Page 1 - STIPULATION CONTINUING THE HEARING ON COMVEST’S 

LIMITED OBJECTION TO STIPULATED ORDER APPOINTING 

RECEIVER 

SCHWABE, WILLIAMSON & WYATT, P.C.

Attorneys at Law 

Pacwest Center 

1211 SW 5th Ave., Suite 1900 

Portland, OR 97204 

Telephone: 503.222.9981 

Fax: 503.796.2900

PDX\129912\215141\LRE\18034309.2

Lawrence R. Ream (Admitted Pro Hac Vice) 

Email: lream@schwabe.com

Troy D. Greenfield, OSB #892534 

Email: tgreenfield@schwabe.com 

Joel A. Parker, OSB #001633

Email: jparker@schwabe.com 

Schwabe, Williamson & Wyatt, P.C. 

Pacwest Center 

1211 SW 5th Ave., Suite 1900 

Portland, OR 97204 

Telephone: 503.222.9981 

Facsimile: 503.796.2900 

 Attorneys for the Receiver and the Entity Defendants 

IN THE UNITED STATES DISTRICT COURT 

FOR THE DISTRICT OF OREGON 

PORTLAND DIVISION 

SECURITIES AND EXCHANGE 

COMMISSION, 

Plaintiff, 

v. 

AEQUITAS MANAGEMENT, LLC; 

AEQUITAS HOLDINGS, LLC; 

AEQUITAS COMMERCIAL FINANCE, 

LLC; AEQUITAS CAPITAL 

MANAGEMENT, INC.; AEQUITAS 

INVESTMENT MANAGEMENT, LLC; 

ROBERT J. JESENIK, BRIAN A. OLIVER; 

and N. SCOTT GILLIS, 

Defendants.

No. 3:16-cv-00438-PK

STIPULATION CONTINUING THE 

HEARING ON COMVEST’S LIMITED 

OBJECTION TO STIPULATED ORDER 

APPOINTING RECEIVER 

Case 3:16-cv-00438-PK Document 152 Filed 04/12/16 Page 1 of 4
Page 2 - STIPULATION CONTINUING THE HEARING ON COMVEST’S 

LIMITED OBJECTION TO STIPULATED ORDER APPOINTING 

RECEIVER 

SCHWABE, WILLIAMSON & WYATT, P.C.

Attorneys at Law 

Pacwest Center 

1211 SW 5th Ave., Suite 1900 

Portland, OR 97204 

Telephone: 503.222.9981 

Fax: 503.796.2900

PDX\129912\215141\LRE\18034309.2

WHEREAS, on March 10, 2016, the Securities and Exchange Commission 

(“Commission”) filed an action captioned SEC v. Aequitas Management, LLC et al. (the 

“Action”) alleging defendants Aequitas Management, LLC, Aequitas Holdings, LLC, Aequitas 

Commercial Finance, LLC, Aequitas Capital Management, Inc. and Aequitas Investment 

Management, LLC, (collectively the “Entity Defendants”), violated the federal securities laws; 

WHEREAS, on March 10, 2016, the Commission and the Entity Defendants pursuant 

to a joint stipulation requested the court to enter a [Proposed] Stipulated Order Appointing 

Receiver (ECF #2-2) (including any amendments or modifications thereto or extensions 

thereof, the “Proposed Order”) that would, among other things: (i) appoint Ronald Greenspan 

(the “Receiver”) as receiver of the Entity Defendants, their subsidiaries, and/or majorityowned affiliates listed in an “Exhibit A” (collectively, the “Receivership Entity”) and 

(ii) grant broad powers to the Receiver; 

WHEREAS, the Proposed Order also identified in an “Exhibit B” eight “Extended 

Entities” that “shall cooperate fully with the Receiver in the execution of his duties, but shall 

not be included in the Receivership Entity”; 

WHEREAS, on March 15, 2016, Comvest Capital III, L.P. and Comvest Freedom 

Administration, LLC (collectively “Comvest”) filed its Limited Objection to Stipulated Order 

Appointing Receiver (ECF #26); 

WHEREAS, on March 16, 2016, the Court granted the request for entry of an interim 

order approving the terms of the “Stipulated Interim Order Appointing Receiver” (ECF #30) 

(the “Interim Order’); 

WHEREAS, on March 24th and March 25th, 2016, the Commission and the Receiver 

each filed a Response to Limited Objection Filed by Comvest (ECF #92 and #114 

Case 3:16-cv-00438-PK Document 152 Filed 04/12/16 Page 2 of 4
Page 3 - STIPULATION CONTINUING THE HEARING ON COMVEST’S 

LIMITED OBJECTION TO STIPULATED ORDER APPOINTING 

RECEIVER 

SCHWABE, WILLIAMSON & WYATT, P.C.

Attorneys at Law 

Pacwest Center 

1211 SW 5th Ave., Suite 1900 

Portland, OR 97204 

Telephone: 503.222.9981 

Fax: 503.796.2900

PDX\129912\215141\LRE\18034309.2

respectively) (collectively, the “Commission and Receiver Response”); 

WHEREAS, the Court conducted a telephonic hearing on March 29, 2016, and set a 

briefing schedule for supplemental objections to the Proposed Order and Interim Order, with 

oral argument on any such objections for April 13, 2016, at 10:00 a.m. (ECF #120); 

WHEREAS, Comvest has filed various supplemental pleadings in support of its 

objections to the Proposed Order and the Interim Order (collectively, “Comvest’s Limited 

Objection”); 

WHEREAS, the Commission and the Receiver have filed supplemental pleadings in 

opposition to Comvest’s Limited Objection and in support of entry of a final order 

permanently appointing the receiver (collectively, the “Commission and Receiver’s Response 

to Comvest’s Limited Objection”); 

WHEREAS, the undersigned parties are working diligently to reach a mutually agreed 

resolution to Comvest’s Limited Objection; 

NOW, THEREFORE, the undersigned parties—the Commission, Comvest and the 

Entity Defendants (collectively, the “Parties) —hereby stipulate and agree as follows (the 

“Stipulation”): 

1. The Parties hereby stipulate to the entry of an order continuing the hearing on 

Comvest’s Limited Objection to April __, 2016 at 10:00 a.m. or to such other date and 

time as determined by the Court, but without further briefing by any of the Parties. 

2. The Parties further stipulate that entry of a further order Appointing the Receiver, 

including the entry of a final order permanently appointing the Receiver, prior to the 

continued hearing on Comvest’s Limited Objection is without prejudice to the rights 

of the Parties to present and maintain their arguments and positions at the continued 

Case 3:16-cv-00438-PK Document 152 Filed 04/12/16 Page 3 of 4
Page 4 - STIPULATION CONTINUING THE HEARING ON COMVEST’S 

LIMITED OBJECTION TO STIPULATED ORDER APPOINTING 

RECEIVER 

SCHWABE, WILLIAMSON & WYATT, P.C.

Attorneys at Law 

Pacwest Center 

1211 SW 5th Ave., Suite 1900 

Portland, OR 97204 

Telephone: 503.222.9981 

Fax: 503.796.2900

PDX\129912\215141\LRE\18034309.2

hearing; such rights are fully preserved for all Parties notwithstanding the entry of 

any further order appointing a Receiver or other order in this action. 

3. The Parties further stipulate that, subject to the reservation contained in Paragraph 2 

above in all respects, Comvest does not oppose the entry of a final order appointing 

the Receiver. 

STIPULATED AND AGREED TO BY: 

Dated this _____day of April, 2016. 

SCHWABE, WILLIAMSON & WYATT, P.C. 

 By: s/ Lawrence R. Ream 

Lawrence R. Ream (Admitted Pro Hac Vice) 

lream@schwabe.com

Troy D. Greenfield, OSB #892534 

tgreenfield@schwabe.com 

Attorneys for Entity Defendants 

SECURITIES AND EXCHANGE 

 COMMISSION 

By: s/ Bernard B. Smyth_________________ 

 Sheila E. O’Callaghan 

 Bernard B. Smyth 

 ALSTON & BIRD, LLP 

 By: s/ David A. Wender 

 David A. Wender (Admitted Pro Hac Vice) 

 Attorneys for Comvest Capital III, L.P. and 

 Comvest Freedom Administration, LLC 

Case 3:16-cv-00438-PK Document 152 Filed 04/12/16 Page 4 of 4