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S.E.C. v. BYERS

No. 08 Civ. 7104(DC).

592 F.Supp.2d 532 (2008)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff, v. Steven BYERS, Joseph Shereshevsky, Wextrust Capital, LLC, Wextrust Equity Partners, LLC, Wextrust Development Group, LLC, Wextrust Securities, LLC, and Axela Hospitality, LLC, Defendants.

United States District Court, S.D. New York.

December 17, 2008.

Attorney(s) appearing for the Case

Alistaire Bambach, Esq., Neal Jacobson, Esq., Alex M. Vasilescu, Esq., Steven G. Rawlings, Esq., Danielle Sallah, Esq., New York Regional Office, New York, NY, for Plaintiff Securities and Exchange Commission.

Dewey & Leboeuf LLP, by Leo V. Gagion, Esq., Martin F. Bienenstock, Esq., Mark S. Radke, Esq., New York, NY, for Timothy J. Coleman, Receiver for Wextrust Entities and Affiliates.

Dechert LLP, by Shalom Jacob, Esq., Shumuel Vasser, Esq., New York, NY, for International Ad-Hoc Committee of Wextrust Creditors.

Brown Rudnick LLP, by Martin S. Siegel, Esq., Steven B. Smith, Esq., New York, NY, for International Consortium of Wextrust Creditors.

MEMORANDUM DECISION

CHIN, District Judge.

Before the Court are motions to modify a series of orders appointing a receiver in this complex securities fraud case. For the reasons set forth below, the motions are denied in part and granted in part.

BACKGROUND

On August 11, 2008, the Securities and Exchange Commission ("SEC") filed a complaint in this action against Steven Byers and Joseph Shereshevsky and five Wextrust entities...

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