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Federal Trade Commission v. Next-Gen, Inc.

United States District Court, W.D. Missouri, Western Division

June 19, 2019

FEDERAL TRADE COMMISSION, et al., Plaintiffs,
v.
NEXT-GEN, INC., et al., Defendants.

          ORDER APPROVING AND CONFIRMING SALE OF REAL AND PERSONAL PROPERTY LOCATED 78 SCENA CT, SUNRISE BEACH, MISSOURI

          GREG KAYS, UNITED STATES DISTRICT COURT JUDGE.

         This matter comes before the Court to approve the sale of 78 Scena Ct., Sunrise Beach, Missouri and related property pursuant to 28 U.S.C. §§ 2001(b) and 2004. Eric L. Johnson, the duly appointed receiver (the “Receiver”) of TB2 Partners, LLC (“TB2”), requests entry of an order, inter alia, authorizing the Receiver to sell and convey, the real and personal property located at 78 Scena Ct., Sunrise Beach, Missouri.

         A hearing on this proposed sale (the “Sale”) was held on June 17, 2019 (the “Sale Hearing”). To the extent not withdrawn, any objections to the Sale are hereby deemed overruled.

         FOR THE REASONS STATED IN THE MOTION TO APPROVE THE SALE (DOC. 291), ON THE RECORD AT THE SALE HEARING, AND THOSE DETAILED IN THIS ORDER, THE COURT FINDS AND DETERMINES THAT:

         A. On July 17, 2018, the Court entered a Temporary Restraining Order (“TRO”) appointing the Receiver as the temporary receiver for certain of the Corporate Defendants[1] (Doc. 98).

         B. On September 6, 2018, the Receiver submitted Notice of Temporary Receiver's Determination of Additional Receivership Entities after determining that TB2 should be designated a Receivership Entity (Doc. 185).

         C. TB2 owns a lake house at 78 Scena Ct., Sunrise, Missouri (the “Lake House”), legally described as:

All of Lot Number 1657-1 of a RESUBDIVISION OF LOTS 1657, 1658, AND 1659, LA RIVA EST NO. 3, as shown on the plat of said subdivision, filed for record in Plat Book 82, at Page 21, in the Recorder's Office of Camden County, Missouri.

         D. The Lake House is subject to a deed of trust securing the debt held by Bank of America (“BOA”). As of June 14, 2019, BOA asserts a debt owed of approximately $1, 580, 603.03.

         E. The Receiver subsequently entered into a Seller's Agency Listing Contract (Exclusive Right to Sell) (the “Listing Agreement”) with RE/MAX Lake of the Ozarks (the “Realtor”) with respect to the Lake House. The principal agent of Realtor is Jane Kelly.

         F. On March 2, 2019, the Parties filed with the Court their Stipulated Order for Permanent Injunction and Monetary Judgment (the “Stipulated Order”) (Doc. 263). The Stipulated Order was entered on March 13, 2019 and the Receiver became the permanent receiver of TB2 (Doc. 264).

         G. Pursuant to the Stipulated Order, the Receiver was empowered to serve as “Manager” of TB2 and was authorized to take any action necessary to perform his duties as Manager of TB2 including, without limitation, executing any required titles, deeds, bills of sale, or similar documents (Doc. 263, § IX.L).

         H. On April 22, 2019, the Receiver filed his Motion to Approve Sale Procedures Related to Sale of 78 Scena Ct, Sunrise Beach, Missouri and Related Property (the “Procedures Motion”) (Doc. 278). The Procedures Motion was granted on May 10, 2019 (“Procedures Order”)(Doc. 283). The Procedures Motion and Procedures Order were subsequently modified by Court in order to designate The Reporter as the authorized paper of general circulation (Doc. 290 and 293).

         I. CP-RE3, LLC and the Receiver entered into a Real Estate Purchase Agreement (the “Sale Contract”) related to the Lake House and the personal property identified in the Sale Contract (together with the Lake House, the “Lake House Property”). On May 23, 2019, the Receiver filed his Motion for an Order Authorizing Proposed Sale of Real and Personal Property at 78 Scena Ct, Sunrise Beach, Camden County, Missouri (the “Sale Motion”)(Doc. 291).

         J. The Court has jurisdiction to hear and determine the Sale and Sale Motion and venue is proper pursuant to relevant law, including but not limited to 28 U.S.C. §§ 2001(b) and 2004.

         K. The Sale is predicated upon 28 U.S.C. §§ 2001(b) and 2004.

         L. As evidenced by the Certificate of Service in the Sale Motion and such other evidence as submitted on the record, notice was served via the Court's electronic filing system on those parties receiving electronic notice by such system. Further, 28 U.S.C. § 2001(b) requires ten days' publication notice of a proposed sale. On May 28, 2019, the Court designated The Reporter as the authorized paper of general circulation. Notice of the proposed sale was published in The Reporter on May 29, 2019, June 5, 2019 and June 12, 2019 (Doc. 300). The Court finds the scope and manner of notice and service to be proper, timely, adequate, and sufficient in accordance with 28 U.S.C. §§ 2001(b) and 2004. No. further notice of the Sale, the Sale Motion or the Sale Hearing is or shall be required.

         M. A reasonable opportunity to object or to be heard regarding the Sale has been ...


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