Update
On June 30, 2009, the Receiver filed papers seeking approval from the United States District Court for the Southern District of New York for the sale of the property located at 120 Meadow Lane, Southampton, New York. The relevant documents can be found below. The Receiver will update the website as soon as a date for hearing the Receiver's application has has been set by the Court.
OSC.
Memorandum of Law.
Declaration of Patricia O'Prey.
Declaration of Paul Devlin and Exhibits thereto.
Declaration of Brian Janelle.
Declaration of John McHugh.
OSC.
Memorandum of Law.
Declaration of Patricia O'Prey.
Declaration of Paul Devlin and Exhibits thereto.
Declaration of Brian Janelle.
Declaration of John McHugh.
Please note that, pursuant to the Ex Parte Pre-Indictment Restraining Order filed April 1, 2009 in the matter entitled United States v. Nicholson, S.D,N.Y Case No. 09-Cr-00414(RJS) and the Consent Order for Extension of Pre-Indictment Restraining Order filed April 16, 2009, S.D.N.Y Case No. 09-Cr-000414 (RJS), all property held by James Nicholson is subject to forfeiture by the United State Attorneys' Office ("USAO"). Copies of those orders may be viewed by clicking here. In addition, as of June 17, 2009, the United States District Court approved two Stipulations and Orders of Interlocutory Sale relating to property held by Mr. and Mrs. Nicholson in Saddle River, NJ and Palm Beach, FL. A copy of the Stipulations and Orders may be viewed by clicking here. Pursuant to one Stipulation and Order relating to the Saddle River, NJ property, Mrs. Nicholson has agreed to enter into an occupancy agreement with the United States Marshals Service and to vacate the property no later than August 22, 2009.
With the consent of the SEC and the USAO, however, the Receiver remains in possession of, and is engaged in the process of selling, the property located at 120 Meadow Lane, Southampton, New York. Accordingly, inquiries regarding the other properties are best directed to the United States Attorneys' Office. Updates with respect to the sale process for 120 Meadow Lane will be posted on this website.
With the consent of the SEC and the USAO, however, the Receiver remains in possession of, and is engaged in the process of selling, the property located at 120 Meadow Lane, Southampton, New York. Accordingly, inquiries regarding the other properties are best directed to the United States Attorneys' Office. Updates with respect to the sale process for 120 Meadow Lane will be posted on this website.
As indicated in the Receiver's First Quarterly Status Report filed May 6, 2009, the United States Attorneys' Office will be distributing assets recovered from the Receivership Estate, as well as those assets recovered through a forfeiture of Mr. Nicholson's, Westgate Capital Management, LLC's and the related Funds' assets. See Quarterly Status Report, p. 3, 35 & 36. The Receiver will not be distributing assets to investors or creditors; all distributions will occur through the United States Attorneys' Office. Any inquiries regarding the status of a distribution plan should be directed to Wendy Olsen-Clancy, Victim-Witness Coordinator, U.S. Attorney's Office, wendy.olsen@usdoj.gov, 212-637-1028.
Please note that on June 15, 2009, the Court approved the retention of real estate counsel in connection with the proposed sale of the property located at 120 Meadow Lane, Southampton, New York. Please click here to view the related document.
The Receiver attended a hearing on Monday, June 1, 2009 at 11:00 a.m. in Rockland County Supreme Court relating to an Order to Show Cause why a Confession of Judgment Should not be Vacated. Please click here to view the order. The Court has not yet ruled on that Order to Show Cause. The Receiver will update this website once the Court issues a ruling.
On Sunday, May 24, 2009, a further notice of sale with respect to real property located at 120 Meadow Lane, Southampton was published in the real estate classifieds section of the National and Tri-State editions of the New York Times. Please click here to view the listing.
On Sunday, May 17, 2009, a notice of sale with respect to real property located at 120 Meadow Lane, Southampton was published in the real estate classifieds section of the Manhattan and Long Island editions of the New York Times. Please click here to view the listing.
On May 14, 2009, the United States District Court set a hearing on the Receiver's Order to Show Cause Why the Court Should Not Approve Procedures for the Receiver's Sale of 120 Meadow Lane, Southampton New York. The Court set a hearing on the Order to Show Cause for May 21, 2009 at 9:00 a.m. in Courtroom 21D, United States Courthouse, 500 Pearl Street, New York, New York. Please click here to view the Court's Order, and click here for a letter relating thereto.
On May 14, 2009, the Receiver sought approval from the court for certain procedures relating to the proposed sale of the real property located at 120 Meadow Lane, Southampton, New York. Please click here to view the court papers filed by the Receiver.
On May 6, 2009 the Receiver filed the First Quarterly Status Report and Application for Fees and Reimbursement of Expenses. Please click here to view the First Quarterly Status Report and here to view the Application for Fees and Reimbursement of Expenses.
On on April 23, 2009 James Nicholson was indicted by the United States Attorney's Office. Please click here to view the indictment.
The Honorable Richard M. Berman, Judge in the United States District Court for the Southern District of New York, has appointed Lee S. Richards of the law firm Richards Kibbe & Orbe LLP receiver over the assets and accounts of James Nicholson, Westgate Capital Management LLC and its related funds as indicated in the attached order.
On March 3, 2009, Judge Berman also entered an order preliminarily enjoining the assets of James Nicholson, Westgate Capital Management LLC and its related funds.
The Westgate Capital Management LLC related funds include:
- Westgate Absolute Return Fund, LP
- Westgate Alpha Fund, LP
- Westgate Equity Fund, LP
- Westgate Focus Fund, LP
- Westgate Growth Fund, LP
- Westgate Opportunity Fund, LP
- Westgate Opportunity Master Fund, LP
- Westgate Premier Growth Fund, LP
- Westgate Select Fund, LP
- Westgate Strategic Growth Fund, LP
- Westgate Summit Fund, LP
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