the 

papers submitted in support of the application, and the arguments of counsel and for good cause 

shown, 

THE COURT FINDS AND ORDERS AS FOLLOWS: 

Receiver’s Motion to Confirm and/or Approve the Sale of 3788 Century Drive, Island 

Park, Idaho Property is hereby GRANTED. 

Case 2:09-cv-00665-JAM-KJN Document 445 Filed 11/08/11 Page 1 of 3
[AM. PROPOSED] ORDER GRANTING MOTION TO CONFIRM AND/OR APPROVE THE SALE OF ISLAND PARK PROPERTY

CASE NO. CV 09-000665 LKK-DAD 

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FUTTERMAN DUPREE 

DODD CROLEY

MAIER LLP

According to the Receiver’s Declaration (Dkt. No. 439-02): Receiver has complied with 

the procedures to sell the luxury residential property on a private reservoir located at 3788 

Century Drive, Island Park, Idaho (APN 214-210-07) (the “Island Park Property”) set forth in the 

Court’s September 20, 2011 Order (Document No. 426); 

Title to the Island Park Property is held in the name of EIMT Properties, LLC, over 

which Receiver has been appointed as Receiver (Document No. 128); 

A sealed bid public auction of the Island Park Property was held on October 22, 2011, 

with two bids being received for the all-cash purchase of the property; 

The high bid of $1,030,000 was submitted by L2 Limited Partnership and L3 Limited 

Partnership (the “Purchasers”) and included a deposit of ten percent (10%) of the proposed 

purchase price ($103,000); 

Although the sale will result in only approximately $1,500 being transmitted to the 

receivership estate, it is in the best interest of the receivership estate since continuing to hold the 

Island Park Property will result in significant additional expense without a realistic prospect that 

the Island Park Property’s value will increase in the future to cover those additional carrying 

costs and result in greater proceeds being remitted to the receivership estate; and 

The Purchasers have requested that title be issued in the name of Lewis J. Newman and 

Dana Newman (husband and wife) and Lane L. Newman and Loni K. Newman (husband and 

wife), and Receiver has no objection to closing the sale with title being issued as requested. 

Accordingly, Receiver is hereby authorized to execute and convey the Island Park 

Property as is, with no representations and warranties, to Lewis J. Newman and Dana Newman 

(husband and wife) and Lane L. Newman and Loni K. Newman (husband and wife) or to any 

other designee(s) directly by the Purchasers, for the purchase price of $1,030,000, with Receiver 

paying all closing costs customarily paid by a seller of real estate in Fremont County, Idaho; 

Receiver is further authorized to pay the balance due and owing on note and the deed of 

trust on the Island Park Property from the sales proceeds; 

Receiver is hereby further authorized to execute all documents necessary to legally 

convey the Island Park Property as set forth in this order; and 

Case 2:09-cv-00665-JAM-KJN Document 445 Filed 11/08/11 Page 2 of 3
[AM. PROPOSED] ORDER GRANTING MOTION TO CONFIRM AND/OR APPROVE THE SALE OF ISLAND PARK PROPERTY

CASE NO. CV 09-000665 LKK-DAD 

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FUTTERMAN DUPREE 

DODD CROLEY

MAIER LLP

If the confirmed and approved sale is not closed by the Purchasers, then the Purchasers 

shall forfeit their ten percent (10%) deposit of $103,000. 

The sale shall close as soon as reasonably practicable after receipt of this order. 

IT IS SO ORDERED. 

Dated: November 8, 2011. 

Case 2:09-cv-00665-JAM-KJN Document 445 Filed 11/08/11 Page 3 of 3