UNITED STATES OF AMERICA

Before the

SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934 

Release No. 83503 / June 25, 2018

ADMINISTRATIVE PROCEEDING 

File No. 3-17672

In the Matter of

Derik J. Todd, Madison Capital Energy 

Income Fund GP LLC, Big Horn 

Minerals LLC, Madison Capital 

Investments LLC, and Madison 

Royalty Management LLC

Respondents.

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SECOND EXTENSION ORDER

The Division of Enforcement (“Division”) has requested an extension of time until 

December 31, 2018 to submit a Proposed Plan of Distribution under Rule 1101(a) of the 

Commission’s Rules on Fair Fund and Disgorgement Plans, 17 C.F.R. § 201.1101(a).

On November 10, 2016, the Commission issued an Order Instituting Administrative 

and Cease-and-Desist Proceedings, Pursuant to Section 8A of the Securities Act of 1933, 

Section 21C of the Securities Exchange Act of 1934, Sections 203(e), 203(f) and 203(k) of the 

Investment Advisers Act of 1940, and Section 9(b) of the Investment Company Act of 1940, 

Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order (“Order”)1

against Derik J. Todd (“Todd”), Madison Capital Energy Income Fund II GP LLC (“Fund II 

GP”), Big Horn Minerals LLC (“Big Horn”), Madison Capital Investments LLC (“MCI”), and 

Madison Royalty Management (“MRM”) (collectively, the “Respondents”). In the Order, the 

Commission found that Todd and Fund II GP willfully violated Section 17(a) of the Securities 

Act of 1933 (“Securities Act”), Section 10(b) of the Securities Exchange Act of 1934 

 

1

Securities Act Rel. No. 10250 (Nov. 10, 2017).
2

(“Exchange Act”) and Rule 10b-5 thereunder, and Sections 206(1) and 206(2) of the 

Investment Advisers Act of 1940 (“Advisers Act”); and MCI, Big Horn and MRM willfully 

aided and abetted and caused Todd’s and Fund II GP’s violations of Section 17(a) of the 

Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and Sections 

206(1) and 206(2) of the Advisers Act. The Order required the Respondents to pay $205,673 

in disgorgement and $21,581 in prejudgment interest; and Todd to pay a $50,000 civil penalty 

to the Commission, pursuant to a payment plan detailed therein. The Commission also created 

a Fair Fund, pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, as amended, so 

the penalty, along with the disgorgement and prejudgment interest, can be distributed to 

investors harmed by the Respondent’s conduct described in the Order.

On February 23, 2018, the Commission issued an order extending the Division’s time 

until June 29, 2018 to submit a Proposed Plan of Distribution.2 In its second request for an 

extension of time, the Division states that it needs time to receive and evaluate fund 

administrator proposals, develop the distribution methodology, and develop the plan of 

distribution. 

Accordingly, for good cause shown, IT IS HEREBY ORDERED that the Division’s 

request for an extension of time until December 31, 2018 to submit a Proposed Plan of 

Distribution is granted.

For the Commission, by its Secretary, pursuant to delegated authority. 

Brent J. Fields

Secretary

 

2

 Exchange Act Rel. No. 82768 (Feb. 23, 2018).