UNITE D STATE S DEPARTMEN T O F TRANSPORTATIO N FEDERA L AVIATIO N ADMINISTRATIO N

WASHINGTON , D C Venic e Je t

Center , LL C Complainant , V . FA A Dp^ket^N n 16-0Q-f)j _ Cit y o f Venice , Florid a Respondent . 

# pOEo W



# m i , RART1 6 DOCKET S MOTIO N T O INTERVEN E AN D FO RJOINDE RA S CO-COMPLAIN^N T Tristat e Aviatio n Grou p o f Florid aLL C ("Tristate") , b y an dthroug h it s undersigne d counsel , a s th e assigne e o f th e leas e b y an dbetwee n Venic e Je t Center , LL C ("VJC" ) an dth e Cit y o f Venic e ("th e City " o r

"Respondent") , submit s thi s Motio n t o Interven e an dfor Joinde r a s Co-Complainan t

i n thi s actio n an dstate s a s follows : 1 . O n Januar y 27 , 2009 , th e VJ C wa s place dint o federa l receivershi p i n coimectio n wit h th e actio n currentl y pendin g i n th e Unite dState s Distric t Court for th e Middle Distric t

o f Florida , style dSE C v . Nade l e t al. . Cas e No . 8:09-cv-0087-T-26TB M (th e "receivershi p action") . 2 . O n Jul y 2 , 2009 , Burto n W . Wian d("th e Receiver" ) file daPart 1 6 Complain t wit h th e Federa l Aviatio n Administratio n ("FAA" ) an dinitiate dth e instan t proceedin g o n behal f o f th e VJ C agains t

th e City . Th e Par t

1 6 Complain t

(an dsubsequen t

pleading s file dwith th e FAA b y VJC ) discusse dth e Receiver' s inten t to sel l th e asset s o f

th e VJC . 3 . O n Novembe r

16 , 2009 , th e Receive r

entere dint o an Asse t

Purchas e Agreemen t ("APA" ) with Tristat e for th e purchas e o f

th e VJC' s assets . A s par t o f th e APA , th e VJ C agree d t o transfe r it s rights, titl e an dinteres t i n thi s action .4 . Lega l o r equitabl e claim s arisin g from acontrac t ar e freely assignabl e i n th e absenc e o f

avali danti-assignmen t

provision ' an dsuc h a

n assignmen t

confer s standin g o n th e assignee . Se e e.g. , America n Medica l Assoc , v . Unite dHealthcar e Corp. . 200 7 WL 1771498 , *16-1 7 (S.D.N.Y . 2007 ) (discussin g tha t proo f o f avali dassignment , whic h nee dnot b e i n writing , establishe s standing) ; Esposit o v . CP M Insuranc e Services , Inc. , 5 0 Coim . Supp . 283 , 286-8 7 (Sup . Corm . 2006 ) (discussin g th e attitud e o f th e commo n la w concernin g assignment s o f chose s i n actio n an ddistinguishin g betwee n claim s arisin g fro mcontrac t an dpersona l injur

y tort claims) ; Dat aConsultants . Inc . v . Traw^ck . 59 3 F.Supp . 447 , 45 8 (D . Md . 1983 ) (Assignmen t o f actio n for

specifi c performanc e from amajority stockholde r t o acorporatio n was valid) . 5 . Th e AP A wa s contingen t o n obtainin g approva l o f th e sal e fromth e Court

i n th e receivershi p action . O n Decembe r 11 , 2009 , th e Receive r filedi n th e receivershi p actio n a Motio n fo

r Approva l o f

th e Sal e o f

th e Asset s o f

th e Venic e Je t

Cente r an dAgreemen t

With Norther n Trust , N. A (th e "Motion") . Se e Exhibi t A hereto. ^ Th e Motio n sough t th e Court

t o approv e th e Asse t

Purchas e Agreemen t

an dt o transfe r

al l o f th e VJC' s rights , titl e an dinteres t i n th e leas e wit h th e City (an dsublease s wit h othe r thir dparties ) t o Tristat e for th e unexpire d termo f th e lease , includin g th e righ t t o b e substitute di n th e VJC' s stea di n thi s proceeding .

' Whil e th e VJC' s leas e wit h th e City containe da n anti-assignmen t

claus e unles s th e City consent s t o th e assignment , n o suc h prohibitio n exist s i n connectio n wit h th e VJC' s right t o assig n it s interes t

an dclaim s i n thi s proceedin g t o athird-party . ^ Attache da s Exhibi t

3 t o th e Motio n wa s th e Part 1 6 Complain t

wit h al l exhibits . A s th e Part 1 6 Complain t

i s part o f th e presen t

record , i t i s not attache da s an exhibi t

hereto . ^ Th e Motio n als o sough t th e Court

t o approv e arelate dagreemen t reache dwit h Norther n Trust , N.A .6 . Th e Cour t provide dth e City unti l January 15 , 201 0 t o respon dt o th e Receiver' s Motio n an dt o rais e objection s to th e transfe r o f th e VJC' s leas e agreement s t o Tristate.' ' 7 . O n Januar y 6 , 2010 , th e City formall y consente dt o th e transfe r o f th e VJC' s lease s t o Tristate . Accordingly , th e leas e agreement s with Cit y (an dth e subleas e agreement s with Hert z Corporatio n an dth e Cockpi t Cafe ) hav e bee n assigne dt o Tristate . Se e composit e Exhibi t B hereto . 8 . Th e Cour t

i n th e Receivershi p actio n approve dth e AP A o n January 20 , 201 0 throug h aCourt

order . Se e Exhibi t

C hereto . 9 . Tristat e i s entitle dt o al l rights an dinterest s arisin g fro mit s leas e agreemen t with th e City , includin g th e right t o maintai n thi s actio n a s Complainant . Tristate , therefore , ha s standin g t o pursu e thi s actio n an dthu s move s t o interven e an djoi n a s aCo-Complainant . Se e Traywick , 59 3 F.Supp . a t 45 8 (D . Corm . 1983 ) ("Sinc e defendan t questione dth e validit

y o f th e assignment , thi s sui t

wa s properl y brough t

with bot h th e assigno r an dassigne e naime

da s plaintiffs.") . 10 . Tristat e agree s an djoin s wit h VJ C i n th e allegation s an dlega l position s containe d i n th e Par

t 1 6 Complain t

an dVJC' s subsequen t

pleadings . Tristat e ha s bee n directl y an d substantiall y affecte db y th e City' s non-complianc e becaus e i t purchase dth e VJC' s asset s an d interest , includin g th e righ t t o develo p th e propert y an dth e City' s effort s t o restric t developmen t o n th e leasehol dar e i n violatio n o f thes e right s 11 . Accordingly , Tristat e request s tha t i t b e allowe dt o interven e an djoi n i n thi s actio n a s aCo-Complainant .

" * Assignmen t

o f th e VJC' s lease s require dapprova l b y th e City ; however , th e Cit y coul dno t unreasonabl y withhol dconsen t t o th e transfers . Se e Par t 1 6 Complaint , Exh . 3 .12 . Further , pleas e direc t al l futur e correspondence , filings , an dnotice s t o Tristate , viath e undersigned' s attention . CERTIFICAT E O F SERVIC E I hereb y certif

y tha t I hav e serve datru e an dcorrec t cop y o f th e foregoin g o n th e followin g person s b y overnigh t deliver y o n Februar y 1 , 2010 : Offic e o f th e Chie f Counse l Jonatha n Cros s Atta : FA A Part

1 6 Airpor t

Proceeding s Manager Docket , AGC-61 0 Airport s an dEnvironmenta l La w divisio n Roo m92 5 Federa l Aviatio n Administratio n Federa l Aviatio n Administratio n 80 0 Independenc e Ave. , S.W . 80 0 Independenc e Ave. , S.W . Washington , D C 2059 1 Washington , D C 2059 1 Facsimil e (202 ) 267-576 9 Origina l an d3 copie s 1 Cop y I hereb y furthe r

certif y tha t I hav e serve datru e an dcorrec t cop y o f th e foregoin g o n th e followin g person s b y electroni c mai l o n February 1 , 2010 :

Raymon dVeatc h Airpor t an dEnvironmenta l La w Divisio n Offic e o f th e Chie f Counse l Federa l Aviatio n Administratio n 80 0 Independenc e Avenue , S W Roo m900- E Washington , D.C . 2059 1 (202 ) 267-319 9 (office ) (202 ) 267-967 6 (direct ) (202 ) 267-576 9 (fax ) Ravmond . Veatch@faa . go v I hereb y furthe r

certif y tha t I hav e serve datru e an dcorrec t cop y o f th e foregoin g o n th e followin g person s b y overnigh t mai l an delectroni c mai l o n Februar y 1 , 2010 : Thoma s R . Devin e Kapla n Kirsc h & Rockwel l LL P 100 1 Connecticu t

Ave . NW , Ste . 80 0 Washington , D C 2003 6 Telephone : (202 ) 955-560 0 Email : tdevine(a),kaplankirsch.co m

Jan d Dominiqu e H . Pearlma n Wian dGuerr aKin g 300 0 Baypor t

Drive , Suit e 60 0 Tampa , F l 3360 7 Telehone : (813 ) 347-510 9 Email : dpearlman(a),wiandlaw.co m I hereb y fiirther

certif y tha t I hav e serve datru e an dconec t cop y o f th e foregoin g o n th e followin g person s b y Unite dState s mai l o n February 1 , 2010 :

Rober t C . Anderso n Hal l & Anderson , P. A 131 4 Eas t Venic e Avenue , Suit e E Venice , Florid a3428 5

RICHAR D L . RICHARD S Florid aBar

No . 941 5 Email : rrichards@richpa.ne t RICHARD S & ASSOCIATE S 23 2 Andalusi aAvenue , Suit e 20 2 Cora l Gables , Florid a3313 4 Telephone : (305 ) 448-222 8 Facsimile : (305 ) 448-222 9 Attorney s for

Tristat e Aviatio n Grou p o f Florid aLL CExhibi t "A " (Motio n fo r

Approva l o f

th e Sal e o f

th e Asset s o f

th e Venic e Je t

Cente r an dAgreemen t

Wit h Norther n Trust , N.A )Cas e 8:09-cv-00087-RAL-TB M Documen t 25 4 File d 12/11/0 9 Pag e lo t 2 2

UNITE D STATE S DISTRIC T COUR T MIDDL E DISTRIC T O F FLORID A TAMP A DIVISIO N SECURITIE S AND EXCHANG E COMMISSION , Plaintiff , V . ARTHU RNADEL , SCOO P CAPITAL , LLC , SCOO P MANAGEMENT , INC. ,

Defendants , SCOO P REAL ESTATE , L.P. , VALHALLA INVESTMEN T PARTNERS , L.P . VALHALLA MANAGEMENT , INC. , VICTOR Y FUND , LTD , VIKIN G IRA FUND , LLC , VIKIN G FUND , LLC , AN D VIKIN G MANAGEMENT , LLC .

ReUe f Defendants . CAS E NO. : 8:09-cv-0087-T-26TB M

/ RECEIVER' S MOTIO N FO RAPPROVA L O F SAL E O F TH E ASSET S O F TH E VENIC E JE T CENTE RAND AGREEMEN T WIT H NORTHER N TRUST . N.A . Pursuan t t o 2 8 U.S.C . § 754 , Fed . R . Civ . P . 66 , an dRul e 3.0 1 o f th e Loca l Rule s o f th e Middl e Distric t

o f Florida , Burto n W . Wiand , a s Receive r (th e "Receiver") , move s th e Cour t fo r a n order approvin g th e sal e o f

asset s o f Receivershi p Entit

y Venic e Je t

Center , LL C ("VJC" ) i n accordanc e wit h th e term s o f th e Asse t

Purchas e Agreemen t

attache da s Exhibi t 1 . Th e sal e o f

thes e asset s als o involve s th e resolutio n o f VJC' s obligation s t o Norther n Trust , N.A . ("Norther n Trust") , a s wel l a s resolutio n o f variou s othe rCas e 8:09-cv-00087-RAL-TB M Documen t 25 4 File d 12/1 1 /0 9 Pag e 2 of 2 2

obligation s betwee n th e Receivershi p an dNorther n Trust , a s se t fort h i n th e Agreemen t Regardin g Claim s an dObligation s ("Norther n Trus t Agreement" ) attache dheret o a s Exhibi t 2 . On Januar

y 21 , 2009 , th e Securitie s andExchang e Commissio n ("Commission" ) initiate dthi s actio n t o preven t th e defendant s fromfurthe r defraudin g investor s of

hedg e fund s operate db y them . Tha t same day , th e Cour

t entere da n order appointin g Mr . Wianda s Receiver for Defendant s Scoo p Capital , LL C ("Scoo p Capital" ) an dScoo p Management , Inc . ("Scoo p Managemenf

) andRelie f

Defendant s Scoo p Real Estate , L.P. ; ValhaU aInvestment Partners , L.P. ; Valhall aManagement , Inc. ; Victor y Fund , Ltd. ; Victor y IRA Fund , Ltd. ; Vikin g IRA Fxmd

, LLC ; Vikin g Fund , LLC ; an dVikin g Management , LL C (the "Order Appointin g Receiver") . (See generall y Order Appointin g Receive r

(Doc . 8). ) Th e Cour t subsequentl y grante dsi x motion s to expan dth e scop e o f th e receivership an dappointe dth e Receive r a s receive r

over th e following :

• Venic e Je t

Center , LLC , an dTradewind , LL C (Order , Jan . 27 , 200 9 (Doc . 17)) ;

• Laure l Mountai n Preserve , LLC ; Laure l Preserve , LLC ; th e Marguerite J . Nade l Revocabl e Trus t

UA D 8/2/07 ; andth e Laure l Mountai n Preserv e Homeowner s Association , Inc . (Order , Feb . 11 , 200 9 (Doc . 44)) ;

• Th e Guy-Nade l Foundation , Inc . (Order , Mar . 9 , 200 9 (Doc . 68)) ;

• Lim e Avenu e Enterprises , LLC , an dA Victoria n Garde n Florist , LL C (Amende dOrder , Mar . 17 , 200 9 (Doc . 81)) ;

• Vikin g Oi l & Gas , LL C (Order , Jul y 15 , 200 9 (Doc . 153)) ; an dCas e 8:09-cv-00087-RAL-TB M Documen t 25 4 File d 12/11/0 9 Pag e 3 o f 2 2

• Hom e Fron t

Homes , LL C (Order , Aug. 10,200 9 (Doc . 172)) . Al l o f th e entitie s an dth e trus t

i n receivershi p ar e hereinafter referre dt o collectivel y a s th e "Receivershi p Entities. " Pursuan t t o th e Order

Appointin g Receiver , th e Receive r ha s th e dut

y an dauthorit

y to : "administe r

an dmanag e th e busines s affairs , funds , assets , chose s i n actio n an dany other property o f

th e Defendant s an dRelie f Defendants ; marsha l an dsafeguardal l o f th e asset s o f th e Defendant s an dRelie f Defendants ; an dtak e whateve r action s are necessary fo r th e protectio n o f

th e investors. " (Order

Appointin g Receive r

a t 1-2. ) I n particular , th e Receiver wa s directe dto : [tjak e immediat e possessio n o f al l property , asset s andestate s o f ever y kin do f th e [Receivershi p Entities] , whatsoever an dwheresoeve r

locate dbelongin g to or i n th e possessio n o f

th e [Receivershi p Entities] , includin g bu t no t limite dt o al l office s maintaine db y th e [Receivershi p Entities] , right s o f action , books , papers , dat aprocessin g records , evidence s o f debt , bank

accounts , saving s accounts , certificate s o f deposit , stocks , bonds , debenture s an dother securities , mortgages , furniture , fixtures , ofBc e supplie s an dequipment , an d al l rea l property o f

th e [Receivershi p Entities ] whereve r situated , an dt o administe r

suc h asset s a s i s require di n order t o compl y wit h th e direction s containe di n thi s Order , andto hol dal l othe r asset s pendin g further

orde r o f thi s Court... . {Id. a t 2. ) I n accordanc e wit h that Order , th e Receive r

ha s take n possessio n o f

th e asset s o f VJ C an dseek s thi s Court' s permissio n t o sel l certai n o f thos e assets . Specifically , th e Receive r seek s th e Court' s approval o f th e sal e o f

th e asset s identifie do n Exhibi t A to th e Asse t Purchas e Agreemen t

an da n order directin g th e transfe r

o f asset s an dcondition s relate d theret o a s state di n th e Asse t Purchas e Agreement . Se e Exhibi t 1 .Cas e 8:09-cv-00087-RAL-TB M Documen t 25 4 File d 12/1 1 /0 9 Pag e 4 o f 2 2

I . VENIC E JE T CENTER . LL C Th e VJ C i s aFlorid alimite dHabilit y company forme di n Apri l 2006 . Arthu r Nade l wa s it s managin g member an dregistere dagent , an dit s principal addres s wa s 161 8 Mai n Street , Sarasota , Florida , 34236 . Th e physical addres s o f th e VJ C i s 40 0 Airport

Avenu e East , Venice , Florida , 34285 . Nade l acquire dan ddevelope dth e VJ C andit s propertie s and investe dapproximatel y $2. 9 millio n o f investors ' fund s i n coimectio n wit h thi s effort . O n January 27 , 2009 , th e Cour t expande dth e Receivershi p t o includ e th e VJ C {se e Doc . 17) . Th e VJ C i s a

n authorize dan dfull

y operatin g fixed-bas e operator , o r "FBO, " a

t th e Venic e Municipal Airpor t i n Venice , Florid a(th e "airport") , Th e VJ C operate s a s a n FB O pursuan t t o aleas e agreemen t

with th e Cit

y o f Venic e ("th e City") . Th e VJC' s FB O busines s include s th e operatio n o f

aflight school , fuelin g services , facilit y rental s t o other

businesses , hanga r rental s an dother

aeronautica l relate dservices . Sinc e th e Receiver' s appointmen t a s receive r o f th e VJC , h e ha s take n contro l of i t an dha s continue dt o operate th e business . Th e VJ C ha s generate daverag e monthl y revenue s o f approximatel y $160,000 , whic h ar e generate dby : (1 ) ren t

an dcommission s fromHert z Corporatio n ("Hertz") , (2 ) hanga r an dtiedow n rentals , (3 ) monthl y ren t fromth e Cockpi t

Cafe , an d(4 ) fue

l sales . Th e VJ C incur s varyin g monthl y expenses , whic h include : ren t o f approximatel y $10,50 0 t o th e Cit y o f Venice , bul k

fuel purchases , payroll , andutilities . Th e primar

y asse t o f th e VJ C i s it s leasehol destat e arisin g under it s leas e with th e Cit y o f Venic e (th e "lease") . Th e leas e i s b y andbetwee n th e City , a s lessor , an dth e VJC , a s lessee ; i s date dMa

y 23 , 2006 ; demise s th e real property locate di n Sarasot aCoimty , Florida ; an dwa s recorde di n Instrumen t Numbe r 200610733 1 an dInstrumen t Numbe r 2006160491 ,Cas e 8:09-cv-00087-RAL-TB M Documen t 25 4 File d 12/1 1 /0 9 Pag e 5 of 2 2

o f th e publi c record s of

Sarasot aCounty , Florida. ' It s premise s presenti y mclude tw o hangars , atie-dow n area , afue l farm , amai n building , an dasecondar y building . Th e VJC' s mai n buildin g an dtw o hangar s hav e on e know n encumbrance : aloan wit h Northern Trust , o n whic h ther e i s aremainin g balanc e o f approximatel y $1,960,169.00 . Th e Receiver mad e payment s o n thi s loa

n imti l Jun e o f

thi s year . Sinc e th e Receiver

too k contro l o f

th e VJC , it s revenu e potentia l ha s bee n significantl y undermine dby th e City' s interferenc e v^t h it s propert y rights . Sinc e befor e thi s receivership , th e VJ C ha s bee n engage di n alongstandin g pursui t o f approval t o buil dfou

r ne w hangar s o n a

n empt y plo t o f lan do n it s leasehold . Th e Cit y ha s repeatedl y responde di n adiscriminatory an danti-competitiv e fashio n i n attempt s t o preven t th e VJ C from constructin g th e hangars. ^ Th e ne w hangar s woul dallo w th e VJ C t o servic e additional aircraf t an dthei r constructio n ha s bee n encourage db y th e Federa l Aviatio n Administration , whic h ha s directe dth e Cit y on multipl e occasion s t o approv e th e hangar s project . Th e Cit y Counci l ha s activel y prevente dth e hangar s construction , presimiabl y becaus e o f th e personal interest s o f

certai n counci l member s wh o liv e L n clos e proximity t o th e airpor t an dwh o openl y oppos e airpor

t expansion . Indeed , consisten t with it s desir e t o sto p th e VJC' s continue ddevelopment , th e Cit y ha s gon e s o fa

r a s t o publicl y annoimc e i n ligh t o f th e

Se e Memorandu mo f

Leas e an dSupplemental Memorandu mo f Lease , attache dheret o Exhibi t 7 . ^ I n th e sam e vei n an dwit h th e sam e goal i n mind , th e Cit y i s presentl y allowin g (1 ) cost free, municipa l us e o f

airpor t property for

non-aeronautical purposes , (2 ) non-aeronautical usag e o f airport property withou t

prio r FA A approval , and(3 ) "th e majorit y o f it s runway s an dtaxiways " t o remai n i n "poor " conditio n t o deter additiona l aircraf

t traffic . Further , an d a s discusse dherein , th e VJC' s busines s a s a n FB O ha s bee n directl y an ddetrimentall y impacte db y th e City' s improper effort s t o restric t

aeronautica l activitie s a

t th e airport .Cas e 8:09-cv-00087-RAL-TB M Documen t 25 4 File d 12/11/0 9 Pag e 6 o f 2 2

Receivershi p it s inten t

t o purchas e th e VJ C fo

r anominal amount

an dtak e ove

r th e VJC' s operations . ff th e VJ C i s abl e t o continu e it s development , it s valu e woul db e significantly enhanced . Th e VJ C derive s th e bullc o f it s incom e fromhanga

r rental s an dfue

l sales . Further developmen t

wil l resul t

i n greater

fue l sales . Th e ongoin g developmen t activit y an dth e VJC' s attempt s t o buil dadditional hangar s o n vacan t spac e i t currentl y control s comply wit h al l law s an dregulation s governin g th e airport . Afte r takin g confrol o f

th e VJC , th e Receiver ha s continue dth e VJC' s pursui t t o buil dmor e hangar s t o make th e VJ C mor e attractiv e to potentia l purchaser s an dultimatel y increas e th e valu e o f th e business. ^ Thi s pursm t le dto th e filin g o f a n actio n agains t

th e Cit y before th e Federal Aviatio n Administratio n ('TAA") . Th e VJC' s Part

1 6 Proceedin g Agains t

di e Cit y o f Venic e Before th e FAA O n Ma y 14 , 2009 , th e Cour

t grante dth e Receiver' s reques t for leav e to file a complain t agains t th e Cit y pursuan t

t o Titi e 1 4 o f

th e Code o f

Federa l Regulations , Par t 1 6 ("Par t 1 6 Complainf) . Se

e Part 1 6 Complain t

attache dheret o a s Exhibi t 3 . O n or about Jul y 2 , 2009 , on behal f

o f th e VJC , th e Receive r

serve dth e complain t

o n th e Cit

y an dfde dit

wit h th e FAA' s Offic e o f

th e Chie f

Counse l (Docke t

No . 16-09-05) . O n o

r abou t Septembe

r 2 , 2009 , th e Cit

y filedit s answer

an daffirmativ e defense s an dmotio n t o dismiss , t o whic h th e VJ C replie do n o r

abou t September

30 , 2009 . Th e Cit

y filedit s surrepl y o n Octobe r 28 , 2009 . Althoug h th e actio n i s no w full y briefed , th e partie s hav e th e opportunity t o engag e i n limite ddiscover

y an dt o the n presen t

thei r cas e i n a

n evidentiar

y hearing befor

e th e FAA . ^ Indeed , al l potential purchaser s indicate dtha t th e abiUt y to develo p th e leasehol dwa s aver y material componen t

t o thei r interes t i n thi s asset .Cas e 8:09-cv-00087-RAL-TB M Documen t 25 4 File d 12/1 1 /0 9 Pag e 7 o f 2 2

Th e current

postur e o f

tha t proceedin g present s agoo dmomen t t o sel l th e VJC' s assets . The filing o f th e Par t 1 6 complain t

ha s enhance dth e valu e o f th e VJ C b y preservin g th e opportunit y fo r futur e growt h an dgreater

potentia l profitability o f

th e facility . Th e propose d purchase r plan s t o procee dwit

h tha t actio n i n a

n effor t t o buil dth e additiona

l hangars . Th e sal e o f VJC' s asset s an dth e pursui t o f tha t proceedin g b y th e propose dpurchase r alleviate s th e futur e litigatio n expense s an dth e ris k o f anegativ e outcom e i n th e litigation.' * Receiver' s Marketin g Effort s fo r th e Sal e o f

th e VJ C Th e Receive r

ha s conducte dextensiv e marketin g effort s fo r th e sal e o f

th e VJC . Specifically , th e Receive r prepare ddetaile dmarketin g package s abou t th e VJC , whic h wer

e sen t to more tiian 100 FBO s operatin g i n th e stat e o f Florida . Se e Declaratio n o f Burto n W . Wian dattache dheret o a s Exhibi t 4 , ^ 16 . Th e Receive r

als o poste dth e marketin g material s o n hi s website , www.nadelreceivership.com , i n aspecifi c "Asset s fo r Sale " section . {Id. | 17. ) Th e Receiver

receive dreplie s from anumbe r o f FBO' s wh o hadreceive dmarketin g materials , andwa s als o contacte db y five prospectiv e purchaser s wh o ha dseen th e informatio n poste do n th e websit e or hear do f th e potentia l sal e throug h wor dof mouth . {Id. ) Th e Cit

y wa s als o provide dwit

h th e marketin g material s andinvite dt o participat e i n th e sal e proces s bu t

di dnot . {Id. I

f 25. ) Th e Receiver

requeste dthat

al l partie s intereste di n purchasin g th e VJ C sig n amutual confidentialit

y agreement . {Id. t

18. ) Twent

y prospectiv e purchaser s execute dsuc h a n agreemen t an drequeste dadditional informatio n regardin g th e VJC . {Id. ) Discussion s wer e

Th e Receive r

believe s th e VJ C ha s agoo dlikelihoo do f succes s i n th e FA A proceeding .Cas e 8:09-cv-00087-RAL-TB M Documen t 25 4 File d 12/11/0 9 Pag e 8 o f 2 2

ha dwith eac h o f

thes e prospectiv e purchaser s i n a n effor t t o gaug e thei r

leve l o f interes t an d possibl e valu e o f

an y dea l fo r th e VJC . {Id. ) I n earl y Ma

y 2009 , th e Receive r

sen t letter s t o th e intereste dpartie s wh o appeare dt o b e viabl e purchaser s of

th e VJ C andinvite dthe mt o tou r th e VJ C an

drevie w pertinen t documents , suc h a s th e VJC' s financial statements , leas e agreements , andloa n documentation . {Id. 119. ) I n th e followin g weeks , anumbe r o f other intereste dpartie s wer e sent asimila r invitatio n t o tou r

th e faciUt y an drevie w documents . {Id. T f 20. ) O n Jul y 8 , 2009 , th e Receive r sen t afollow-up communicatio n givin g prospectiv e purchaser s wh o hadexecute daconfidentialit y agreemen t

unti l Jul y 16 , 200 9 t o tou r th e facilit y an dunti l Jul y 28 , 200 9 t o make a n offe r fo r tiie purchas e o f

th e VJC . {Id . ^ 21. ) I n response , th e Receiver

receive dsi x proposal s fo r th e purchas e o f

th e VJC . {Id. 1 [ 22. ) Th e Receive r carefull y reviewe deac h proposal an dengage di n appropriat e negotiations . O f thes e si x proposals , onl y tw o appeare dt o b e viabl e offers . ^ {Id. ) O f thos e tw o proposals , th e Receive r believe s tha

t th e offe r b y Tristat e Aviatio n Grou p o f Florid aLL C ("Tristate" ) i s i n th e bes t interest s o f

th e Receivership , {Id. ) Th e offe r b y Tristat e fa

r exceed s th e nex t

highes t offer . (M^ t

23.) ^ Th e salient

term s o f th e nex t highes t offe r include donly th e paymen t o f $500,00 0 wit h n o provisio n fo

r th e satisfactio n o f

th e outstandin g loan wit h Northe mTrus t

o f

^ Th e Cit y wa s orsill

y advise dwit h respec t

t o th e progres s o f

th e marketin g effort s a s the y wer e proceedin g andstil l chos e no t t o participat e i n th e biddin g process . {Id. f 25. ) ^ Befor e th e Receive r

accepte dth e offer , th e Cit y wa s advise dtha t

th e sal e woul dlikel y tak e plac e i n th e nea

r futur e an dinforme dthat , i f

i t wante dt o participate , i t

shoul dmake a

n offe r tha t woul dinclud e cas h a s wel l a s resolutio n o f th e deb t t o Northe mTrust . I t

wa s suggeste d that $1,000,00 0 wa s areasonabl e offer , bu t th e Cit y neve r mad e aproposa l t o th e Receiver .Cas e 8:09-cv-00087-RAL-TB M Documen t 25 4 File d 12/11/0 9 Pag e 9 o f 2 2

approximatel y $1. 9 million . {Id. ) A s such , th e Receiver ha s determine dthat

acceptanc e of th e offe r b y Tristat e a s describe dbelo w an di n th e Asse t Purchas e Agreemen t

attache d a s Exhibi t 1 i s i n th e bes t

interest s o f

th e Receivership . Asse t Purchas e Agreemen t Tristat e i s aFlorid alimite dliability company forme dfo r th e purpos e o f

purchasin g th e VJC . Tristate' s Managin g Director , Marty Kretchman , i s aforme r corporate pilo t

wh o ha s extensiv e experienc e i n privat e aviatio n management . {Id. f 26. ) H e spent

over thre e year s a s General Manager o f Avio n Je t

Center a t th e Orlando-SanfordIntemational Airpor t befor e acceptin g th e positio n o f General Manage r

a t Vol o Aviation' s newl y acquire dFB O i n Sarasot ai n earl y 2008 . {Id . ^ 26B. ) Sinc e tha t time , h e ha s oversee n a n operatio n that deliver s over

on e milho n gallon s o f

fue l annuall y includin g acombine dstaf f o f 1 5 fuelers , customer servic e representatives , an dmechanics , a s wel l a s over 40,00 0 square feet

o f hanga r an doffic e space . {Id. ) I n additio n to Mr . Kretchman , Tristate' s leadershi p teamwil l includ e tw o other individuals , Brian Ciambr aandHenry Paulino . {Id . ^ 26C. ) Mr . Ciambr aha s over 1 7 year s o f aviatio n experience , hal f

of whic h wa s spen t

workin g with th e world' s larges t FB O chain , Signature Fligh t

Support . {Id. ) Withi n tha t organization , h e hel dth e titi e o f Regional General Manage r

coverin g Whit e Plain s an dLaGuardi aairport s i n New Yor k an d Morristow n airpor

t i n New Jersey , som e o f th e larges t

an dmos t

successfu l operation s o f Signature Fligh t

Support' s worldwid e network . {Id. ) H e personall y oversaw th e establishmen t

o f th e Vol o Aviatio n bran dnam e an dth e acquisitio n o f five FBO s acros s th e country . {Id. ) Mr . Paulin o ha s worke di n aviatio n fo r over 1 6 years . {Id . ^ 26D. ) H e spen tCas e 8:09-cv-00087-RAL-TB M Documen t 25 4 File d 12/11/0 9 Pag e 1 0 o f 2 2

1 2 year s wit

h Signatur e Fligh t

Suppor t a s General Manager

o f several of

thei r facilitie s in th e Northeast . Alon g with Mr . Ciambra , h e als o worke dwit h a n entit y tha t acquire dasmall underutilize dFB O i n Westchester County , New Yor

k i n Jun e 2004 . {Id. ) A s Directo r of Operation s there , h e wa s abl e t o hel p turn th e averag e EBITD A from$500,00 0 annuall y t o ove r $ 3 millio n i n les s tha n tw o years . {Id. ) Tristate' s leadershi p teamwil l b e responsibl e fo r th e dail y operation s o f

th e business , an dwil l us e well-establishe dconnection s withi n th e industr y a s wel l a s extensiv e industr y knowledg e an dexperienc e t o hel p mak e i t successfu l whil e workin g wit h th e communit

y t o ensure th e airpor

t an dth e busines s ar

e bot h give n th e bes t

opportunit

y t o thrive . A s such , Tristat e i s aqualifie dpurchase r an dplainl y capabl e o f

effectivel y operatin g a

n FB O in accordanc e with FA A guideline s an dairpor t standards . Tristat e ha s agree dt o purchas e th e asset s o f th e VJC , includin g th e VJ C Building , and th e leasehol destat e arisin g under th e lease , al l accordin g t o th e followin g salien t term s a s set fort h more full

y i n th e attache dAsse t

Purchas e Agreement. ' Se e Exhibi t 1 . Tristat e agree s t o (1 ) pay t o th e Receive r $300,00 0 cas h a

t closing , (2 ) execute a

n unsecure dpromissor

y not e t o th e Receive r

i n th e amount

of $250,00 0 payabl e ove r

ater mo f thre e years, * (3 )

' B y structurin g th e sal e a s asal e o f al l o f th e asset s o f

th e VJ C throug h a

n asse t purchas e agreement , th e Receive r

i s abl e t o streamlin e th e sale s proces s an dsel l th e asset s "a s is, " withou t an y furthe

r warrantee s wit

h respec t t o thos e assets . Th e Receive r wil l maintai n confrol an downershi p o f

Venic e Je t

Center , LLC . ("LLC") . However , th e LL C wil l hav e n o asset s an dn o continuin g busines s other than th e collectio n o f

payment s o f

th e promissor

y note tha t i s part o f thi s sale . Th e Receive r

believe s tha t

thi s structure i s i n th e bes t interest s o f th e Receivership . * Th e term s o f

th e not e requir e tha t

Tristat e obtai n th e Receiver' s writte n consen t to sell , transfer , o r

otherwis e encumbe r

any o f th e asset s subjec t

t o th e Asse t

Purchas e Agreemen t outsid e th e scop e o f

th e ordinar

y cours e o f

business . Th e not e require s paymen t o f simpl e
1 0Cas e 8;09-cv-00087-RAL-TB M Documen t 25 4 File d 12/1 1 /0 9 Pag e 1 1 o f 2 2

resolv e th e loa

n with Northe mTrus t

suc h tha t Tristat e wil l b e name da s th e ne w debtor , an d (4 ) assum e prosecutio n o f th e Part 1 6 Complain t

subjec t t o a n offse t o f th e not e obUgation s t o th e Receive r

up t o $50,00 0 fo

r expense s an dcost s actuall y incurre di n connectio n wit h effort s t o resolv e al l dispute s with th e City , includin g th e Part 1 6 Complaint . I n return , th e Receive r

agree s t o (1 ) sel l an dfransfer al l right s i n th e asset s liste don Exhibi t A t o th e Asse t

Purchas e Agreemen t

o n a n "A s Is, " "Wher e Is " basi s withou t an y warrantie s o f

any kin dan dwithou t

any indemnificatio n provision s o f an y kin dan d(2 ) transfe r b y assignmen t

VJC' s right s an dinterest s i n it s leas e with th e Cit y an dtw o subleases . Th e tw o sublease s (collectively , th e "subleases" ) are : (1 ) th e subleas e agreement b y an d betwee n th e VJ C an dHert z Corporation , aca r rental company (th e "Hert z sublease") ; an d(2 ) th e subleas e agreemen t

by an dbetwee n th e VJ C andth e Cockpi t Cafe , LLC , arestauran t

(th e "Cockpi t Caf e sublease"). ' Th e cas h pai da t closin g an dth e resolutio n o f th e Northe mTrus t loan alon e provid e greate r valu e t o th e Receivershi p than an y othe r offe r receive dfor

th e purchas e o f

th e VJC . Th e fransaction i s conditione do n a n Order o f th e Cour t approvin g thes e terms . VJC' s Leas e wit h Cit v

interes t a t arat e o f 4 % pe r annum . Principal payment s unde r th e not e wil l b e amortize dove r a15-yea r perio dwith aballoo n paymen t upo n maturity o f

th e not e o n Novembe r

13 , 2012 . Tristat e may obtai n u p t o tw o extension s o f paymen t o f th e not e upo n maturity provide dtha t i t i s reasonabl e for

th e Receive r

t o consen t

t o suc h extension s an dTristat e pay s additional fee s o f 2 % o f th e outstandin g loan balanc e for eac h extension . Monthl y payment s o f principa l an dinteres t

woul dcontinu e durin g th e termo f any extension . Th e VJ C wil l als o assig n it s right s i n th e Part 1 6 proceedin g tha t

wil l b e continue db y Tristate .

1 1Cas e 8:09-cv-00087-RAL-TB M Documen t 25 4 File d 12/11/0 9 Pag e 1 2 o f 2 2

Th e Cit y wa s deede dth e airpor

t property b y th e federa

l governmen t

pursuan t to th e Surplu s Propert

y Ac t o f 1944 fo r th e purpos e o f

operatin g ageneral aviatio n facility . Th e VJ C entere dint o aleas e agreemen t wit h th e Cit y o n Ma y 23 , 200 6 t o operat e a s a n FB O a t th e airport . Pursuan t

t o th e leas e agreement : [VJC ] shal l no t

assig n thi s lease , or

an y interes t i n thi s lease , o r

suble t th e lease dpremises , or

an y part o f th e premises , o

r an y right

o r privileg e appurtenan t

t o it , or allo w an y perso n other

tha n [VJC ] an d[VJC's ] agent s an d employee s t o occup y or

us e th e premise s or

an y part o f them , withou t

firs t obtainin g [th e City's ] writte n consent , whic h consen t shal l no t

b e unreasonabl y withheld . (emphasi s added) . B y alette r

attache dheret o a s Exhibi t 5 tha t wa s dehvere dt o th e Cit

y o n Decembe

r 11 , 2009 , th e Cit

y wa s provide dacop y o f

thi s motio n an daske dt o consen t t o th e transfe

r of VJC' s lease . Base dupo n th e City' s pas t conduct , th e Receive r

ha s caus e t o believ e there i s a substantial likelihoo dth e Cit y wil l unreasonabl y v/ithhol dconsen t t o th e transfer

of th e VJC' s lease.' ° Th e Cit

y continue s t o engag e i n conduc t designe dt o preven t

developmen t

o f th e VJC' s leasehold , eve n thoug h th e FA A ha s o n multipl e occasion s directe dth e Cit y to approv e th e hanga

r project . Indee dth e Cit

y ha s tiiwartedth e VJC' s effort s an dha s bee n overtl y obstructionis t

to preven t

th e VJ C frombuildin g th e hangars . Th e City' s action s include :

• denyin g th e VJC' s reques t t o construc t

fou r bo x hangar s i n Jul y 200 8 even thoug h th e propose dconstructio n complie dwit h al l applicabl e plannin g an d

' ° Shoul dth e Cit

y consen t t o th e transfer

o f th e lease , th e Receive r

i s unawar e o f

an y reaso n why th e Cour

t coul dnot expeditiousl y approv e thi s sale .

1 2Cas e 8:09-cv-00087-RAL-TB M Documen t 25 4 File d 12/11/0 9 Pag e 1 3 o f 2 2

buildin g cod e provision s an dme t al l Minimu mStandard s fo r th e Venic e Municipal Airport

an dFixe dBase dOperation s (th e "minimu mstandards") ; denyin g th e VJC' s reques t t o construc t

hangar s i n Augus t

200 8 andrequirin g th e VJ C t o submi t

a"concep t

plan, " eve n thoug h th e VJ C ha dno t previousl y bee n require dt o produc e aconcep t pla n whe n i t

buil t it s first hangar s o n th e leasehold ; misrepresentin g t o th e FAA i n September 200 8 tha t

th e reaso n th e VJC' s reques t wa s denie dwa s tha t

th e VJ C mad e n o forma l reques t t o buil dth e hangars ; seekin g legal advic e a s t o whether th e Cit y coul dterminat e th e VJC' s lease ; ignorin g thre e separat e letter s fromth e FA A encouragin g approva l o f th e VJC' s hangar s projec t

an dwarnin g tha t

denyin g th e reques t

woul db e confrar

y to federa l gran t assurances ; ignorin g advic e receive dfromth e Cit y Attorne y an dit s outsid e counse l tha t warne dth e Cit

y woul dlikel y b e expose dt o liability i f i t continue dt o den

y th e VJC' s reques t

t o buil dth e hangars ; denyin g th e VJC' s writte n reques t date dFebruar

y 2 , 200 9 t o buil dth e hangars ; assertin g for

th e first tim e o n February 4 , 2009 , tha t th e curren t

Airpor t Layout Pla n ("ALP" ) prohibite dconstructio n i n th e are asought t o b e improve dan dthe n ignorin g th e FAA' s communicatio n uidicatin g th e AL P

1 3Cas e 8:09-cv-00087-RAL-TB M Documen t 25 4 File d 12/11/0 9 Pag e 1 4 o f 2 2

presente dn o suc h barrie r t o th e projec t

an dagai n encouragin g th e Cit y t o approv e construction ;

• denyin g th e VJC' s writte n reques t date dFebruary 25 , 200 9 t o bud dth e hangars ;

• formall y denyin g th e VJC' s reques t on Marc h 10 , 200 9 a

t aCit y Counci l meetin g andcontendin g th e VJC' s leas e wa s voi dbecaus e th e compan y i s i n receivership ;

• seekin g ye t

another legal opinio n t o determin e whethe r th e Cit y coul d terminat e th e VJC' s leas e becaus e th e compan y i s i n receivership ;

• ignorin g it s outsid e counsel' s opinio n that th e VJC' s leas e remain s vali dan d enforceabl e andareasonabl e constructio n o f th e leas e permit s additional hangars ; and

• denyin g th e VJC' s reques t t o buil dhangar s o n th e basi s that th e Receive

r di d no t demonstrate fmancia

l capabilit y despit e th e fac t

that : (1 ) th e VJ C ha

d no t previousl y bee n require dt o demonstrate financial capabilit y to bml dhangars ; (2 ) n o other

airpor t tenant s wh o hav e buil t

hangar s hav e bee n require dto sho w financial capability ; and(3 ) th e VJ C ha s satisfie dth e financial capability requirement . Th e forgoin g pattern o f

conduc t strongl y suggest s th e City wil l withhol dconsent unreasonabl y an dwithou t accountability i n absenc e o f acour t orde r requirin g th e Cit

y t o demonstrat e why th e transfer o f th e leas e shoul dno t

occur . Tristat e i s aqualifie dpurchaser with a n experience dmanagemen t tea mplainl y capabl e o f

effectivel y operatin g th e FB O i n

1 4Cas e 8:09-cv-00087-RAL-TB M Documen t 25 4 File d 12/1 1 /0 9 Pag e 1 5 o f 2 2

accordanc e with FAA guideline s andairpor t standards . There i s n o reasonabl e basi s fo r th e Cit y to withhol dit s consen t

t o th e transfer

o f th e leas e t o Tristate , an dt o allo w th e transfe r o f al l rights a s se t

fort h i n th e Lease , includin g quie t enjoyment , an

dth e Cour

t shoul dapprov e tha t transfer . Subleases . Fue l Lease s an dFue l Obligatio n Agreemen t Th e Cour t als o shoul dapprov e th e transfe r t o Tristat e o f

th e VJC' s sublease s wit

h Hertz an dth e Cockpi t

Cafe . Th e Hert z subleas e involve s th e operatio n o f aca r rental busines s an dth e Cockpi t

Caf 6 subleas e involve s th e operatio n o f arestauran t

o n th e VJC' s premises . Th e sublease s ar e appurtenan t

t o th e operatio n o f

th e VJ C an dmus t

b e transferre d t o ensur e th e continuatio n o f

thos e operations . A s part o f th e Asse t

Purchas e Agreement , Tristate i s willin g t o assum e th e obligatio n associate dwit h th e assignmen t

o f thes e subleases . Accordingly , thi s Cour

t shoul dapprov e transfe r

o f th e sublease s t o Tristat e £i s well . Th e VJ C currentl y ha s existin g agreement s with Hiller Grou p Incorporate d("Hiller Group" ) whic h wil l b e terminated . Th e VJ C ha s aRefueler Leas e Agreemen t

wit h th e Hiller Grou p fo r th e leas e o f

tw o fue l vehicle s ("Refueler

Agreement") . Th e leas e agreement wa s entere dint o o n Jul y 1 , 200 6 an dterminate s Jul y 1,2011 . Th e VJ C als o ha s a n Aviatio n Fue l Supply Agreemen t

wit h th e Hiller

Group , Inc . for

th e provisio n o f

je t fuel t o th e VJ C ("Fuel Supply Agreement") , Thi s agreemen t wa s entere dint o o n December 1 , 200 6 an di s se t

to terminate o n Novembe r

30 , 2011 . Tristat e ha s it s ow n equipmen t an dfuel suppl y andi s no t intereste di n assumin g thes e agreements . Onc e th e asset s o f th e VJ C hav e bee n sold , neither th e LLC no r

th e Receive r

wil l hav e an

y busines s reaso n t o continu e thes e agreement s and wil l no t hono r them . Th e Hiller

Group ha s bee n informe dtha t Tristat e wil l no t

assume

1 5Cas e 8:09-cv-00087-RAL-TB M Documen t 25 4 File d 12/1 1 /0 9 Pag e 1 6 o f 2 2

responsibility under

th e VJC' s Refuele

r Agreemen t

o r Fue l Suppl y Agreemen t

an di t ha s agree dt o th e terminatio n o f thos e agreement s at

th e tim e o f

th e sale.' " Exhibi t

4 , f 38 . 

### II . NORTHER NTRUS T AGREEMEN T A s par t of th e negotiation s wit

h Tristat e t o sel l th e VJC' s assets , i t wa s necessar

y fo r th e Receive r

t o negotiat e certai n obligation s owe dt o Northe mTrus t b y th e VJC , a s wel l a s othe r Receivershi p entities . Th e Receive r ha s reache da

n agreemen t

wit h Northe mTrus t

tha t wil l alleviat e significant

obligation s owe dt o th e bank . Th e Northe mTrus t Agreement , attache dheret o a s Exhibi t 2 , resolve s th e followin g obligations :

• Northe mTrus t

mad e aloan t o Scoo p Capital ("Scoo p Capita l Loan" ) i n th e amount o f $1,500,000 . Scoo p Capital i s responsibl e fo r th e payof f amount o f thi s loan , whic h wa s $1,534,94 1 a s o f Octobe r 27 , 2009 .

• Th e Scoo p Capital loa n i s secure db y acertificate o f deposi t i n th e amoun t

o f $1,500,00 0 witi i amaturit y dat e o f Decembe r

1 , 201 1 ("CD") . Th e valu e o f earl y surrende r

o f th e C D i s approximatel y $1,515,853 , not includin g penaltie s an dfees .

• A n interes t

rat e swa p agreemen t

("Scoo p Capital Swap" ) i n th e amoun t o f $133,00 0 a s o f

October 27 , 2009 , fo

r whic h Scoo p Capita

l i s als o responsible , accompanie dth e Scoo p Capital Loan .

' ' Ha dth e Hiller

Group not

agree dt o th e terminatio n o f thos e agreements , i t

woul dhav e had th e opportunit

y to pursu e any clai mi t

believe di t

ha da s aresul t

o f th e terminatio n of

thos e agreement s i n afutur

e claim s proces s i n thi s case .

1 6Cas e 8:09-cv-00087-RAL-TB M Documen t 25 4 File d 12/11/0 9 Pag e 1 7 o f 2 2

• Northe mTrus t

mad e aloa

n to th e VJ C fo

r $1,960,16 9 ("VJ C Loan") . The VJ C i s responsibl e for

th e payof f amount fo r thi s loan , whic h wa s $1,976,99 8 a s o f October 27 , 2009 .

• A n interes t

rat e swa p agreemen t

("VJ C Swap" ) i n th e amount o f $247,00 0 a s o f October 27 , 2009 , for

whic h VJ C i s als o responsible , accompanie dth e VJ C Loan .

• Th e Receive r

ha s take n contro l of

aresidential property locate da t 1557 6 Fnaitvill e Road , Sarasota , Florid a("Fruitvill e Roa dProperty") . Northe m Trus t hold s amortgag e on th e Fruitvill e RoadPropert y i n th e amount

o f $173,92 9 an dth e payof

f amoim t fo r thi s mortgag e wa s $181,93 8 a s o f October 27 , 2009 .

• Northe mTrus t

ha dbankin g relationship s with Arthur Nade l a s wel l a s certai n Receivershi p entities . Th e Receive r

ha s reviewe dthes e obligation s an dth e bankin g activitie s i n order t o brin g th e sal e o f

th e VJC' s asset s t o firuition. Followin g prolonge dnegotiations , th e Receiver an dNorthe mTms t

hav e reache dth e followin g agreement , a s se t fort h mor e fully mExhibi t 2 .

• Northe mTms t wil l releas e th e Receive r froman y deficienc y owe do n th e Scoo p Capital Loan an dal l liabiUt y fo r th e Scoo p Capital Swap . I n return , th e Receive r ha s agree dt o abando n al l furthe r claim s t o th e CD securin g th e Scoo p Capita l Loan , th e proceed s o f

whic h wd U appl y t o pa y th e debt .

1 7Cas e 8:09-cv-00087-RAL-TB M Documen t 25 4 File d 12/11/0 9 Pag e 1 8 o f 2 2

• Th e Receiver

agree s t o sel l th e VJ C t o Tristate an dwil l retai n th e proceed s o f th e sale . Northe mTrus t

andTristat e hav e negotiate dane w loan . Northe mTms t ha s agree dt o releas e th e Receive r froman y deficienc y unde r th e VJ C loan an

di s waivin g al l payment s on th e VJ C swap .

• Wit h respec t t o th e Fruitvill e Roa dProperty , th e Receive r wil l continu e hi s effort s to sel l th e property . Upo n th e sal e of thi s Property , Northe mTms t wil l b e paid , in frill satisfactio n o f

th e mortgag e o n th e Property , th e principa l amoun t of th e mortgag e owe dwhe n th e Propert y becam e aReceivershi p asset , exclusiv e o f a U fee s an dpenalties , provide dasal e o f th e property i s close dwithi n on e yea r o f thi s Court' s order

approvin g th e agreemen t

an dtransaction . I f

th e sal e o f

th e Propert

y i s no t close dwithi n th e on e yea r period , th e Receive r

wil l agre e t o furthe

r negotiate i n goo dfait

h with th e Ban

k regardin g dispositio n o f

th e Property .

• Th e Receive r

ha s release dNorthe mTras t o f a U potentiail claim s tha

t th e Receiver ha s o r ma y hav e agains t

th e ban k

a s aresul t

o f Northe mTmst' s bankin g relationship s with Nade l o r th e Receivershi p Entities'" ^ an dwU l continu e t o us e Northe mTras t

a s on e o f hi s depositor

y banks . A s aresul t

of thi s agreement , Northe mTms t i s waivin g ove

r $400,00 0 i n swa

p penaltie s andapproximatel y $1,000,00 0 o f deb t olDligations , an dth e Receivershi p wil l gai n ove r $500,00 0 fromth e sal e o f th e VJC' s assets . Accordingly , i t i s th e Receiver' s positio n

^ ^ Th e Receive r

ha s examine dinformatio n relatin g t o Northe mTrust' s bankin g relationshi p wit h th e Nadel s an dth e Receivershi p Entities . Th e Receive r ha s conclude dtha t

n o significan t viabl e claim s agains t

Northe mTms t

exist . An y possibl e claim s tha t do exis t woul dhav e littl e potentia l valu e t o th e Receivershi p an dwoul db e subjec t t o significant litigatio n risks.

1 8Cas e 8:09-cv-00087-RAL-TB M Documen t 25 4 File d 12/1 1 /0 9 Pag e 1 9 o f 2 2

an drecommendatio n that th e propose dagreement

wit h Northe mTms t

shoul db e approve d becaus e i t

provide s substantial fund s fo r th e Receivershi p an dalleviate s significan t obligation s th e Receivershi p woul dotherwis e have . Th e Receive r beUeve s that

th e concession s b y Northe mTms t set fort h abov e surpas s th e valu e o f pursuin g an y possibl e litigatio n agains t

Northe mTrust . Accordingly , th e Receive r ask s tha t thi s Cour

t ente r a n orde r approvin g th e Northern Tms t Agreemen t

attache dheret o a s Exhibi t 2 . III . MEMORANDU M O F LA W Th e Court' s power

t o supervis e a

n equit y receivershi p andt o detemun e th e appropriat e action s t o b e take n i n th e administratio n o f th e receivershi p i s exfremely broad . Securitie s Exchang e Comm' n v . Elliott , 95 3 F.2 d1560 , 156 6 (11th Cir . 1992) ; Securitie s Exchang e Comm' n v . Hardy , 80 3 F.2 d1034 , 103 8 (9ti i Cfr . 1986) . Th e Court' s wid e discretio n derive s fromth e inheren t power s o f

a n equit y cour t t o fashio n relief

. Elliott , 95 3 F.2 da t 1566 ; Securitie s Exchang e Comm' n v . Safet y Financ e Service , Inc. , 61 A F.2 d368 , 37 2 (5t h Cir . 1982) . Th e relie f

sought b y th e Receiver

fall s squarel y withi n thos e powers . Thi s relie f include s approval o f

th e dispositio n of

asset s an dsettiemen t

o f claims . Th e Cour t als o ha s th e power

t o compe l th e fransfer

t o Tristat e o f

th e VJC' s leas e witi i tiie City . See , e.g. , Rin g v . Mpat h Interactive , Inc. , 200 5 WL 107656 1 (2 dCir . 2005 ) (holdin g that

"landlor dfaile dt o demonstrat e existenc e o f an y reasonabl e justificatio n fo r withholdin g consen t

t o Tenant' s assignmen t

o f th e lease " whe n th e only zissertedreaso n fo r withholdin g wa s abelie f

th e purchase r

woul db e afinancial risk) ; Chrysle r Capita l Corp . v . Lavender , 93 4 F.2 d290 , 29 4 (11t h Cir . 1991 ) (affmnin g finding tiiat refusa l t o consen t

t o th e

1 9Cas e 8:09-cv-00087-RAL-TB M Documen t 25 4 File d 12/11/0 9 Pag e 2 0 o f 2 2

leas e wa s commerciall y unreasonabl e an dlesse e wa s thu s excuse dfromfurthe r performanc e under th e lease) ; Buck

Consultants , Inc . v . Glenpointe Assoc , 200 7 W L 431149 , * 9 (3 dCir . 2007 ) (affirmin g distric t

court' s holdin g tha t

landlord' s refusa

l t o consent

to propose d subleas e wa s unreasonabl e an di n breac h o f lease' s reasonabl e consen t claus e bu t

reversin g distric t court' s detemunatio n t o terminat e th e lease) ; Murphy v . 25 3 Garth Tenant s Corp. , 57 9 F.Supp . 1150 , 115 6 (S.D.N.Y . 1983 ) (grantin g mandator y injunctiv e reUe

f to plaintif

f whe n consen t

t o th e transfer

o f cooperativ e housin g share s wa s unreasonabl y withheld) ; Fourcho n Docks , Inc . v. Milchem , Inc. , 198 7 WL 8036 , * 1 (E.D . La . 1987 ) (discussin g tha t tenan t ma y see k " ajudicia l declaratio n tha t th e withholdin g o f

consen t wa s unreasonabl e and tha t th e subleas e wa s therefore valid") . Th e Cour t shoul dexercis e that

powe r s o th e Cit

y canno t sabotag e th e sal e o

f VJC' s asset s b y delayin g or

unreasonabl y withholdin g consen t t o atransfer

o f pertinen t leases . Th e Receiver an dhi s professional s hav e spen t asubstantial amoun t

o f tim e marketin g an d negotiatin g th e sal e of

th e VJC' s assets , an dhav e foun daqualifie dandexperience d purchase r an dnegotiate dasal e that i s i n th e bes t

interest s o f

th e Receivershi p estate . Th e City' s pas t

conduc t an dit s Counci l Member' s publi c statement s demonstrat e areal likelihoo d th e Cit y may tr y t o dela

y or otherwis e rejec t

th e requeste dleas e transfer s i n a n effor t t o preven t th e sal e o f

th e VJC' s asset s s o the y may b e ultimatel y rendere dworthless . T o balanc e th e interes t

o f th e Receivershi p an do f

th e City , th e Receive r

respectfull y suggest s th e Cour t provid e th e Cit

y wit h 1 5 calenda

r day s t o revie w th e tiansaction that i s th e subjec t o f thi s motio n an dt o objec t t o th e transfer

o f th e lease s an dsubleases . Th e Cour t coul dthe n revie w thos e objection s andmak e afinal determinatio n o f whethe r th e transactio n —

2 0Cas e 8:09-cv-00087-RAL-TBI\/ l Documen t 25 4 File d 12/11/0 9 Pag e 2 1 o f 2 2

includin g th e transfer

o f th e lease s andsublease s —shoul db e approved . Thi s procedure woul dprevent

th e Cit y fromimproperl y thwartin g th e propose dsal e o f th e VJC' s eissets . WHEREFORE , Burto n W . Wian da s Receive r respectfull y request s thi s Cour t ente r a n Order' ^ allowin g th e Cit y o f Venic e to file wit

h th e Cour

t an y objection s i t

ma y hav e wit

h respec t t o approval o f

th e sal e a s provide dherei n withi n 1 5 day s o f th e City' s receip t

of thi s motion ; (1 ) Approvin g th e sal e o f VJC' s asset s a s provide di n th e Asse t Purchas e Agreemen t

a s attache dheret o a s Exhibi t 1 ; (2 ) Transferrin g al l o f th e VJC' s rights , titie , an dinteres t i n th e leas e wit

h th e Cit y andth e sublease s with Hert z an dth e Coclq)i t

Caf e t o Tristat e fo

r th e unexpire dterm s state dtherein , includin g th e righ t to b e substitute di n th e VJC' s steadi n th e proceedin g before tiie FAA (FAA Docke t No . 16-09-05) ; (3 ) Grantin g Tristat e al l right s appurtenan t t o thos e lease s includin g bu t no t limite dt o th e quie t

enjoymen t

andth e righ t

t o developmen t

o f th e same ; an d (4 ) Approvin g th e agreement betwee n th e Receive r

an dNorthe mTms t

a s reflecte di n th e Northe mTms t Agreemen t

attache da s Exhibi t

2 . LOCA L RUL E 3.01(g ) CERTIFICATIO N O F COMPLIANC E Counse l fo

r th e Receive r

ha s conferre dwith counse l fo r th e SEC an di s authorize d to represen t to th e Cour

t tha t thi s motio n i s unopposed . Th e SE C doe s no t objec t t o th e requeste drelief

, bu t takes n o positio n o n an

y xmderlyin g dispute s with th e City .

1 3 A propose dorder

grantin g thi s Motio n i s attache da s Exhibi t 6 . 2 1Cas e 8:09-cv-00087-RAL-TB M Documen t 25 4 File d 12/11/0 9 Pag e 2 2 o f 2 2

CERTIFICAT E O F SERVIC E I hereb y certif

y tha t o n Decembe r

11 , 2009 , I electronicall y file dth e foregoin g wit h th e Cler k o f th e Cour t by usin g th e CM/EC F system . I furthe r certif y that I maile dth e foregoin g documen t

andth e notic e of

electroni c filing b y first-clas s mai l t o th e followin g non-CM/EC F participant : Arthu r G . Nade l Registe r No . 50690-01 8 MC C New Yor

k Metropolitan Correctional Center 15 0 Par k Ro w Ne w York , N Y 10007

s / Gianluc aMorell o Gianluc aMorello , FB N 03499 7 Email : gmorello@wiandlaw.co m WIAND GUERR A KIN G P.L . 300 0 Bayport

Driv e Suit e 60 0 Tampa , FL 3360 7 Tel. : (813)347-510 0 Fax : (813 ) 347-515 5 Attorney s fo r

th e Receiver , Burto n W

. Wiand

22Cas e 8:09-cv-00087-RAL-TB M Documen t 254- 1 File d 12/ 1 ^;^c6f§Sl ^ f feisiON

ASSE T PURCHAS E AGREEMEN T THI S AGREEMENT , effectiv e a s o f Novembe r

16 , 200 9 (tii e "Effectiv e Date" ! b y an d betwee n TRISTAT E AVIATIO N GROU P O F FLORID A LLC , aFlorid alimite dUabiUt y company (th e "Buyer" ) an dBURTO N W . WIAN D (th e "Seller") , a s Receive r o f VENIC E JET CENTER , LLC , aFlorid ahmite dhabilit y compan y (di e "Company") . RECITA L WHEREAS , th e Unite dState s Distric t Cour t for fhi e Middl e Distiic t

of Florida , Tamp a Divisio n (th e "Court") , appomte dBurto n W . Wian do n Januar y 21 , 2009 , an dreappointe dMr . Wian do n Jun e 3 , 2009 , a s Receive r o f th e Company , amon g othe r receivershi p entitie s (collectively , th e "Receivership") , i n th e actio n style dSecuritie s an dExchang e Commission v . Arthu r Nadel , e t al , Cas e No : 8:09-cv-87-T-26TB M (th e "Action") . WHEREAS , th e Company own s certamproperties , includin g bu t are no t limite dt o operatin g equipment(s) , an dbuilding s locate dat 22 0 Airpor

t Ave . E . an d40 0 Airpor

t Ave . E. , Venice , Florid a3428 5 andth e leas e b y an dbetwee n th e Company an dth e Cit y o f Venic e (th e "Citv" ) date dMa

y 23 , 200 6 (th e "Lease" ) (collectively , th e "Assets") . Th e Asset s ar e more particularl y describe do n Exhibi t A . WHEREAS , Seller

desfre s t o sel l an dBuye r desire s t o purchas e th e Asset s pursuant t o th e term s an dcondition s set fort h herein . NOW , THEREFORE , i n consideratio n o f th e foregoin g an dfor

other goo dan dvaluabl e consideration , th e receip t

an dsufficienc y o f

whic h are hereb y acknowledged , th e partie s agre e a s follows : OPERATIV E TERM S 1 . Sal e an dTransfer

o f Assets . (a) Seller

shal l sell , transfer , an ddeHve r t o Buyer , pursuan t

t o th e Order

(a s define dherein ) fromth e Court , an dBuye r shal l purchas e fromSeller : (1 ) al l o f th e Seller' s rights, titie, an dinteres t i n th e Asset s describe do n Exhibi t A . fi-ee an

dcleai

- o f al l hens , claims , encumbrances , an drestiiction s a s specifie di n th e Order ; (2 ) thos e assets , includin g bu t

ar e no t limite dt o accoxmting software , busines s records , phon e number s an

dservic e accounts , use db y th e Company i n it s norma l cours e o f busines s an d t o b e use db y Buyer

for th e sam e purpose ; an d(3 ) th e Seller' s rights , titie, an dinteres t i n th e actio n style dVenic e Je t Center , LL C v . Cit

y o f Venice , IcAA. Docke t

No : 16-09-05 . (b ) Th e Asset s ar e sol do n a n "A S IS " "WHER E IS " BASIS , WIT H AL L FAULT S AN D WITHOU T REPRESENTATIONS , EXPRES S O RIMPLIED , O F AN Y TYPE , KIND , CHARACTE RO RNATURE , INCLUDIN G BU T NO T LIMITE D TO , SUITABILIT Y O F TH E ASSET S FO RAN Y USE , AND WITHOU T WARRANTIES , EXPRES S O RIMPLIED , O F AN Y TYPE , KIND , CHARACTE RO RNATURE , INCLUDIN G BU T NO T LIMITE D TO ,

42363102v 9 

### EXHIBI T 1Cas e 8:09-cv-00087-RAL-TB M Documen t 254- 1 File d12/ 1 V§|pu.r*^T>^*^tjicro> j

SUITABILIT Y O F TH E ASSET S FO RANY USE , AND WITHOU T RECOURSE , EXPRES S O RIMPLIED , O F AN Y TYPE , KIND , CHARACTE RO RNATURE , SAV E AN D EXCEP T TH E EXPRES S REPRESENTATION S AN D WARRANTIE S SE T FORT H I N SECTIO N 1 0 HEREOF . 2 . Contingencies . Thi s Agreemen t i s contingen t

onl y upo n Selle

r obtainin g approva

l o f th e Cour t (th e "Order" ) to : (1 ) sel l Buye r Asset s describe don Exhibi t A free an dclea

r of a U liens , claims , encumbrances , an dresfrictions ; (2 ) fransfer t o Buye r

viaassignment

an d assumptio n al l o f

th e Company' s right , title an dinteres t i n an dt o th e Leas e an dSublease s fo r th e unexpire dtermstate dtherein ; an d(3 ) gran t Buye r quie t enjoyment

o f th e Leas e an dSublease s assigne dt o andassume db y Buye r (collectively , th e "Contingencies") . Th e Sublease s reference d mthi s Sectio n are : (1 ) th e Subleas e Agreemen t b y an dbetwee n th e Company andth e Hertz Corporation , aDelawar e corporatio n ("Hertz") , date d; an d(2 ) th e Subleas e Agreemen t

b y andbetwee n th e Company an dCockpi t Cafe , LLC , aFlorid alimite dhabilit y compan y ("CaK") , date dFebruar y 26 , 2008 . Hert z an dCaf e ar e eac h a"Sublessee " in th e Subleases . 3 . Purchas e Price . (a) Th e purchas e pric e t o b e pai db y Buyer t o Selle r fo r th e Asset s shal l b e th e su mo f Fiv e Hundre dFift

y Thousan dDollar s an dNo/10 0 ($550,000 ) (th e "Purchas e 

### Price") . (b ) Th e Purchas e Pric e sha U b e pai dat

th e Closin g (hereinafter

defined) a s follows : (i ) Cas h o r it s equivalen t

i n th e amount

o f Thre e Hundre dThousan d Dollar s an dNo/10 0 ($300,000) ; an d (ii ) Delivery o f

adul y signe dPromissor y Not e (th e "Note" ) it

i th e amount o f Tw o Hundre dFift

y Thousan dDoUar s an dNo/10 0 ($250,000 ) substantiall y i n th e for

mattache dheret o a s Exhibi t B . 4 . Earnes t

Mone y Deposit . Buye r shal l delive r

t o Selle r

earnes t mone y i n th e amoun t o f Te n Thousan dDollai- s an dNo/10 0 ($10,000.00 ) (tii e "Deposit" ) o n o r before tiie Effectiv e Date . (a) Th e Deposi t shall , i f Buye r close s o n th e purchas e o f th e Propert

y a s contemplate dhereby , b e credite dtowar dth e Purchas e Pric e at th e Closing . (b ) Buye r

hereb y acknowledge s an dagree s tha t th e Deposi t

become s nonrefundabl e o n th e earlie r o f th e Closin g Dat e o r

th e dat e o f

whe n Buye r

confirm s wit

h Seller tha t i t i s unwillin g o r

unabl e t o clos e th e purchas e o f th e Property fo

r any reason , provide dthat

Seller ha s alread y satisfie dth e Contingencies . (c ) I n th e even t

tha t Seller canno t satisf y th e Contiagencie s withi n thirty (30 ) day s fromth e dat e o f

th e issuanc e o f

th e Orde r

(th e "Contiagencie s Period") , or otherwis e unabl e t o conclud e th e transactio n contemplate dhereunder , Seller shal l retur

n 42363102v 9Cas e 8:09-cv-00087-RAL-TB M Documen t 254- 1 File d 12/ 1 

## Mc^&^^IO N

th e Deposi t

t o Buye r withi n Fiftee n (15 ) busines s day s followia g th e expfratio n o f th e Contingencie s Period . (d ) Buye r

aclcnowledge s an dagree s tha t n o interes t

wil l b e pai don th e Deposit . 5 . Closing . Th e closin g o f tiie fransaction contemplate db y thi s Agreemen t an d delivery o f

th e Bi U o f Sal e (heremafter

defined ) (th e "Closing" ) shal l occur b y th e Closin g Dat e (hereinafter

defined) . Th e Closin g shal l b e conducte da t suc h locatio n a s th e Partie s ma y mutuall y agre e i n writing . 6 . Closin g Date . Buye r an dSeller

agre e tha t

Closin g shal l occur

o n
, 2009 . 7 . Post-Closin g Condition . Withi n 6 0 day s followin g th e Closing , bu t n o late r than January 15 , 2010 , i f

th e actio n take n or

th e omissio n t o ac t

b y th e Northe mTrus t

Banl c ("Northe mTrust" ) constitute dan "Even t o f Default " unde r

th e Tristat e Loan (a s hereinafter defined) , andsuc h Even t

o f Defaul t wa s not cure db y Norther n Trus t

i n amanner

satisfactor

y t o Buyer , Buye r

shal l hav e th e righ t

t o terminat e thi s Agreemen t i n it s entiret

y an dseek

return o f al l monie s pai dt o Seller

i n performanc e o f

thi s Agreement . Buye r

acknowledge s an dagree s tha t th e Post-Closin g Conditio n specifie di n thi s Sectio n shal l terminat e n o later tha n Januar

y 15 , 2010 ; thereafter . Buyer

shal l continu e t o perfor mth e require dobligation s se t fort h i n thi s Agreemen t

regardles s o f

th e performance , o

r th e lac k thereof , b y Northe mTrus t

i n th e Tristat e Loan . 8 . Buyer' s Deliverie s a t Closing . A t

th e Closing , Buye r

shal l deliver

th e followin g item s t o Seller : (a) th e Purchas e Pric e for th e Assets , payabl e i n th e manne r describe di n Sectio n 3(b ) above ; (b ) adul y signe dNot e substantiall y i n th e formattache dheret o a s Exhibi t B . (c ) signe dassignment s an dassumption s o f th e Leas e an dSublease s substantiall y i n th e for

mattache dheret o a s Exhibi t C . (d ) acertifie dcop y o f th e resolution s o f

th e Member(s ) an dManager(s ) o f Buyer authorizin g th e transaction s contemplate db y thi s Agreement ; (e ) aresolutio n o f

th e loan wit

h Northe mTrus t

conformin g t o th e ne w term s an dcondition s a s require db y Buye r (th e "Tristat e Loan" ) namin g Buye r a s th e ne w debtor ; an d (f ) suc h othe r

document s an dcertificate s a s Seller ma y reasonabl y an dtimel y request . 9 . Seller' s Deliverie s at Closing . At

th e Closing , Seller

shal l delive r

th e follovdn g item s t o Buyer : 42363102v 9Cas e 8:09-cv-00087-RAL-TB M Documen t 254- 1 File d 12/ 1 

## ^^cB^5 d ^EISIO N (a) aBil l o f

Sal e i n th e for

mattache da s Exhibi t

D hereto , dul y signe db y Seller ; (b ) anOrderfi-o mth e Cour t approvin g th e sal e o f

th e Assets ; (c ) aletter

signe db y Seller

directin g al l ren t

paymen t receivabl e t o Buyer followia g Closing ; (d ) a n acknowledgemen t

o f terminatio n o f

Hille r Group Refule

r Agreemen t an dHille r Group Refuler

Leas e Agreement ; (e ) aresolutio n agreeabl e t o th e Buyer o f th e fue l obligatio n owe dto Sarasot a Count y Sheriff' s Offic e b y Seller ; (f ) signe dassignment s an dassumption s o f th e Leas e an dSublease s substantiall y i n th e for

mattache dheret o a s Exhibi t C ; (g ) asatisfactio n o f

th e loa n wit h Northe mTrus t

(th e "VJ C Loan" ) releasin g Seller a s th e existin g debtor ; an d (h ) suc h other

document s an dcertificate s a s Buye r may reasonabl y an dtimel y request . 10 . Seller' s Representations . Warrantie s an dCovenants . Seller represents , warrants , an dcovenant s t o Buyer

a s follows : (a) Vali dan dEnforceabl e Agi-eement . Thi s Agreemen t constitute s avali d an dbindin g agreemen t

o f th e Selle r enforceabl e i n accordanc e with it s terms . (b ) Titie . (i ) Selle r

acquire dtiti e t o th e Asset s i n th e Actio n describe di n Exhibi t A , an dwit h th e approval of th e Court , th e Asset s shal l b e sol dt o Buye r a s evidence db y th e Bil l o f Sale , substantiall y i n th e for mattache dheret o a s Exhibi t D . free an dclear

o f a U hens , claims , encumbrances , an drestrictions . (ii ) Th e Asset s are sol don a n "A S IS " "WHER E IS " BASIS , WIT H AL L FAULT S AN D WITHOU T REPRESENTATIONS , EXPRES S O R IMPLIED , O F AN Y TYPE , KIND , CHARACTE RO RNATURE , INCLUDIN G BU T NO T LIMITE D TO , SUITABH.IT Y O F TH E ASSET S FO RAN Y USE , AN D WITHOU T WARRANTIES , EXPRES S O R IMPLIED , O F AN Y TYPE , KIND , CHARACTE RO RNATURE , INCLUDIN G BU T NO T LIMITE D TO , SUITABILIT Y O F TH E ASSET S FO RAN Y USE , AN D WITHOU T RECOURSE , EXPRES S O RIMPLIED , O F AN Y TYPE , KIND , CHARACTE RO RNATURE , SAV E AND EXCEP T TH E EXPRES S REPRESENTATION S AN D WARRANTIE S SE T FORT H I N THI S SECTIO N 10 .

42363102^ 9Cas e 8:D9-cv-00087-RAL-TB M Documen t 254- 1 File d 12/ 1 ^ ^ 

### :SIC6??8I5?EISIO N (c ) Assignmen t

o f th e Lease . Th e Order

fromth e Cour

t shal l specifically gran t Buye r quie t enjoyment

o f th e Leas e betwee n th e Company an dth e City , and Sublease s betwee n th e Company an deac h Sublessee , whic h shal l all b e assigne dfromth e Company to an dassume db y Buyer a s th e lessee/sublesso r

a t Closing . (d ) Authority . Th e execution , delivery , an dperformanc e o f thi s Agreement an dan y document s incidenta l thereto , an dth e consummatio n o f th e transaction s contemplate dhereb y hav e bee n dul y autiiorize dan dapprove db y th e Court , an dSelle r ha s a U requisit e corporat e power s an dauthorit y t o consummat e thi s ti-ansaction. (e ) General . Non e o f th e representation s or

warrantie s b y Seller

i n thi s Agreemen t

contain s an y untru e statement o f amateria l fact , or

omit s t o state an

y material fac t necessary t o malc e statement s o r fact s containe dtherei n no t misleading . 11 . Buyer' s Representation s andWarranties . Buye r represent s an dwarrant s t o Selle r a s follows : (a ) Organization . Buyer i s alimite dliabilit

y company dul y organize dand validl y existin g an di s i n goo dstandin g under th e law s o f

th e Stat e of

Florida . (b ) Assumptio n o f

th e Lease . Buye r

expressl y agree s to assum e andperfor m al l o f th e dutie s a s requfre dunde r th e Lease . (c ) Loan . Buyer

expressl y agree s t o assum e th e Uabilitie s i n coimectio n wit h th e VJ C Loa n a s modifie dimde r th e term s of

th e Tristat e Loan , includin g bu t ar e no t limite dt o any an dal l negotiatio n o n modificatio n o f th e term s andth e cos t

associate d thereunder , an dshal l indemnif y an dhol dharmles s forever an y claim s whatsoever , whethe r i n la w o r equity , brough t

agains t Seller afte r th e Closin g Date . (d ) Authority . Th e execution , delivery , andperformanc e o f thi s Agreement an dan y document s incidenta l thereto , an dth e consummatio n o f th e fransactions contemplate dhereb y hav e bee n dul y authorize dan dBuye r ha s al l requisit e corporate power s an dauthority t o consummat e thi s tiansaction. (e ) Vali dan dEnforceabl e Agreement . Thi s Agreemen t constitute s avali d an dbindin g agreemen t

o f Buye r enforceabl e i n accordanc e wit h it s terms . Neither th e executio n an ddehvery of thi s Agreemen t

no r th e consummatio n o f

tiie transaction s contemplate dhereb y violate s o r conflict s with th e Article s o f Organizatio n o r

Operatin g Agreemen t

o f Buye r or , subjec t

t o obtainin g necessary consents , an y agreemen t

or other restrictio n o f

an y lan do r

character t o whic h Buye r

i s aparty or

b y whic h Buyer

i s bound . (f ) Du e Diligence . Buyer ha s conducte dan dcomplete dany an dal l du e diligenc e i t

deem s o r

deeme dnecessary prio r

t o completin g th e purchas e contemplate d herein . (g ) Absenc e o f Warrantie s fromSeller . Buye r acknowledge s tha t

Seller ha s mad e n o warrantie s with respec t to th e Assets . Buye r

i s purchasin g th e Asset s o n a n "A S IS " ''WHER E IS " BASIS , WIT H AL L FAULT S AN D WITHOU T 42363102v 9Cas e 8:09-cv-00087-RAL-TB M Documen t 254- 1 File d 12/ 1 

# Mc^m^msioi ^

REPRESENTATIONS , EXPRES S O RIMPLIED , O F AN Y TYPE , KIND , CHARACTE RO RNATURE , INCLUDIN G BU T NO T LIMITE D TO , SUITABILIT Y O F TH E ASSET S FO RAN Y USE , AND WITHOU T WARRANTIES , EXPRES S O RIMPLIED , O F AN Y TYPE , KIND , CHARACTE R O RNATURE , INCLUDIN G BU T NO T LEVHTE D TO , SUITABILIT Y O F TH E ASSET S FO RAN Y USE , AND WITHOU T RECOURSE , EXPRES S O R IMPLIED , O F AN Y TYPE , KIND , CHARACTE RO RNATURE , SAV E AND EXCEP T TH E EXPRES S REPRESENTATION S AND WARRANTIE S SE T FORT H I N SECTIO N 1 0 ABOVE . (h ) General . Non e o f th e representation s or

warrantie s b y Buyer

i n thi s Agreemen t

contain s any untru e statemen t o f amateria l fact , o r

omit s t o state an

y material fac t necessary t o mak e statement s o r fact s containe dtherei n no t misleading . 12 . Expense s an dTaxes . Eac h party heret o shal l pa y it s ow n expense s an dcost s incident t o th e preparatio n o f

thi s Agreemen t

an dth e consummatio n o f th e transaction s contemplate dhereby , includin g bu t ar e no t Umitedto , attorne y fee s or broke r commissions . I f an y portio n o f

th e fransactions t o b e effecte dpursuan t heret o shal l b e determine dt o b e subjec t t o sale s or us e or an y othe r taxes . Buyer

shal l b e Uabl e therefor e an dshal l promptl y pa y th e same . 13 . Amendments . Thi s Agreemen t may onl y b e amende dor modifie db y writte n mstrumen t

execute db y th e partie s hereto . 14 . Notices . An y notice , request , informatio n or other documen t

t o b e give n hereunder t o any partie s b y an y other party shal l b e i n writin g an dshal l hav e bee n deeme dt o hav e bee n give n (i ) whe n personall y delivered , sen t b y facsimil e (wit

h har dcop y t o follow ) o

r sen t b y reputabl e overnigh t

expres s courier

(charge s prepaid) , or

(ii ) five (5) . day s followin g mailin g b y certifie do r

registere dmaU , postag e prepai dan dreturn receip t requested . Unles s another i s specifie di n writing , notices , demand s an dcommunication s t o Seller an dBuyer

shal l b e sent t o th e addresse s indicate dbelow : (a) I f a s t o Seller : Burto n W . Wiand , Receive r Venic e Je t

Center , LL C 300 0 Bayport

Drive , Suit e 60 0 Tampa , Florid a3360 7 Attention : Burt

Wian d (b ) I f a s t o Buyer : Tristat e Aviatio n Group o f Florida , LL C 40 0 Airport

Avenu e Eas t Venice , Florid a3428 5 Attention : Mart

y Kretchma n An y part y may chang e th e addres s t o whic h notice s hereimde r ar e t o b e sen t

b y givin g writte n
42363102v 9Cas e 8:09-cv-00087-RAL-TBI\/ l Documen t 254- 1 File d 12/ 1 

# Mc^mimsio N

notic e o f suc h chang e o f

addres s a s provide dabove . 15 . Waiver . N o waive r b y either party heret o o f

any conditio n o

r an y breac h o f

an y term , covenant , representatio n or wan-ant y containe di n thi s Agreemen t shal l b e deeme dor constiTieda s afurthe

r o r continuin g waiver

o f suc h conditio n or

breac h o r waiver o f any other o r subsequen t

conditio n o

r th e breac h o f

any other

term , covenant , representatio n or warrant y containe di n thi s Agreement . 16 . Severability , I f

any provisio n o f

thi s Agi-eemen

t i s determine dt o b e illega l o r unenforceable , suc h provisio n wil l b e deeme damende dt o th e exten t necessar y t o confor

mto apphcabl e la w or , i f

i t canno t b e s o amende dwithou t

materiall y alterin g th e intentio n o f th e pai-ties , i t wil l b e deeme dsfricke n an dth e remainde r o f th e Agreemen t

wil l remai n i n full forc e an deffect . 17 . Counterparts . An y number of covmterpart s o f

tiiis Agreemen t

ma y b e execute d an deac h suc h execute dcounteipart shal l b e deeme dt o b e a

n original . 18 . Bindin g Agreement . Thi s Agreemen t shal l b e bindin g upo n an dinur e t o tiie benefi t o f th e partie s hereto , thei r

respectiv e heirs , successors , an dassigns . 19 . Entir e Agreement . Thi s Agreemen t an dth e insti-ument s delivere dpursuan t heret o constitut e th e entire agreemen t betwee n th e paitie s heret o an dsupersed e al l prio r writte n agreement s an dunderstanding , oral or written , betwee n th e partie s relatin g t o th e subjec t matter hereo f 20 . Governin g La w an dJuiisdiction . Thi s Agreemen t shal l b e goveme db y and construe di n accordanc e with th e substantiv e law s o f th e State o f

Florida , Thi s Agreemen t shal l b e subjec t

t o th e exclusiv e jurisdictio n o f th e Unite dState s Disfric t Court , Middl e Distiic t

o f Florida , Tamp aDivision , i n Hillsboroug h Count y i n th e Stat e o f

Florida , an dal l paitiie s hereb y irrevocabl y submi t

t o th e jurisdictio n o f

suc h comt s wit h respec t t o any clai marisin g ou t

or i n coimectio n wit h thi s Agreement . 21 . Venue . I n th e even t litigatio n shoul daris e t o enforc e o r interpre t thi s Agreement , Buye r an dSelle r

agre e tha t

th e prope r

venu e shal l b e i n th e Unite dState s Distiic t Court , Middl e Distric t o f Florida , Tamp aDivision , i n Hillsboroug h Coimt y i n th e State o f

Florida . 22 . Remedy . I n th e even t tiiat th e Court

doe s not approv e o f

th e sal e o f

th e Assets , i.e. , i f th e Contingencie s are not satisfie do n or

before th e Closin g Date , Buyer aclmowledge s an dagree s tha t

it s sol e an dexclusiv e remedy i s t o see k return o f th e Deposi t

fi-omSeller . Thi s Agreement , whe n dul y execute dby th e Parties , constitut e th e expres s waiver i n writin g o f

an y othe r remedy , whether

legal o r equitable , tha t

may b e availabl e t o th e Buyer . 23 . Indemnification . Buyer expressl y acknowledge s andagree s that Seller provide s N O indemnificatio n froman dagains t an y loss , clai mand/o r

damag e arisin g unde r

an y circumstanc e relate dt o th e Asset s or thi s Agreement , an dthat Sectio n 2 1 set s foit

h th e Buyer' s sol e an dexclusiv e remedy unde r thi s Agreement . 24 . Broker' s Commissions , Seller an dBuye r

represen t an dwarran t

eac h t o th e othe

r 42363102v 9Cas e 8:09-cv-00087-RAL-TB M Documen t 254- 1 File d 12/ 1 

## ^^cBf?8l ? ?fe^SION

tha t the y hav e no t

deal t wit h an y real estat e broker , sale s perso n o r fmde r i n connectio n wit

h thi s fransaction. I n th e even t

o f an y clai mfo r broker' s o

r finder' s fee s or

commission s b y an

y paify , eac h part y shal l indemnif y andhol dharmles s th e other party froman dagains t

an y suc h clai m base dupo n an

y statement , representatio n or agreemen t

o f suc h paity . Thi s provisio n shal l surviv e th e consummatio n o f th e ti'ansactions contemplate dhereby . 25 . Surviva

l o f Representation s an dWaiTanties . Al l o f th e respectiv e representation s an dwarrantie s of

th e partie s t o thi s Agreemen t shal l surviv e tiie consummatio n o f th e ti'ansactions contemplate dhereby . 26 . Further

Assui'ances . Buyer

an dSeller

shal l execut e an ddelive

r suc h additional document s an dtak e suc h additional actio n a s ma y b e necessary o r

desirabl e t o effectuat

e th e provision s an dpurpose s o f thi s Agreement . 27 . Attorneys ' Fee s an dCosts . I n an y actio n or dispute , at

law or i n equity , tha t

ma y aris e unde r

o r otherwis e relat e t o thi s Agi-eement , th e prevailin g party wil l b e entitie dto , fr'om th e non-prevailin g party , reimbursemen t o f it s attorneys ' fee s (including , bu t no t limite dto , attorneys ' fees , paralegals ' fee s an dlegal assistants ' fees) , cost s an dexpense s incurre di n th e preparatio n fo

r an di n connectio n wit h any tiial, appeal o r banlcruptc y proceeding . [Signatur e Pag e Next ]

42363102v 9Cas e 8:09-cv-00087-RAL-TB M Documen t 254- 1 File d 12/11/0 9 Pag e 9 o f 9 EXECUTIO N VERSIO N I N WITNES S WHEREOF , tiie partie s heret o hav e cause dthi s Agi-eemen t t o b e duly execute da s of

th e dat e first abov e written . BUYER : TRISTAT E AVIATIO N GROU P O F FLORID A LL C By : DONAL D ^ARTINICK E

TINIETCHMAN , Managin g Directo r
SELLER : BURTO N W . WIAND , IffiCEIVE R VENICE^J ^ CENTER^ ]

BURTO N W . WIAND , a s Receive r

42363I02v 9Cas e 8:09-cv-00087-RAL-TB M Documen t 254- 2 File d 12/11/0 9 Pag e 1 o f 5 EXECUTIO N VERSIO N Exhibi t A Asset s (se e attached )

42363102v 9 1 0Cas e 8:09-cv-00087-RAL-TB M Documen t 254- 2 File d 12/11/0 9 Pag e 2 o f 5 EXECUTIO N VERSIO N VENIC E JE T CENTE RASSE T LIS T A S "EXHIBI T A " T O TH E ASSE T PURCHAS E AGREEMEN T

BETWEE N TRISTAT E AVIATIO N GROU P O F FLORID A LLC , A FLORID A LIMITE D LIABILIT Y COMPANY ,

AND BURTO N W . WIAND , A S COURT-APPOINTE D RECEIVE RO F

VENIC E JE T CENTER , LLC , A FLORID A LIMITE D LIABILIT Y COMPAN Y I . Mai n Buildin g (Je t Center ) A . Executiv e Offic e (Photo—1 , 2) :

• Monitor s (2) ; compute r towe r (1) ; keyboar d(1) ; U-shape ddes k an dwal l uni t (1) ; executiv e chai r

(1) ; sid e chafrs (2) ; printe r (1) ; scanner

(1) . B . Executiv e Offic e Firs t Floo r (Photo—62 , 63 , 64) :

• Wal l uni t

with buil t

i n fiUng cabme t

(1) ; des k

(1) ; computer

monito r (1) ; keyboar d(1) ; towe r

(1) ; printer

(1) ; offic e chair s (2) ; tabl e (1) . C . Upstair s Lobb y (Photo—3 , 4 , 20,22 , 192,193 , 194) :

• L G LC D T V 42 " (1) ; L G LC D TV 32 " (1) ; leathe r recliner s (2) ; leatiier

couc h (1) ; leathe r

loveseat (1) ; des k

(1) ; chai r

(1) ; elecfroni c cloc k

(1) ; framed airplan e photograph s (2) ; compute r monitor s (2) ; tower

(1) ; keyboard(2) ; printer s (1) . D . Upstau- s Boardroo m(Photo—12,13 , 14 , 15,16,17,18) :

• Conferenc e tabl e (1) ; conferenc e chair s (8) ; credenz a(1) ; airplan e photograph s (3) ; L G LC D T V 42 " (1) ; executiv e phon e consol e (1) ; tier woode n shel f

with variou s glasse s an dservin g platter s (3) ; ease l (1) ; woode n podiu m(1) . E . Compute r

Server Room :

• Wall-movinte dtelecommunicatio n equipmen t (1 ) (Photo—7) ; • Honeywel l Securit

y Camer aRecorde r

(1) ; Dis h Networ

k Receiver s (2) ; A/

V Equipmen t

(1) ; F M timer

(1 ) (Photo—8) ; • Back-u p battery (1) ; compute r tower s (2 ) (Photo—9) ; • CRT monito r

(1) ; keyboar d(1) ; network route r (1) ; backup tape s (8 ) (Photo — 10) . • Meta l shelvin g uni t

(1 ) (Photo—8 , 9,10) .

42377800v 2 Initial s 

# A^j ^Cas e 8:09-cv-00087-RAL-TB M Documen t 254- 2 File d 12/11/0 9 Pag e 3 o f 5 EXECUTIO N VERSIO N F . Ffrst

OfBce Mau i Hallway (Photo—50,51 , 52) :

• Computer

monito r (1) ; speaker

syste m(1) ; towe r

(1) ; keyboard ; (1) ; offic e chair s (2) ; latera l filmg cabinet s (2) ; fa x , copier , printe r

comb o (1) . G . Vaiiou s Office s o n Mai n Hallwa y (Photo—24 , 25 , 26 , 27 , 28 , 29 , 30 , 34 , 35 , 36 , 37 , 38 , 39 , 40 , 41 , 42 , 43 , 44 , 45 , 46 , 47 , 48 , 49) :

• Desk s (8) ; meta l storag e cabine t (1) ; metal rac k

(1) ; fax/copier/printer

comb o (1) ; offic e chafr s (15) ; computer towe r (1) ; vaiiou s offic e supplie s (Photo — 36 , 37) ; meta l filing cabine t (1) ; variou s cleanin g supplie s (Photo^-47 , 48) ; water coole r (1) ; woode n shelvin g uni t (1) ; ornat e min'o r

(1) ; artificial ti'ees (1) . • Fligh t schoo l equipments : monito r (i) ; keyboar d(1) ; tower

(1 ) (Photo—29) . H . Kitche n (Photo—53 , 54 , 55 , 56 , 57 , 58 , 59 , 60 , 61) :

• Bisti'O tabl e (1 ) with chair s (3) ; blac k frame dpicture s (2) ; microwav e (1) ; dishwasher

(1) ; stainles s stee l refrigerato r (1) ; stainles s stee l coffee carafe s (2) . I . Ma

mLobb y (Photo—23 , 65 , 66 , 67 , 68 , 69 , 70 , 71 , 72 , 73,74 , 75,76,77 , 78,79 , 80,81,82,83,84,85,86,87) :

• Lamp s (4) ; wal l sconce s (4) ; credenz a(1) ; accen t table s (2) ; coffe e table s (2) ; en dtable s (2) ; L G LC D TV 42 " (2) ; blac k leatiier loveseat s (5) ; leathe r

couc h (1) ; airplan e photograph s (10) ; larg e blac k mirro r (1) ; blac k

glas s Ughte

d cabmet s (2) . J . Smal l Roo mOf

f o f Mai n Lobby :

• White refrigerato r

(1 ) (Photo—101) ; • Ic e machin e (1 ) (Photo—102) . K . Receptio n Des k

(Photo—74 , 75 , 76 , 77 , 78 , 79 , 80) :

• Computer

monitor s (2) ; keyboard s (2) ; tower s (2) ; radi o system s (3) ; fax/copier/piinte r

comb o (1) ; larg e offic e copier/fax/printe r (1) ; larg e pape r shiedde r (1) ; combinatio n floor

saf e (1) ; isolatin g fan s (2) , L . Outdoo r

Ai'ea :

• Digital imag e sig n (1 ) (Photo—103 , excep t th e Chevro n sign) ; • Flagpol e (1 ) (Photo—104) . II . Caf

e (Photo—88 , 89 , 90 , 91 , 92 , 93 , 94 , 95 , 96 , 97 , 98 , 99 , 100) :

• Table s (7) ; chair s (24) ; highchai r (1) ; meta l shelvin g unit s (3) ; stainles s stee l 3-m- l comb o sinl

c (1) ; smal l stainles s stee l sin k (1) ; min i fryer

(1) ; burner 42377800v 2 Initial s 

# •.^ MCas e 8:09-cv-00087-RAL-TB M Documen t 254- 2 File d 12/11/0 9 Pag e 4 o f 5 EXECUTIO N VERSIO N stove s (2) ; refrigerator/freezer combo s (2) ; sou p warme r (1) ; Scotsman ic e make r (1) ; Hotpoin t

gol drefrigerato r

(1) ; whit e deepfreez e (1) ; Captiv e Air rang e hoo d(1) ; glas s wares , plates , cups , etc. ; pot s & pan s various , silverware , wu' e wal l shelve s (6) . in . Maintenanc e She d(Photo : 107 , 108 , 109 , 110 , 111 , 112 , 113 , 114 , 115 , 116 , 117 , 118 , 119 , 234 , 235 , 236 , 237 , 238 , 239 , 240 , 241 , 242 , 243 , 244 )

• Letkr o AP8750 B (1) ; pressur e washer (1) ; Tor o ridin g law n mower (1) ; pus h law n mower

(1) ; deep fi-eezer

(1) ; La v Servic e Uni t

(1) ; toolbo x with variou s tool s (1 ) (No t

Photographed) ; wor

k benc h (1 ) (No t

Photographed) , covere d lim o gol f car t (1) ; smal l gol f

car t (2) ; Ikn o gol f

car t use dfo r spar e part s (1) ; industiia l floor

fa n (1) ; blower

(1) ; canister s o f

spil l cleanup (2) ; JetEX4 (SerialNo . 86PS01050)(1) . • Use dpave r

brick s (Photo—120,121 , 122,123,124 ) IV. Buildin g 22 0 A . Photo—134 , 137 , 138 , 141 , 142 , 143 , 144 , 147 , 149 , 150 , 151 , 153 , 154 , 162 , 164 , 165 , 166 , 196 , 197 , 198 , 199 , 200 , 201 , 202 , 203 , 210 , 211 , 212 , 213 , 214 , 215,216,217,218,219,22 0

• Toshib aPhon e Syste m(1) ; phone s (15) ; compute r (1) ; monito r

(1) ; backup battery (1) ; Cano n printe r (1) ; Shar p offic e printer/copie r

(1) ; Lanie r

copier an dstan d(1) ; H P Deskje t printer 812 C (1) ; H P fax , copier , printe r (1) ; Compas s Securit

y Syste mwith component s (1) ; nonfunctiona l securit y camera s (3) ; Computer

monitor s (4) ; Keyboard s (5) ; Dis h Networ k Receiver (1) ; 32 " Colo r

Consol e TV wit h stand s (2) ; VC R(1) ; Floo r Safe s (2) ; Olde

r Vendin g Machin e (1) ; Lighte dCuri o cabine t (1) ; Fir e extinguishe r

(1) ; H P Blac k tone r cartridge s (small ) (4) ; H P Blac k tone r carfridg e (lai-ge) (1) ; Lase r tone r cartridg e (I) ; H P compute r monito r stil l i n packin g material (1 ) B . Photo—152 , 155,157 , 204 , 205 , 206 , 207,208 , 20 9

• Leathe r

sofa s (2) ; leathe r

loveseat s (2) ; leathe r

chafrs (2) ; coffee table s (2) ; desk s (3) ; executiv e offic e chair s (3) ; pol e lamp s (2) ; accen t table s (2) ; variou s offic e chair s (7) ; larg e oval table s (2) ; chai r v^t h caster s (6) ; pictm-e s (8) ; artificial plant s (7) . C . Photo—14 0

• Stackabl e Washer

an dDrye r

comb o (I) . V . Automotiv e Assets :

• 200 8 Re dChevrole t

Silverda o (VIN : IGCEC14X08Z130278 ) (Photo—252 , 253) ; • 198 4 For dF60 0 Fue l Tmc k (VIN : 1FDWK74N3FVA09074 ) (Photo—125 , 126 , 127 , 128) . 42377800v 2 Initial sCas e 8:09-cv-00087-RAL-TB M Documen t 254- 2 File d 12/11/0 9 Pag e 5 o f 5 EXECUTIO N VERSIO N VI . Other

Asset s A . Fue l FarmTank s an dSel f Servic e

• Above-groun d10,00 0 Gallo n AVGA S Tank (1 ) (Date : 2-9 6 Seria

l No . 1062 ) (Photo—170 , 254) ; • Above-groun d10,00 0 Gallo n JET- A Tanl c (1 ) (Date : 2-9 6 Seria

l No . 1063 ) Photo—170 , 254) ; • Self-Servic e AVGA S Termina l (1 ) (Photo—169) ; • Smal l Diese l Fue l Storag e Tanlc (1 ) (Photo—170) ;

• Sum p Fue l Recover

y Storag e Tank s (2 ) (Photo—171) . B . HeUcopte

r Doll y (Photo—129 , 130) . C . Vaiiou s handhel dradio s (4 ) (No t Photographed) . VII . Asset s Expressl y Excluded : A . Aircraft s • Cessn a15 2 (Regisfratio n No . N25602 ) (Photo—245 , 249) ; • Pipe r 140/18 0 (Regisfratio n No . N4221T ) (Photo—246 , 247 , 250) ; • Beechcraf

t Bai-o n B-5 5 (RegistiationNo . N727AB ) (Photo—188) . B . Vehicle s

• 200 6 Subar

u Legac y Outbac k

(1 ) (VIN : 4S4BP61C667338496 ) (Photo— 251) ; • 200 2 Kawasl d4 WD Mul e (1 ) (Famil y I D No : 1ICAXS.6172CB Manufactiu-edi n 12/01 ) (Photo—234) ;

. 200 4 Joh n Deer

Buc k 500c c (Produc t

I D No : M0FFTA5010003 ) (1 ) (Photo—235) ; • Chevro n Sig n (3 ) (Photo—103, 114 , 167) . C . Brow n leathe r

sof aan dloveseat

i n Buildin g 22 0 (Photo—13 6 locate din th e enti y area , 13 9 i s locate di n ol dpilot' s lounge) . D . Tru e doubl e doo r refrigerato r

an ddoubl e broile r

no t include dwit

h restauran t asset s (1 ) (Photo—98) .

42377800v 2 

### Initial sCas e 8:09-cv-00087-RAL-TB M Documen t 254- 3 File d 12/11/0 9 Pag e 1 o f 1 0 EXECUTIO N VERSIO N Exhibi t B Promissor y Not e (se e attached )

42363102v 9 1 1Cas e 8:09-cv-00087-RAL-TB M Documen t 254- 3 File d 12/11/0 9 Pag e 2 o f 1 0 EXECUTIO N VERSIO N PROMISSOR Y NOT E (TRISTAT E AVIATIO N GROU P O F FLORID A LLC ) Tampa , Florid a $250,00 0 Januar y 1 , 201 0 FO RVALU E RECEIVED , th e undersigned , TRISTAT E AVIATIO N GROU P O F FLORID A LLC , aFlorid alimite dliability company ("Maker") , hereb y promise s t o pa y t o th e orde r of Bm-to n W . Wiand , a s Court-appointe dReceive r o f VENIC E JET CENTER , LLC , a Florid alimite dLiabilit

y compan y ("Payee") , th e principa l su mo f Tw o Hundi*e

dFift y Thousan d Dollar s an dNo/10 0 ($250,000 ) (tii e "Principa l Amount") , togetiie r witi i interes t

tiiereon fromth e dat e o f thi s Note . Subjec t

t o Sectio n 2 o f

thi s Note , simpl e interes t shal l accru e a t

arat e o f fou r percen t (4% ) pe r annum . Interes t

shal l b e calculate do n th e basi s of ayea r o f 36 5 day s applie dt o th e actua l day s o n whic h ther e exist s a n unpai dprincipa l balanc e imder thi s Note . Subjec t

t o th e provision s o f

thi s Note , th e principa l an daccme dinteres t shal l b e du e andpayabl e b y Maker o n Januar y 1 , 201 3 (th e "Maturity Date"') , an dMalce r shal l mak e montiil y payment s o f principal an

d interes t i n accordanc e wit

h Sectio n 1 o f

tiie Not e commencin g o n Januar y 1 , 2010 . Thi s Not e ha s bee n issue db y Malce r pursuan t t o aAsse t

Purchas e Agreemen t

betwee n Make r

an dPaye e effectiv e a s o f

Novembe r

16 , 2009 . Maker

shal l hav e th e righ t

t o offse t amount s du e and payabl e under

thi s Note , u p t o Fift

y Thousan dDollar s an dNo/10 0 ($50,000) , for legal an dal l othe r expense s an dcost s actuall y incmre db y Make r i n a n effor t t o resolv e any an dal l dispute s wit h th e Cit

y o f Venice , includin g th e cmxen t Par t 1 6 Complaui t

(tii e "Offset") . Notwithstandin g an y provisio n herei n o r

othei-wise , th e Offse

t shal l no t

excee dFift

y Thousan dDollar s and No/10 0 ($50,000) . Paye e agree s tha t Make r ha s th e optio n t o make thi s Offset agains t th e amoun t o f outstandin g principa l an daccrue dinteres t payment s du e an dpayable , o r agains t tiie balloo n paymen t

o n Maturity Date . Make r an dPaye e ar e eac h a"Party. " an dar e collectivel y referre dt o a s "Parties. " 1 . Term s o

f Payment . Principa l Amoun t an dal l accrue dinteres t

shal l b e du e an d payabl e i n th e amount s an da t th e time s se t

fort h below : Make r shal l make monthl y payment s o f accrue dinteres t

onl y a t th e rat e se t

fort h abov e commencin g o n Janum

y 1 , 2010 , an do n th e first day o f eac h successiv e calenda r mont h thereafter , with agrac e perio dofte n (10 ) days , unti l Octobe r 1 , 2010 , on whic h date , unles s soone r paid , al l accrue dan dunpai dinteres t shal l b e du e an dpayable . Commencin g o n October 1 , 2010 , an dcontinuin g o n th e first da y o f eac h calenda

r month thereafter

unti l th e Maturit

y Date , unles s soone r

paid , Malce

r shal l mak e 2 6 equal , consecutiv e monthl y payment s o f principal an duiteres t

t o Payee . Th e entir e amoun t o f th e unpai dpruicipa l amoun t a s wel l a s al l accrue d an dunpai dinteres t

andal l other

sum s du e unde r

tiiis Not e tha t

remai n unpai dshal l h e pai do r repaid , a s applicable , on th e Matmit y Dat e unles s otherwis e extende dpui-suan t t o th e Note . Th e amoun t o f eac h equal monthl y paymen t o f princip dan dinteres t

du e an dpayabl e shal l b e One Thousan dNin e Hundi-e

dTwent y Dollai' s and40/10 0 ($1,920.40 ) (tii e "Montiil y Payment" ! a s determine dby amortizin g th e Principa l Amoun t ove r a15-yea r term , wit h eac h paymen t

show n o n th e Paymen t

Schedule , t o b e amende dfi-omtim e t o time , attache dheret o a s Exhibi t A . Fo r th e avoidanc e o f

doubt , thi s Not e i s aballoo n promissoi y not e that requfre s that

all indebtednes s b e pai di n full o n th e Maturit y Date , unles s extende di n vwritin g b y th e Parties . Al l payment s

42388999v 2Cas e 8:09-cv-00087-RAL-TB M Documen t 254- 3 File d 12/11/0 9 Pao e 3 o f 1 0 EXECUTIO N VERSIO N shal l b e mad e i n lav^^ l mone y o f th e Unite dState s o f

Americ aat

th e addres s provide db y Payee , or a t suc h other

plac e a s th e holde r

hereo f ma y from time t o time designat e i n writin g to Maker . 2 . Defaul t

Interes t Rate . Upo n an Even t

o f Defaul t (a s hereafter

defined) . Payee , i n hi s sol e discretio n an dwithou t notic e or demand , ma

y rais e th e rat e o f

interes t accruin g o n thi s Not e t o arat e equal t o thi-e e percen t abov e th e cuixen

t rate , t o amaximu mo f

seve n percen t

(7% ) interest . Suc h defaul t

interes t rat e shal l continue , i n Payee' s sol e discretion , unti l al l default s ar e cured . 3 . Repaymen t Extension . (a ) Afte

r accomitin g fo

r an y grac e perio dspecifie di n thi s Note , i f an y paymen t o f principa l o r

interes t shal l b e du e o n aSaturday , Sunday , or an y other da y o n whic h an y bankin g institution s i n th e State o f Florid aar

e requfre do r

permitte dt o b e closed , suc h paymen t

shal l b e mad e o n th e nex t succeedin g busines s day . (b ) Dependin g o n bot h th e statu s o f th e Receivershi p (a s define di n tiie Asse t Purchas e Agreemen t

b y an dbetwee n th e Receiver an dMake r

date dNovembe r

16 , 2009 ) an dth e creditworthines s o f th e Malce r o n Maturit

y Date , with prio r

writte n consen t

o f th e Payee , whos e consen t

shal l not b e um'easonably witiiheld , an dprovide dtha t n o Even t of Defaul t exist s under

thi s Note , th e Maturit

y Dat e may b e extende db y twelv e (12 ) month s (th e "Ffrs t Extension" ) witi i paymen t o f principal an dinteres t

i n th e same amoun t

a s th e Monthl y Paymen t

se t foith i n Sectio n 1 ; provide dfijither tha t Maker shal l pa y t o Paye e immediatel y upo n gran t

o f suc h consent , afee equal t o tw o (2 ) percen t o f th e the n outstandin g balanc e o f

principa l an dinteres t

unde r th e Not e i n consideratio n o f Payee' s consen t t o th e extensio n a s reimbursemen t fo r tiie additiona l adminisfrativ e expens e t o b e incurre db y Paye e i n coimectio n wit h suc h extension . Thereafter , provide dtha t ther e ha s no t bee n a n occurrenc e o f

an Even t o f Default , wit

h prio r writte n consen t

o f th e Payee , whos e consen t

shal l no t b e unreasonabl y withheld , th e Maturity Dat e ma y b e extende db y an additional twelv e (12 ) month s (th e "Secon dExtension" ) followin g th e expiratio n o f th e Firs t Extensio n unde r

th e same term s se t

forti i i n thi s Note , an dwith paymen t o f principa l an dinteres t

i n th e sam e amount

a s th e Monthl y Paymen t

set fort h i n Sectio n 1 ; provide dthat . Maker

shal l pa y Paye e a

n additional fe e equa l t o tw o (2 ) percen t o f th e the n outstandin g balanc e o f th e Not e i n coimectio n with Payee' s consen t t o th e Secon d Extensio n a s reimbursemen t for th e additional administrativ e expens e t o b e incurre db y Payee . 4 . Voluntar y Prepayment . Thi s Not e ma y b e prepai di n whol e o

r i n part a t an y time withou t

premiu mor

penalty , provide dtha t

eac h paymen t

shal l b e accompanie db y pajmien t o f al l accrue dan dunpai dinteres t du e a s o f th e dat e o f

suc h prepayment . 5 . Manne r

an dApplicatio n o

f Payments . Al l payment s du e hereimder shal l b e pai di n lawfu l mone y o f

th e Unite dState s o f

Americ awhic h shal l b e legal tende r i n paymen t

o f al l debt s an ddues , publi c an dprivate , i n immediatel y availabl e funds , Any paymen t b y chec k or draf t shal l b e subjec t

t o tiie conditio n tha t

an y receip t issue dtherefor e shal l b e ineffectiv e unles s th e amoun t

du e i s actuall y receive db y Payee . Eac h paymen t shal l b e applie dfu'st

t o th e paymen t o f an y an dal l costs , fee s an dexpense s incun-e db y o r payabl e t o Paye e in coimectio n

42388999v 2Cas e 8:09-cv-00087-RAL-TB M Documen t 254- 3 File d 12/11/0 9 Pag e 4 o f 1 0 EXECUTIO N VERSIO N with th e collectio n or

enforcemen t

o f thi s Note , an dthe n t o th e paymen t of al l accrue dan d unpai dinteres t

hereunde r

an dfourth , t o th e paymen t o f th e unpai dPrincipa l Amount . 6 . Security ; Relate dMatters . Malce r an dPaye e aclcnowledg e an dagi'ee that thi s i s a n unsecm-edNote ; provided , tiiat Make r agi-ee s t o obtai n writte n consen t o f Paye e to sell , tt-ansfer, pledge , o r

otherwis e encumber , excep t i n th e ordinar

y cours e o f

business , tiie same Asset s liste do n Exhibi t

A o f th e Asse t Purchas e Agreemen t

b y an dbetwee n Maker

an dPayee . 7 . Event s of

Default . Th e occurrenc e o f any on e or

mor e o f th e followin g event s shal l constitut e an "Even t

o f Default " unde r

thi s Note : (a ) th e failure o f

Malce r t o pa y an y su mdu e unde r thi s Not e whe n due , whethe r b y deman dor

otherwise , whic h failure ha s no t bee n cm-e

dwithi n five (5 ) day s afte r writte n notic e thereo f

fromth e Paye e t o th e Malcer ; (b ) th e failui- e o f

Malce r t o perform , observ e o r

compl y i n an

y material respec t with it s obligation s unde r thi s Not e or

th e Asse t Purchas e Agreemen t

withi n thul y (30 ) day s o f receivin g notic e o f

suc h default ; o r (c ) ther e shal l hav e bee n institute dproceedings , whethe r voluntar y or involuntary , o r

th e talcing o f

an y corporate actio n i n fuilheranc e of , or th e enti y o f

an y orde r or decre e o f acour t o f competen t

jurisdictio n over

th e Make r

wit h respec t t o an y o f th e followin g (an y suc h proceeding , a n "Insolvenc y Proceeding") : (i ) banki-uptcy , insolvenc y o r reorganization , readjustment , arrangement , compositio n o r simila r relie f unde r federal or

stat e bankruptc y o r insolvenc y statute s o r

relate dlaw s i n respec t

o f th e Malcer ; (ii ) appointmen t

o f receiver , liquidator , truste e o r assigne e i n banlcruptc y o r

kisolvenc y a s t o th e Malce r or an y guaranto r

o f thi s Not e o

r a substantia l par t

o f th e Maker' s property ; o r (iii ) an y assignmen t

b y th e Make r

o f an y o f it s asset s fo

r th e benefi t

o f creditors , or

th e wmdin g up or

liquidatio n o f

th e affair s o f

th e Malcer, o

r th e admissio n o f

th e Make r

i n wiitin g o f

it s inability t o pay it s debt s a s the y becom e due ; provided , tha t

i n th e cas e o f

an y Involuntai y Proceeding , suc h proceedin g or cas e shal l continu e undismisse do r

unstaye dan di n effec t

for aperio do f

fort y five (45 ) days . 8 . Right s an dRemedie s Upo n Default . Upo n th e occurrenc e o f a n Even t o f Defaul t hereunder , Paye e or

hi s successor(s ) or

assign(s) , i n th e sol e discretio n o f Paye e o r hi s successor(s ) or

assign(s) , an dwithou t

notic e t o Maker , may : (a ) declar e th e entire outstandin g Principal Amount , togethe r with al l acci-uedan dunpai dinteres t an dal l other

sum s du e under

thi s Note , t o b e immediatel y du e an dpayable, andtiie sam e shal l tiiereupoii becom e immediatel y du e an dpayabl e withou t

presentment , deman dor notice ; an d(b ) exercis e any o r al l rights , power s an dremedie s no w or

hereafter existin g at

law , i n equity , b y statut e o r othei-wise .

42388999v 2Cas e 8:09-cv-00087-RAL-TB M Documen t 254- 3 File d 12/11^ 9 Ps ^

9 . Remedie s Cumulative . Eac h right , powe r an dremedy o f

Paye e hereunder , under th e Asse t Purchas e Agreemen t

or no w or hereafter existin g a

t law , i n equity , b y statute o r otherwis e shal l b e cumulativ e an dconcun'ent , an dth e exercis e or beginnin g o f

th e exercis e o f an y on e o r mor e o f tiiemshal l not

preclud e th e simultaneou s o r later exercis e b y Paye e o f

an y o r al l suc h othe r

rights , power s o r

remedies . N o failure or

dela y b y Paye e t o insis t

upo n th e stiic t performanc e o f

an y on e or

mor e provision s o f

thi s Not e o

r o f th e Asse t Purchas e Agi-eemen

t o r t o exercis e any right , powe r o r remedy consequen t

upo n abreac h thereo f

or default hereunder shal l constitut e awaive r

thereo f o r preclud e Paye e fro mexercisin g an y suc h right , power o r remedy . B y acceptin g full or partia l paymen t

afte r th e du e dat e o f

any amoun t

of principal o f

o r interes t o n thi s Note , o r

other amount s payabl e o n demand . Paye e shal l no t b e deeme dt o hav e waive dth e righ t

eithe r t o requir e promp t

paymen t whe n du e an dpayabl e o f al l other amount s o f principal o f

or interes t o n thi s Not e or

other amount s payabl e o n demand , o r t o exercis e an y right s an dremedie s availabl e t o hi s i n order t o collec t

al l suc h other

amoimt s du e andpayabl e unde r thi s Note . 10 . Collectio n Expenses . I f thi s Not e i s place dmth e hand s o f a n attorne y fo

r collectio n followin g th e occmTenc e o f a n Even t o f Defaul t hereunder , Malce

r agree s to pa

y t o Paye e upo n deman dal l ou t o f pocke t cost s an dexpense s incurre db y th e Payee , including , withou t limitation , al l attorneys ' fee s an dcomt cost s incmTedb y Paye e i n connectio n wit h th e enforcemen t

o r collectio n o f

thi s Not e (whether

o r no t any actio n or

othe r proceedin g ha s bee n commence db y Paye e t o enforc e or collec t an y amoxmt

s owin g mide r

thi s Note ) o r

i n successfiill y defendin g an y counterclai mor other lega l proceedin g brough t b y Malce r contestin g Payee' s righ t

t o collec t th e outstandin g Principal Amoun t or interes t hereunder . Al l o f

suc h cost s an dexpense s shal l bea

r interes t a t th e higher

o f th e rat e o f

interes t provide dherei n or

any default rat e o f interes t provide dherein , fromth e dat e o n whic h th e Maker' s obligatio n to mak e paymen t i s determine dunti l sam e i s pai di n full . 11 . Transfer ; Successor s an dAssigns . Th e term s an dcondition s o f thi s Not e shal l inur e t o th e benefi t

o f an db e bindin g upo n th e respectiv e successor s an dassign s o f th e Parties . Notwithstandin g th e foregoing , th e Malce r ma y not assign , pledge , o r

otherwis e ti-ansfer

thi s Not e withou t th e prio r writte n consen t

o f Payee , whos e consen t

shal l no t b e unreasonabl y withheld ; provide dtha t

however , th e transfere e designate db y Malce r shal l provid e proo f

that it ha s th e wherewitha l an dability t o perfor mth e Maker' s obligation s se t fort h i n thi s Note , andMaker agree s that

Paye e shal l retai n th e sol e an dexclusiv e righ t t o mak e suc h adetermination . 12 . Subsequen t

Holders . I n th e even t

tha t an y holde r

o f thi s Not e ti-ansfers thi s Not e fo r valu e o r th e settiemen t

o f aclaim , al l subsequen t

holder(s ) o f

tlii s Not e shal l b e subjec t t o an y claim s o r defense s whic h Make r

ma y hav e agains t

aprio r holde r (whic h claim s o

r defense s ar

e no t waive da s t o prio r

holders) . 13 . Maximu mRat e of Interest . Notwithstandin g an y provisio n of

thi s Not e t o th e conti'aiy . Make r

shal l not b e obligate dt o pa y interes t pursuan t t o thi s Not- e i n exces s o f th e maximu mrat e o f

interes t specifie dunder

Sectio n 2 o f

thi s Note . 14 . Choic e o f

Law ; Foru mSelection ; Consen t t o Jurisdiction . Thi s Not e shal l b e goveme dby , construe dan dinterprete di n accordanc e wit h th e law s o f th e State o f

Florid a (excludin g th e choic e o f

la w mle s thereof) . Malce r hereb y (a ) agi-ee s tha t

al l dispute s an dmatter s

42388999v 2Cas e 8:09-cv-00G87-RAL-TB M Documen t 254- 3 File d 12/11/0 9 Paq e 6 o f 1 0 EXECUTIO N VERSIO N whatsoeve r

arisin g under , i n coimectio n with , or inciden t t o thi s Not e shal l b e litigated , i f a t all , i n an dbefor

e th e Unite dState s Disfric t Comt , Middl e Disfric t

o f Florida , Tamp aDivision , i n Hillsboroug h Count

y i n th e State o f

Florid at o th e exclusio n o f th e court s o f

an y other state or counfry , an d(b ) irrevocabl y submit s t o th e exclusiv e jurisdictio n o f th e Unite dState s Distiic t Comt , Middl e Distiic t

o f Florida , Tamp aDivisio n i n Hillsboroug h Count y i n th e Stat e o f

Florid a i n an y actio n or

proceedin g arisin g out

o f o r relatin g t o tin s Note , an dhereb y irrevocabl y waive s an y objectio n t o th e layin g o f venu e o f an y suc h actio n or

proceedin g i n an

y suc h court

an dan y clai mtha t any suc h actio n o r

proceedin g ha s bee n brough t i n a n inconvenien t

forum . A fma

l judgmen t i n an y suc h actio n o r

proceedin g shal l b e conclusiv e an dma y b e enforce di n an y other jurisdictio n b y sui t

o n th e judgmen t

o r i n an y other

manne r provide db y law . 15 . Invalidit y o

f An y Part . I f

an y provisio n or

part o f sin y provisio n o f

thi s Not e shal l fo r any reaso n b e hel dinvalid , illegal o r unenforceabl e i n any respect , suc h invalidity , illegality o r

unenforceabiUt

y shal l no t

affect any othe r

provisio n (or

an y remainin g part

o f an y provision ) o f

thi s Note , an dthi s Not e shal l b e constiue da s i f suc h invalid , illegal or unenforceabl e provisio n (o r part tiiereof) ha dneve r

bee n containe di n thi s Note , bu t onl y t o th e exten t o f it s invalidity , illegality o

r unenforceability . I n any event , i f any suc h provisio n pertain s t o th e repaymen t

of th e indebtednes s evidence db y thi s Note , the n an dh i suc h event , a t Payee' s option , th e outstandin g Principal Amount , togethe r wit h al l accrue dan dunpai dinteres t thereon , shal l becom e immediatel y du e an dpayable . 16 . Servic e of

Process . Maker

hereb y consent s t o proces s bein g serve di n any suit , actio n or proceedin g institute di n connectio n with thi s Not e b y th e mailin g o f acop y thereo f

t o Maker , a t th e addres s for

notic e describe dm

. Sectio n 1 7 immediatel y below , b y certifie dmail , postag e prepaid , retia

mreceip t requested . Make r

hereb y irrevocabl y agree s tha t suc h servic e shal l b e deeme dt o b e servic e o f proces s upo n Make r

i n an y suc h suit , actio n o r proceeding . Nothin g i n thi s Not e shal l affect th e righ t

o f Paye e t o sei-v

e proces s i n an y other

manner othei-wis e permitte db y law , an dnothin g i n thi s Not e wil l limi t th e righ t o f Paye e otherwis e t o brin g proceeding s agains t Make r i n th e com-t

s o f any othe r jurisdictio n o

r jurisdictions . 17 . Notice . An y notice , demand , reques t or othe r communicatio n whic h Paye e or Malce r ma y b e requfre dt o giv e hereunde r shal l b e mwriting , shal l b e effectiv e an ddeeme d receive d(i ) o n th e nex t

busines s da

y whe n sen t

b y overnigh t

mai l o r courie r servic e wit

h a nationall y recognize dcornie r (e.g. , UP S o r

FedEx) , o r

(ii ) o n th e thir dbusines s day afte r bein g deposite di n first

clas s Unite dState s mail , postag e prepaid , an dshal l b e addresse da s follows , o r t o suc h othe r

addresse s a s th e partie s ma y designat e b y lik e notice :

42388999V 2Cas e 8:09-cv-00087-fRAL-TB M Documen t 254- 3 File d 12/11/0 9 Pag e 7 o f 1 0 EXECUTIO N VERSIO N
If t o Maker : TRISTAT E AVIATIO N GROUP O F FLORID A LLC 40 0 Ah-por

t Avenu e Eas t Venice , Florid a3428 5 Attn : Mai-t

y Kretchman , Managin g Dfrecto r I f t o Payee : Burto n W . Wiand , Receive r o f Venic e Je t

Center , LL C 300 0 Bayport

Drive , Suit e 60 0 Tampa , Florid a3360 7 Attn : Burt Wian d Eithe r Party ma y chang e thei r

addres s fo

r deliver y o f notic e hereunder

by givin g th e other Party writte n notic e o f

suc h chang e i n addres s i n accordanc e with tiie foregoin g notic e provisions . 18 . Miscellaneous . Th e paragrap h heading s o f thi s Not e are fo

r convenienc e only , an dshal l not

limi t or otherwis e affec t

any of th e term s hereof

. Thi s Not e constitute s th e entfr e agi-eemen t betwee n th e partie s wit

h respec t t o thei r subjec t matte r an dsupersed e al l prio r

letters , representation s o r

agi-eements , oral o r

written , wit h respec t

thereto . N o modification , releas e o r waive r o f thi s Not e shal l b e deeme dt o b e mad e b y Paye e unles s i n writin g signe db y Payee , and eac h suc h waiver , i f

any , shal l appl y only v^it h respec t t o th e specifi c instanc e involved . Wheneve r use dherein , th e singula

r nmnber shal l includ e th e plural , th e plural th e singular , an d th e us e o f th e masculine , feminin e or neute r gender shal l includ e al l genders . I N WITNES S WHEREOF , Make r ha s dul y execute dthi s Not e a s o f tiie da y an dyea r ffrst hereinabov e set

forth .

DONAL D MARTI N KRETCHMAN , A S MANAom

o DIRECTO RO F TRISTAT E AVIATIO N GROUP OF FLORIDA , LL C

42388999v 2Cas e 8:09-cv-00087-RAL-TB M Documen t 254- 3 File d 12/11/0 9 Pag e 8 o f 1 0 11/16/200 9 12:16:51P M Pag e 1 Venic e Je t Cente r Compoun d Perio d Nomina l Annua l Rate.. . CAS H FLO W DAT

A Even t 1 Loa n 2 Paymen t 3 Paymen t 4 Paymen t . : IVlonthl y

. : 4.000 % Dat e 12/01/200 9 01/01/201 0 10/01/201 0 01/01/201 3 Amoun t

250,000.0 0 Interes t Onl y 1,920.4 0 220,072.4 2 Numbe r 1 9 2 7 1 Perio d Monthl y Monthl y En d Dat e

09/01/201 0 12/01/201 2 AMORTIZATIO N SCHEDUL E - Norma l Amortizatio n Dat e Paymen t Interes t Principa l Balanc e Loan 12/01/200 9 200 9 Total s 1 2 3 4 5 6 7 8 9 1 0 1 1 1 2 01/01/201 0 02/01/201 0 03/01/201 0 04/01/201 0 05/01/201 0 06/01/201 0 07/01/201 0 08/01/201 0 09/01/201 0 10/01/201 0 11/01/201 0 12/01/201 0 201 0 Total s 1 3 1 4 1 5 1 6 1 7 1 8 1 9 2 0 2 1 2 2 2 3 2 4 01/01/201 1 02/01/201 1 03/01/201 1 04/01/201 1 05/01/201 1 06/01/201 1 07/01/201 1 08/01/201 1 09/01/201 1 10/01/201 1 11/01/201 1 12/01/201 1 201 1 Total s 2 5 2 6 2 7 01/01/201 2 02/01/201 2 03/01/201 2 0.0 0 833.3 3 833.3 3 833.3 3 833.3 3 833.3 3 833.3 3 833.3 3 833.3 3 833.3 3 1,920.4 0 1,920.4 0 1,920.4 0 13,261.1 7 1,920.4 0 1,920.4 0 1,920.4 0 1,920.4 0 1,920.4 0 1,920.4 0 1,920.4 0 1,920.4 0 1,920.4 0 1,920.4 0 1,920.4 0 1,920.4 0 23,044.8 0 1,920.4 0 1,920.4 0 1,920.4 0 0.0 0

833.3 3 833.3 3 833.3 3 833.3 3 833.3 3 833.3 3 833.3 3 833.3 3 833.3 3 833.3 3 829.7 1 826.0 7 9,989.0 8 822.4 3 818.7 7 815.0 9 811.4 1 807.7 1 804.0 0 800.2 8 796.5 5 792.8 0 789.0 4 785.2 7 781.4 9 9,624.8 4 777.6 9 773.8 8 770.0 6 0.0 0

0.0 0 0.0 0 0.0 0 0.0 0 0.0 0 0.0 0 0.0 0 0.0 0 0.0 0 1,087.0 7 1,090.6 9 1,094.3 3 3,272.0 9 1,097.9 7 1,101.6 3 1,105.3 1 1,108.9 9 1,112.6 9 1,116.4 0 1,120.1 2 1,123.8 5 1,127.6 0 1,131.3 6 1,135.1 3 1,138.9 1 13,419.9 6 1,142.7 1 1,146.5 2 1,150.3 4 250,000.0 0

250,000.0 0 250,000.0 0 250,000.0 0 250,000.0 0 250,000.0 0 250,000.0 0 250,000.0 0 250,000.0 0 250,000.0 0 248,912.9 3 247,822.2 4 246,727.9 1 245,629.9 4 244,528.3 1 243,423.0 0 242,314.0 1 241,201.3 2 240,084.9 2 238,964.8 0 237,840.9 5 236,713.3 5 235,581.9 9 234,446.8 6 233,307.9 5 232,165.2 4 231,018.7 2 229,868.3 8Cas e 8:09-cv-00087-RAL-TB M Documen t 254- 3 File d 12/11/0 9 Pag e 9 o f 1 0 11/16/200 9 12:16:5 2 P M Pag e 2 Venic e Je t Cente r

Dat e 2 8 04/01/201 2 2 9 05/01/201 2 3 0 06/01/201 2 3 1 07/01/201 2 3 2 08/01/201 2 3 3 09/01/201 2 3 4 10/01/201 2 3 5 11/01/201 2 3 6 12/01/201 2 201 2 Total s 3 7 01/01/201 3 201 3 Total s Gran d Total s Paymen t 1,920,4 0 1,920.4 0 1,920.4 0 1,920.4 0 1,920,4 0 1,920,4 0 1,920.4 0 1,920.4 0 1,920.4 0 23,044,8 0 220,072,4 2 220,072,4 2 279,423.1 9 Interes t 766.2 3 762.3 8 758.5 2 754.6 5 750.7 6 746.8 6 742.9 5 739.0 3 735.0 9 9,078.1 0 731.1 7 731.1 7 29,423.1 9 Principa l 1,154.1 7 1,158.0 2 1,161.8 8 1,165.7 5 1,169.6 4 1,173.5 4 1,177.4 5 1,181.3 7 1,185.3 1 13,966.7 0 219,341.2 5 219,341.2 5 250,000.0 0 Balanc e

228,714.2 1 227,556.1 9 226,394.3 1 225,228.5 6 224,058.9 2 222,885.3 8 221,707.9 3 220,526.5 6 219,341.2 5 0.0 0Cas e 8:09-cv-00087-RAL-TB M Documen t 254- 3 File d 12/11/0 9 Pag e 1 0 o f 1 0 11/16/200 9 12:16:5 2 P M Pag e 3 Venic e Je t Cente r
Las t interes t amoun t increase d b y 0.0 3 du e t o rounding .Cas e 8:09-cv-00087-RAL-TB M Documen t 254- 5 File d 12/11/0 9 Pag e 1 o f 2 EXECUTIO N VERSIO N Exhibi t D Bil l o f Sal e (se e attached )

42363102v 9 1 3Cas e 8:09-cv-00087-RAL-TB M Documen t 254- 5 File d 12/ 1 'n^^occr^ T «««». * ^'^SIO N

BIL L O F SAL E 1 . Sal e an dTransfer o f Assets . Fo r

goo dan dvaluabl e consideration , th e receipt , adequac y an dlega l sufficienc y o f whic h are hereb y adcnowledged . Burto n W , Wiand , a s Court

appointe dReceive r

fo r VENIC E JE T CENTER , LLC , aFlorid alimite dhability company ("Assignor") , hereb y sells , transfers , assigns , conveys , grant s an ddeUvers t o TRISTATE AVIATIO N GROU P O F FLORID A LLC , aFlorid alimite dliability company ("Assignee") , effectiv e a s th e date hereof , al l o f Assignor' s right , titl e an dinteres t i n an dto al l o f

th e Asset s (a s define di n th e Asse t

Purchas e Agreemen t

bety/ee n Assigno r

an dAssigne e date dNovembe r 16 , 2009) . 2 . Representation s an dWarranties . Assigno r hereb y covenant s yvit

h Assigne e that ; (a) Assigno r i s th e lawfu l owner

o f th e Asset s with th e free andum-estricte drigh t t o sel l th e same ; (b ) th e Asset s ar e fre e an dclea r o f al l liens , claim s andencumbrance s o f an y natur e whatsoever ; (c ) Assigno r warrant s an dwil l defen dtitl e t o th e Asset s hereb y transferre dagains t al l claim s an d demand s o f

al l person s whomsoever ; an d(d ) Assigno r wil l execut e anddeliver suc h other document s an dtalc e suc h action s a s Assigne e ma y reasonabl y reques t

fromtim e to tim e t o furthe r evidenc e th e hansfe r

o f th e Purchase dAsset s a s contemplate dhereby . 3 . Fui-the

r Actions . Assigno r

agree s t o tak e al l step s reasonabl y necessar y t o establis h th e recor do f

Assignee' s titl e t o th e Asset s and , a t th e reques t

o f Assignee , t o execute an ddeliver further instrument s o f

tiansfe r an dassigmnen t

an dtalc e suc h othe r

actio n a s Assigne e ma y reasonabl y reques t

t o mor e effectivel y transfer an dassig n t o an dves t

i n Assigne e eac h o f

th e Assets . Assigno r

ha s execute dthi s Bil l o f

Sal e a s o f

, 2009 . Burto n W . Wiand , Receive r o f Venic e Je t

Center , LL C 

# '(yyL— _ Burto n W . Wiand , a s Receive r

42389179v lCas e 8:09-cv-00087-RAL-TB M Documen t 254- 6 File d 12/11/0 9 Pag e 1 o f 7

EXECUTIO N VERSIO N AGREEMEN T REGARDIN G CLAIM S AN D OBLIGATION S THI S AGREEMEN T REGARDIN G CLAIM S AN D OBLIGATION S (tii e "Agreement" ) i s mad e an dentere dint o a s o f Decembe r

7 , 200 9 (th e "Effectiv e Date"1 . b y an dbetwee n NORTHER N TRUST , NA , (th e "Bank" ) an dBURTO N W . WIAND , a s Court-appointe dReceive r (th e "Receiver"' ) in th e actio n style dSecuritie s an d Exchang e Commissio n v . Arthu r Nadel , e l al. . Cas e No : 8;09-cv-87-T-26TB M (th e "Action" ) (th e Ban k

an dth e Receive r

ar e sometime s collectivel y refen-e dt o herei n a s tli e "Parties " an deac h i s a"Party") . WITNESSET H WHEREAS , th e Unite dState s Distric t Cour t fo r th e Middl e Distric t

o f Florida , Tamp aDivisio n (th e "Court") , appointe dBurto n W . Wian da s Receive r i n th e Actio n fo

r anumbe r o f entities , includin g th e Venic e Je t Center , LLC , aFlorid alimite dliabilit y compan y (th e "Company" ) an dScoo p Capital , LL C f"Scoo p Capital") , aFlorid alimite d liabilit y company . Al l o f th e receivershi p entitie s i n th e Actio n ar e collectivel y referre d t o a s th e "Receivership. " WHEREAS , th e Receivershi p ha s certai n liabilitie s outstandin g wit h th e Ban k an dcertai n asset s subjec t t o th e Bank' s liens , a s generall y describe di n Exhibi t A . WHEREAS , Tristat e AviatioJ i Grou p o f Florid a("Tristat e Aviation"; ) desire s t o purchas e th e asset s owne db y th e Company , an dth e Receive r desii-e s t o sel l th e Company' s asset s t o Tristat e Aviatio n (th e purchas e o f th e Company' s asset s contemplate db y Tristat e Aviatio n i s referre dt o herei n a s th e 'Transaction") : an d WHEREAS , i

n consideratio n o f

th e term s o f

th e Transaction , an dwit h th e approva l o f

th e Court , th e Ban k

an dth e Receive r

desir e t o full y settl e an y an dal l claim s o n th e outstandin g liabilitie s an dclaim s involvin g th e Receivership , pursuan t t o th e term s andcondition s se t

fort h herein ; NOW , THEREFORE , fo r an din consideratio n o f th e mutua l promises , covenant s an dagreement s containe din thi s Agreemen t an dothe r

goo dan dvaluabl e consideration , th e receip t an dsufficienc y o f

whic h ar e hereb y adcnowledged , th e Ban k an dth e Receive r

agre e a s follows :

OPERATIV E TERM S Sectio n 1 . Contingency . Th e Ban k an dth e Receive r

understan dan dagre e tha t th e obligation s o f

th e Partie s t o perfor ma s se t fort h i n thi s Agreemen t

ar e contingen t upo n afmal orde r

o f th e Cour t

approvin g th e Transactio n an dthi s Agreemen t (th e "Contingency") . Th e fom i o f th e motio n an dOrde r

approvin g th e Transactio n an dthi s Agreemen t

shal l b e approve db y th e Ban k an dth e titl e compan y bein g use di n th e Transaction . Sectio n 2 . Settlemen t Proceeds . Upo n executio n an ddeliver y o f thi s Agreemen t

an dsatisfactio n o f

th e Contingency , th e Receive r wil l caus e t o b e pai dt o th e 1 424135I7v 5 

### EXHIBI T 2Cas e 8:09-cv-00087-RAL-TB M Documen t 254- 6 File d 12/11/0 9 Pag e 2 o f 7

EXECUTION VERSIO

N Ban k th e su mo f mone y i n th e Certificat

e Deposi t describe di

n Exliibit A . includin g al

l accruedinterest s earne dtherefrombu t no t ye t paid . Sai

damount being pai di s i

n consideratio n fo

r th e Bank' s executio n an

ddeliver y o f thi s Agreement . Sections . Ban

k Release . Upo

n executio n anddelivei y o f thi s Agreement

an d i n consideratio n o f

th e Settlement

Proceeds , a s wel

l a s satisfactio n o f

th e Contingency , excep t a s otherwis e provide di

n thi s Agreement , th e Ban k hereby releases , an

dforeve r discharge s th e Receiver , th e Compan y an dScoop Capita

l o f an y claim s an

ddebt s relate d to th e loan s se t

fort h o n Exhibi t A . However , nothin g i n thi s paragrap h or

the Agreement

shall releas e th e Bank' s mortgag e o r lien s agains t

th e Company' s asset s to be sol dpursuant t o th e Transactio n an

dth e Propert

y (a s define dherein) . Sectio n 4 . Th e Sale o f th e Company' s Assets . I n consideratio n o f

the executio n an

ddeliver y o f thi s Agreemen

t andsatisfactio n of

th e Contingency , th e Ban k an dthe Receive

r understandan

dagre e tha

t i f th e Cour t approve s ahighe

r pric e tha n th e pric e contemplate di

n th e Transactio n fo

r sal e o f th e Company' s assets , th e Ban k shall be entitle dt o receiv e fift

y percent (50% ) of the differenc e betwee

n th e higher

pric e andth

e Transactio n price , whic

h amoun t shall b e pai dt o th e Ban

k a s soon a s practicable . Sectio n 5 . Fruitvill e Roa dProperty , I n consideratio n o f th e executio n an

d deliver y o f thi s Agreemen

t an dsatisfactio n o f

th e Contingency , th e Ban k an dth e Receive r understandan

dagre e tha

t upon th e Receiver' s closin g o n th e sal e o f

the Fruitvill e Roa

dpropert y (th e "Property " an

dmor e particularly describe do

n Exliibi t A) , th e Ban k shal l b e paid , i

n fiill satisfactio n o f

th e mortgag e o

n th e Propert}' , th e principa l amoun t o f th e mortgag e owe

da t th e tim e when th e Propert

y becam e a n asse t o f th e Receivership , exclusiv e o f al l fee s an dpenaltie s (th e "Mortgage") ; provide dasal e o f th e Propert y i s close dwithin on

e yea r o f th e date o f

th e Court' s orde

r approvin g thi s Agreemen t an dth e Transaction . I

f the sal e o f

th e Propert

y i s no t close dwithin on e yea

r fro mth e dat

e o f th e Court' s orde

r approvin g thi s Agreemen t an dth e Transaction , following the expiratio n dat e o f th e one-yea

r period , th e Receive

r wil l agre e t o fiirthe

r negotiat e i n goodfait h wit h the Ban k regardin g th e dispositio n o f th e Propert)' . Sectio n 6 . RetainedClaims . Th e Ban k an dth e Receive

r understan dan

d agre e tha t tir e executio n an

ddelivei y o f

thi s Agreement , a s well a s satisfactio n o f th e Contingency , shal l no t

constitute awaive

r o r releas e o f

an y claim s th e Ban

k ma y have agains t an y guarantor s o f

th e liabilitie s release dagains t th e Receiver

an dthe Receivershi

p i n thi s Agreement

o r lien s agains t

th e Company' s asset s t o b e soldpursuan t t o th e Transactio n an

dth e Property . Section 7 . Depositor

y Relationship . I

n consideratio n o f

th e executio n an

d deliver y o f thi s Agreement

b y th e Ban k an dsatisfactio n o f

the Contingency , th e Receiver agree s tha t th e Receivership shal l continu e t o us e th e Bank a s on e o f

it s principa

l depositor y banks wit

h n o minimu maccoun t balanc e requirements . Sections . Releas e andCovenan t No t to Sue . I

n consideratio n of

the execution an

ddeliver y o f thi s Agreemen

t an dsadsfactio n o f

th e Contingency , th

e Receiver , on behal f

o f th e Receivership , (i ) releases , acquits , satisfies , an dforeve r

42413517v 5Cas e 8:09-cv-00087-RAL-TB M Documen t 254- 6 File d 12/11/0 9 Pag e 3 o f 7

EXECUTION VERSIO

N discharge s the Bank , its pai-ents , subsidiarie s affiliates , successor s an dassigns , an

deac h o f their directors , officers , employee s an dagent s (tli e "Release dBan k Parties") , o f

an d fi-omall cause s o f

action , liabilities , suits , debts , accounts , controversies , agreements , damages , judgments , claim s an ddemand s whatsoever , i

n la w o r i n equity , which th e Receiverslii

p eve r had , now has , o

r whic h hereafte r can , shal l o

r ma y have , agains t

the ReleasedBan

k Parties , an

d(ii ) covenant s no t

t o su e o r bring an y actio n i n litigation , arbib-atio n o r othe r lega l o r equitabl e proceeding s agains t th e ReleasedBan

k Partie s relatin g t o Arthu r Nadel , the Company , Scoop Capital , o r th e individual s an

dentitie s name do r describe di

n th e abov e reference dActio n o r i n the Receivership . Notwithstandin g anythin g i n thi s Sectio n 8 , th e direc t claim s o f an y individua

l o r entit y no t includedwithin th e Receivership are no t th e subjec t

of thi s release . Section 9 . N o Admissio n o f Liability . Th e Pai'tie s hav e entere dint o thi s Agreemen t i n orde r to amicably resolv e an

y andall claim s th e Ban

k ma y hav e agains t

th e Company , Scoop Capital , o r th e Receivership . The executio n anddeliver y o f thi s Agreemen t shall no t constitute an

y admissio n o f

liabilit y b y th e Bank . Section 10 . Cost s an

dFees . T o th e exten t

no t describe di

n thi s Agreement , eac h Part y shall bea

r its o r hi s ow n costs , attorney' s fees , an dotiie r expenses . Section 11 . Notices . An y notice , request , informatio n o r other document t o b e give n hereunde

r to any Partie s b

y an y othe r part y shal l b e i

n writin g an

dshal l hav e bee

n deemedto hav e bee

n given (i ) whe

n personally delivered , sent b y facsimil e (wit

h har d copy to follow ) or

sent b y reputabl e overnight

expres s courier

(charge s prepaid) , o r

(ii ) fiv e (5 ) day s following mailin g b y certifie dor

registere dmail , postag e prepai dandretur n receip t requested . Unles s anothe r i s specifie di

n writing , notices , demand s an d communication s to th e Receive r an dTh e Ban

k shal l b e sent

to th e addresse s indicate d below : (a

) If intendedfo

r the Receiver : Burto n W . Wiand , Receive r Venic e Je t Cente r / Scoop Capita

l 300 0 Baypor

t Drive , Suit

e 60 0 Tampa , Florid a33607 Attention : Bur

t Wian d (b ) I f intende dfo

r Th e Bank : Norther n Trust , N A 151 5 RinglingBlvd #40 0 Sarasota , Florid a34236-676 9 Attn : Pete r Biege i

424I3517V 5Cas e 8:09-cv-00087-RAL-TB M Documen t 254- 6 File d 12/11/0 9 Pag e 4 o f 7

EXECUTION VERSIO N Wit h cop y to : Trenam , Kemker , Scharf

, Barkin , Frye , O'Neil l & Mullis , P.A . 270 0 Ban k o f Americ aPlaz a 10 1 Eas t Kenned y Boulevar

d Tampa , Florid a33602-110 2 Attn : Robert aA . Colton , Esq . An y part y ma y chang e th e addres s to whic h notice s hereunde

r ar e to b e sen

t by givin g written notic e o f

suc h chang e o f

addres s a s provide dabove . Section 12 . Entir

e Agreement : Amendments . Thi s Agreemen t an dth e instrument s delivere dpursuan t heret o constitute th e entire agreement between th e Partie s heret o an dsupersede al l prio r

writte n agreement s andunderstanding , ora l o r written , between th e Partie s relatin g t o th e subjec t matte r hereof . Neither thi s Agreement

nor an y provisio n hereo f

ma y b e waived , modified , amended , discharge dor terminate dexcep t

by a n instrumen

t i n writin g signe dby th e Part y agains t who mth e enforcemen

t o f such waiver , modification , amendment , discharg e o r terminatio n i s sought , an dthe n onl

y to th e extent se t fortl i i n suc h instrument . Thi s Agreement , although initiall y draw n b y on e o f th e Partie s hereto , shal

l no t b e construe dfo

r o r agains t eitlie r part y a s aresult

thereo f man y disput e pertainin g t o thi s Agreement o r th e transactio n contemplate dhereby , but thi s Agreemen

t shal l b e interprete di

n accordanc e wit

h languag e hereo f

i n a n effor t to reach th e result

intendedthereby . Section 13 . Governin g La w an dJiuisdiction . Thi s Agreemen t shall be governedb

y an dconstrue di

n accordanc e wit

h th e substantiv e law s o f th e Stat e o f Florida . Thi s Agreemen

t shal l b e subjec t

t o th e exclusiv e jurisdictio n of th e Unite d State s Distric t

Court , Middl e Distric t

o f Florida , Tamp aDivision , i n Hillsboroug h Count

y i n th e State of

Florid ato th e exclusio n o f th e court s o f

an y other stat e o r country , an

dth e Ban k hereb y irrevocabl

y submit t o th e jurisdictio n o f

th e Cour t wit h respec t t o an y claim arisin g out o r i n connectio n wit

h thi s Agreement . Section 14 . Venue . I n th e event litigatio n shoul daris e t o enforc e o r interpret thi s Agreement , th e Ban

k hereb y agree s tha

t th e proper

venu e shal l b e i

n th e Unite d State s Distric t

Court , Middl e Distric t

o f Florida , Tamp aDivision , i n Hillsboroug h Count

y i n th e Stat e o f Florida . Sectio n 15 . Captions . Th e caption s i n thi s Agreement

ar e inserte dfo

r convenienc e of

referenc e onl y an

di n no wa y define , describe , o

r limit th e scop e or

inten t o f thi s Agreemen

t o r an y o f th e provision s hereo f Section 16 . Bindin g Effect . Thi s Agreemen t shall b e bindin g upo

n an dshal l inur e t o th e benefi

t o f th e Partie s heret

o an dtheii

- respectiv e heirs , executors , administrators , lega

l representatives , successors , an dassigns ; provided , howeve r th e deliver y o f th e Agreemen

t b y one part y shal l not b e bindin g upo n eithe

r unti l bot h Partie s hav e full y executedsame .

42413517v 5Cas e 8:09-cv-00087-RAL-TB M Documen t 254- 6 File d 12/11/0 9 Pag e 5 o f 7

EXECUTIO N VERSIO N Sectio n 17 . Waiver . N o waive r b y eithe r

part y heret o o f

an y conditio n o r

an y breac h o f an y term , covenant , representatio n o r warrant y containe di n thi s Agreemen t shal l b e deeme do r

construe da s afln-tlie

r o r continuin g waive r

o f suc h conditio n o r breac h o r waive r o f an y othe r

o r subsequen t

conditio n o r

th e breac h o f

an y othe r

term , covenant , representatio n o r warrant y containe din thi s Agreement . Sectio n 18 . Severability . I f an y provisio n o f

thi s Agreemen t

i s determine dt o b e illega l o r

unenforceable , suc h provisio n will b e deeme damende dt o th e exten t necessar y t o conformt o applicabl e law or , i f i t canno t b e s o amende dwithou t materiall y alterin g th e intentio n o f

th e Parties , i

t wil l b e deeme dstricke n an dth e remainde r o f th e Agreemen t

wil l remai n i n ful l forc e an deffect . Sectio n 19 . Attorneys ' Fees . I n an y actio n o r dispute , a t

law o r i n equity , tha t ma y aris e unde r

o r otherwis e relat e t o thi s Agreement , th e prevailin g part y will b e entitle dto , fiomth e non-prevailin g party , reimbursemen t o f it s attorneys ' fee s (including , bu t no t limite dto , attorneys ' fees , paralegals ' fee s an dlega l assistants ' fees) , cost s an d expense s incurre din th e preparatio n for an din connectio n wit h an y trial , appeal o r banki-uptc y proceeding . Sectio n 20 . Counterparts . An y numbe r o f counterpart s o f

thi s Agreemen t

may b e execute dan deac h suc h execute dcounterpar t shal l b e deeme dt o b e a n original . [Signatur e Pag e Next ]

424135t7v 5Cas e 8-.09-CV-00087-RAL-TB M Documen t 254- 6 File d 12/11/0 9 Pag e 6 o f 7

EXECUTION VERSIO

N I N WITNES S WHEREOF , th e Partie s hereto hav e causedthi s Agreement to b e dul y executedas o

f th e dat e first abov e written . NORTHER N TRUST , N A

Name : Pete

r L Biege i Its : Senior Vic e President/Senio r

Bankin g Office

r BURTO N W . WIAND , as Court-appointe d Receive r i n th e actio n style dSecuritie s an d Exchang e CommLssio

n v, Arthu r

Nadel , e l al. , Cas e No : 8:09:C.v-«7-T-26TB M

42413517V 5Cas e 8:09-cv-00087-RAL-TB M Documen t 254- 6 File d 12/11/0 9 Pag e 7 o f 7

EXECUTION VERSION EXHIBI T A RECEIVERSHI P ASSET S & LIABILITIE S

WIT H NORTHER N TRUST , N

A (se e attached ) 1 . Loa n t o the Compan

y i n th e origina

l principa l amount o f $2. 0 million , secure db

y th e asset s o f th e Compan

y an darelate dSwa

p Agreemen

t between th e Compan

y an dth e Bank . 2 . Loa n to Scoo

p Capita l i n th e origina

l principa l amoun t o f $1. 5 million , secure db

y a certificat e o f deposit numbe r 284025966 4 i

n th e principa

l amoun t o f $1. 5 millio n (th e "Certificat e o f Deposit" ) an

darelate dSwa

p Agreemen

t between Scoop Capita

l an dth e Bank . 3 . Loa n to Ailhur

an dMarguerite Nade l i

n th e principa

l amoun t o f $191,250 , secure db

y a mortgag e o

n th e rea l propert y a t 1557 6 Fruitvill e Road , Sarasota , F L 3424 0 (tli e "Property") .

424135l7v SExhibi t "B " (Consent s t o Assignment s b y Cit y o f Venice )CONSEN T T O ASSIGNMEN T AND ASSUMPTIO N O F LEAS E

Th e CIT Y O F VENICE , a s lesso r under th e Ma y 23 , 200 6 Lease , hereb y consent s to the assignment

an dassumptio n o f

th e leas e t o andby TRISTAT E AVIATIO N GROU P OF FLORID A LL C upo n th e followin g term s an dconditions : 1 . TRISTAT E AVIATIO N GROU P O FFLORID A LLC shal l utiliz e th e lease dpremise s onl y fo r th e use s authorize dby th e Ma y 23,200 6 Leas e an dshal l faithfiill y perfor mal l o f th e lessee' s dutie s an dobligation s unde r sai dlease . 2 . A s betwee n th e CIT Y O FVENIC E an dVENIC E JE T CENTER , LLC , th e assignment an dassumptio n o f

th e leas e t o an dby TRISTAT E AVIATIO N GROU P O F FLORID A LLC shall no t releas e o r reliev e VENIC E JE T CENTER , LL C fro man y duty , obligatio n o r

liabilit y unde r th e term s andcondition s o f

th e Ma y 23,200 6 Lease . Date ddii s W/ ) da

y o f <TAAia/i/ei , 2010 .

CIT Y OF VENIC E 

# By : /yfotk}^^\y \ E dMartin , Mayo r .AFTEST :

or i Stelzer , Cit y(Sier k 

### Approve dBy Cit y Counci l Date : u^^u/,^.^ . S.^QI QCONSEN T T O ASSIGNMEN T AN D ASSUMPTIO N O F SUBLEAS E AGREEMEN T

Th e CIT Y O F VENICE , a s lesso r under th e Ma y 23 , 200 6 Lease , hereb y consent s t o ± e assignment

an dassumpdo n o f

th e COCKPI T CAFE , LL C subleas e date dFebruar y 26 , 200 8 t

o an d b y TRISTAT E AVIATIO N GROU P O F FLORID A LL C upo n th e followin g term s andconditions :

. 1 . COCKPI T CAFE , LLC , a s subleasee , shal l abid e b y al l o f th e term s andcondition s containe dwithi n th e Ma

y 23 , 200 6 Leas e andshal l no t acquir e an y greate r

right s in th e us e an

d enjoymen t o f th e lease dpremise s than thos e possesse dby th e origina l lessee . 2 . TRISTAT E AVIATIO N GROU P O F FLORID A LL C shal l remai n liabl e fo r th e performanc e o f

al l o f th e lessee' s dutie s an dobUgation s containe dwithi n th e Ma y 23,200 6 Lease .
Date dtiiis ^^ i da

y o f "^9/1^7/9/2 ^ 2010 .

CIT Y O F VENIC E

ATTEST :

r

i Stelzer , Cit

y (gfer k 

### Approve d B y Cit y Counci l Date : '-jAjow-if-^Cf s . 3c/ cCONSEN T T O ASSIGNMEN T AND ASSUMPTIO N O F SUBLEAS E AGREEMEN T

Th e CIT Y O F VENICE , a s lesso r under th e Ma y 23 , 200 6 Lease , hereb y consent s to th e assignment

an dassumptio n o f

th e HERTZ CORPORATIO N subleas e date dOctobe r 22,200 9 to an

d b y TRISTATE AVIATIO N GROU P O F FLORID A LL C upo n th e followin g term s andconditions : 1 . HERT Z CORPORATION , a s subleasee , shall abid e b y al l o f th e term s an dcondition s containe dwithi n th e May 23 , 200 6 Leas e an dshal l no t acquir e an y greate r

right s i n th e us e and enjoymen t o f th e lease dpremise s than thos e possesse db y th e origina l lessee . 2 . TRISTAT E AVIATIO N GROU P O F FLORID A LL C shal l remai n liabl e fo r th e performanc e o f

al l o f th e lessee' s dutie s andobligation s containe dwithi n th e Ma y 23,200 6 Lease . Date dtiois (f % da

y o f JAjJu/^/ei ^ , 2010 .

CIT Y O F VEN I

i dMartin , Mayo r ATTEST : Bv : ri Stelzer , Cit

y CHer k 

### Approve dB y Cit y Counci l Date : ZlZ/^nntu

^ ^ -^oi vExhibi t "C " (Cour t Orde r approvin g sal e an dtransfe r t o Tristate )Cas e 8:09-cv-00087-RAL-TB M Documen t 32 1 File d 01/20/1 0 Pag e 1 o f 4



### UNITE D STATE S DISTRIC T COUR T MIDDL E DISTRIC T O F FLORID A TAMP A DIVISIO N SECURITIE S AN D EXCHANG E COMMISSION , Plaintiff , V . CASENO:8:09-cv-87-T-26TB M ARTHU RNADEL ; SCOO P CAPITAL , LLC ; andSCOO P MANAGEMENT , INC. , Defendants , SCOO P REA L ESTATE , L.P. ; VALHALL A EvrVESTMEN

T PARTNERS , L.P. ; VALHALL A MANAGEMENT , INC. ; VICTORY IRA FUND , LTD. ; VICTOR Y FUND , LTD ; VIKIN G IR A FUND , LLC ; VIKIN G FUND , LLC ; an d VIKIN G MANAGEMENT , LLC , Relie f Defendants .

ORDE R Pendin g befor e thi s Cour t i s th e Receiver' s Motio n for Approva l o f

Sal e o f th e Asset s o f th e Venic e Je t

Cente r an dAgreemen t

wit h Northe mTrust , N.A . (th e "Motion" ) (Dkt . 254) . Th e Motio n request s approva l o f th e sal e o f

certai n asset s o f th e Venic e Je t

Center , LL C ( " th e VJC") , acompan y i n Receivership , an da s par t of th e sale , th e transfe r

o f th e VJC' s leas e agreemen t wit h th e Cit

y o f Venic e an d sublease s with Hert z Corporatio n an dth e Cockpi t Cafe . Th e Motio n als o request s<t - • Cas e 8:09-cv-00087-RAL-TB M Documen t 32 1 File d 01/20/1 0 Pag e 2 o f 4



### approval o f

th e term s o f

an agreemen t

t o resolv e outstandin g obligation s b y Receivershi p Entitie s t o Northe mTrust , N.A . Norther n Trus t ha s consente dt o thes e transaction s an dth e Court ha s provide dth e Cit

y o f Venic e with th e opportunity t o rais e objection s t o thi s transactio n an dth e transfe r o f th e leas e an dsubleases . Th e Court , havin g considere dal l matter s submitte dwit h respec t t o th e Motio n an dhavin g reache dth e conclusio n tha t th e Motio n i s wel l founde dan dtha t th e relie f requeste di s i n th e bes t

interes t o f th e receivershi p an dconsisten t with th e right s o f

th e partie s t o th e leas e betwee n th e Cit y o f Venic e an dth e VJC , i t

i s hereb y ORDERE D tha t th e Motio n o f

th e Receive r

i s grante dan dth e sal e o f asset s i s approve db y thi s Cour t a s ar e th e term s o f

th e agreemen t

betwee n th e Receive r

an dNorther n Trust , N.A . I t i s furthe r ORDERE D that : 1 ) Th e asset s describe di n Exhibi t 3 o f th e Motio n ar e hereb y transferre d fro mth e Venic e Je t

Center , LLC , t o Tristat e Aviatio n Grou p o f Florida , LLC , fre e an d clea r o f al l claims , liens , an dencumbrances , excep t fo r th e lien s o f

Norther n Trust , N.A . 2 ) Th e VJC' s interests , rights , an dobligation s a s tenan t unde r th e Leas e b y an dbetwee n th e City o f

Venice , aFlorid amunicipality , a s lessor , an dth e VJC , a s lessee , date dMay 23 , 2006 , a s mor e particularl y describe di n th e Motio n (th e "Lease") , whic h demise s th e rea l propert y describe di n Exhibi t 7 t o th e Motion , togethe r with th e leasehol destat e arisin g thereunder , ar e hereb y assigne dan d transferre dt o Tristat e Aviatio n Grou p o f Florida , LLC .Cas e 8:09-cv-00087-RAL-TB M Documen t 32 1 File d 01/20/1 0 Pag e 3 of 4



### 3 ) Tristat e Aviatio n Grou p o f Florida , LLC , i s entitle dt o al l rights , benefits , an dinterest s o f

th e tenan t

i n th e Leas e an dth e leasehol destat e arisin g thereunde r

an dassume s al l obligation s o f th e VJ C a s tenan t

thereunder . Sai dright s shal l includ e th e righ t

o f Tristat e Aviatio n Grou p o f Florida , LLC , t o b e substitute di n th e VJC' s stea di n th e proceedin g befor e th e FA A (FA A Docke t No . 16-09-05) . However , a s th e Receive r ha s acknowledge di n hi s Repl y file dthi s da y a t docke t 320 , th e approva l o f

thi s assignmen t

o f th e VJC' s interes t

i n th e Par t

1 6 proceedin g presentl y pendin g befor e th e FA A doe s no t dives t th e FA A o f

th e independen t

righ t t o determin e th e issu e o f

standin g i n tha t

proceedin g no r

i s th e Court' s approva l intende d t o confer standin g o n Tristat e Aviatio n Grou p o f Florida , LLC , i n tha t

proceeding . 5 ) Th e sublease s betwee n th e VJ C an dHert z Corporatio n an dbetwee n th e VJ C an dth e Cockpi t

Caf e LL C are hereb y transferre dt o Tristat e Aviatio n Grou p o f Florida , LLC , an dTristat e Aviatio n Grou p o f Florida , LLC , i s entitle dt o al l right s an d interest s o f

th e VJ C i n an dunde r

sai dlease s an dassume s al l obligation s of th e VJ C thereunder . 6 ) Th e Tristat e Aviatio n Grou p o f Florida , LLC , i s entitle dt o th e quie t enjoymen t

o f al l right s an dprivilege s unde r th e aforementione dlease s an dn o thir d part y shal l inappropriatel y interfer e with th e enjoymen t o f sai drights , an dthat

th e same are vali dan di n goo dstandin g a s o f th e dat e o f

thi s Order . 7 ) Th e Agreemen t

Regardin g Claim s an dObligation s entere dint o betwee n th e Receive r

an dNorthe mTrust , N.A . i s approve di n al l respects .Cas e 8:09-cv-00087-RAL-TB M Documen t 32 1 File d 01/20/1 0 Pag e 4 o f 4



### DON E an dORDERE D i n Chamber s a t Tampa , Florida , o n January 20 , 2010 . s,lRichardA . Lazzar a RICHAR D A . LAZZAR A UNITE D STATE S DISTRIC T JUDG E

COPIE S FURNISHE D TO : 

### Counse l o f

Recor d