Here you go.....link below. Motion to dismiss the
Post# of 96891
(Total Views: 1064)
Posted On: 09/03/2019 9:05:50 PM
Re: SilentPartner #93764
Here you go.....link below. Motion to dismiss the home loan issue it appears. States initial funding for NTEK has happened!
1 LARS T. FULLER (No. 141270) SAMAN TAHERIAN (No. 170953) 2 THE FULLER LAW FIRM, P.C. 60 No. Keeble Ave. 3 San Jose, CA 95126 (408)295-5595 4 Attorney for Debtor 5 6 7 U.S. BANKRUPTCY COURT 8 NORTHERN DISTRICT OF CALIFORNIA 9 SAN JOSE DIVISION 10 11 In re
Case No.: 19-50335-SLJ 12) DAVID R. FOLEY) MOTION TO DISMISS 13) Debtor) CHAPTER 11 14)) Date: Sept. 11, 2019 15) Time: 2:00 PM) Courtroom: 3099 16)) 17)) 18) _____________________________________) 19 Comes Now Debtor David Foley and respectfully moves the Court to dismiss the herein 20 case. 21 22 BACKGROUND 23 1. Debtor and his non-filing spouse are the owners of the family residence at 311 24 Santa Rosa Drive, Los Gatos, CA encumbered as follows: 25 Case: 19-50335 Doc# 45 Filed: 07/25/19 Motion Entered: to Dismiss - 1 07/25/19 10:51:13 Page 1 of 3 1 Value: $3,760,5171 2 1st trust deed-U.S. Bank (Caliber Home Loans) $4,184,017.492 2nd Trust deed-Countrywide originally $ 420,488 3 3rd T.D. Immersion Corp. $ 250,0003 4 $4,854,505 Equity (1,093,988) 5 2. Debtor filed the herein case to stay the foreclosure sale by U.S. Bank of the 6 family residence. 7 3. Debtor was the CEO and Chairman of the Board of NanoTech Entertainment, Inc. 8 ["NanoTech"], a company engaged in the manufacture and development of technology, 9 10 television content, mobile applications and consumer software. NanoTech had run out of funding 11 and was seeking new funding. 12 4. Because of its cash flow issues, Debtor was not able to cash his paychecks. As of 13 the petition date, he was owed approximately $475,000 in back pay. 14 5. Debtor's plan and the curing of mortgage arrears was predicated on NanoTech 15 obtaining its funding and curing back pay owed to the debtor. 16 6. Though full funding is delayed, NanoTech has now received it initial funding and 17 debtor's back pay is being cured. From his back pay, debtor is able to cure his mortgage arrears, 18 consistent with the stipulation entered into with U.S. Bank on July 15, 2019 and approved by the 19 Court. 20 7. Unexpectedly, on March 11, 2019, the Securities and Exchange Commission filed 21 22 a civil complaint against River North Equities LLC, et al which included Debtor, his wife and 23 1 440 Santa Rosa Ave., consisting of 5562 sq. feet sold on April 12, 2019 for 24 $3,600,000 or $647/foot. 2 Per POC 6 filed in the herein case. 25 3 Original amount before accrued interest Case: 19-50335 Doc# 45 Filed: 07/25/19 Motion Entered: to Dismiss - 2 07/25/19 10:51:13 Page 2 of 3 1 NanoTech Entertainment, Inc. et al. alleging, among other things, violation of Section 5(a) and 2 (c) of the Securities Act (sale of unregistered securities). Debtor denies liability. 3 8. The SEC filed a claim for $9,816,490 as POC 7. 4 9. At the April 4, 2019 status conference, the Court ordered that a plan be confirmed 5 by Oct. 3, 2019. 6 10. At the disclosure statement hearing on June 6, 2019, the Court ordered that debtor 7 file an amended disclosure statement and declaration by July 18, 2019. Debtor fears that some of 8 the disclosure requested would quickly find their way to the internet to the detriment of 9 10 NanoTech and indeed may violate his fiduciary duties to NanoTech. 11 11. Absent timely liquidation of the SEC claim for an amount far less than the claim 12 amount, debtor cannot propose a feasible plan. Liquidation of the SEC claim is likely to take 13 well over a year, and certainly cannot be accomplished in time to meet the Oct. 2019 14 confirmation deadline. 15 12. Debtor mortgage concerns are now resolved. 16 17 Wherefore, Debtor prays for an order dismissing the herein case. The undersigned 18 counsel requests that the Court retain jurisdiction to enter an order for attorney fees pursuant to a 19 noticed Application for Compensation. 20 21 Dated: July 23, 2019 22 THE FULLER LAW FIRM, P.C. 23 24 By: /s/ Lars T. Fuller 25 LARS T. FULLER Attorney for Debtor Case: 19-50335 Doc# 45 Filed: 07/25/19 Motion Entered: to Dismiss - 3 07/25/19 10:51:13 Page 3 of 3
https://www.docketbird.com/court-documents/Da...0335-00045
1 LARS T. FULLER (No. 141270) SAMAN TAHERIAN (No. 170953) 2 THE FULLER LAW FIRM, P.C. 60 No. Keeble Ave. 3 San Jose, CA 95126 (408)295-5595 4 Attorney for Debtor 5 6 7 U.S. BANKRUPTCY COURT 8 NORTHERN DISTRICT OF CALIFORNIA 9 SAN JOSE DIVISION 10 11 In re
Case No.: 19-50335-SLJ 12) DAVID R. FOLEY) MOTION TO DISMISS 13) Debtor) CHAPTER 11 14)) Date: Sept. 11, 2019 15) Time: 2:00 PM) Courtroom: 3099 16)) 17)) 18) _____________________________________) 19 Comes Now Debtor David Foley and respectfully moves the Court to dismiss the herein 20 case. 21 22 BACKGROUND 23 1. Debtor and his non-filing spouse are the owners of the family residence at 311 24 Santa Rosa Drive, Los Gatos, CA encumbered as follows: 25 Case: 19-50335 Doc# 45 Filed: 07/25/19 Motion Entered: to Dismiss - 1 07/25/19 10:51:13 Page 1 of 3 1 Value: $3,760,5171 2 1st trust deed-U.S. Bank (Caliber Home Loans) $4,184,017.492 2nd Trust deed-Countrywide originally $ 420,488 3 3rd T.D. Immersion Corp. $ 250,0003 4 $4,854,505 Equity (1,093,988) 5 2. Debtor filed the herein case to stay the foreclosure sale by U.S. Bank of the 6 family residence. 7 3. Debtor was the CEO and Chairman of the Board of NanoTech Entertainment, Inc. 8 ["NanoTech"], a company engaged in the manufacture and development of technology, 9 10 television content, mobile applications and consumer software. NanoTech had run out of funding 11 and was seeking new funding. 12 4. Because of its cash flow issues, Debtor was not able to cash his paychecks. As of 13 the petition date, he was owed approximately $475,000 in back pay. 14 5. Debtor's plan and the curing of mortgage arrears was predicated on NanoTech 15 obtaining its funding and curing back pay owed to the debtor. 16 6. Though full funding is delayed, NanoTech has now received it initial funding and 17 debtor's back pay is being cured. From his back pay, debtor is able to cure his mortgage arrears, 18 consistent with the stipulation entered into with U.S. Bank on July 15, 2019 and approved by the 19 Court. 20 7. Unexpectedly, on March 11, 2019, the Securities and Exchange Commission filed 21 22 a civil complaint against River North Equities LLC, et al which included Debtor, his wife and 23 1 440 Santa Rosa Ave., consisting of 5562 sq. feet sold on April 12, 2019 for 24 $3,600,000 or $647/foot. 2 Per POC 6 filed in the herein case. 25 3 Original amount before accrued interest Case: 19-50335 Doc# 45 Filed: 07/25/19 Motion Entered: to Dismiss - 2 07/25/19 10:51:13 Page 2 of 3 1 NanoTech Entertainment, Inc. et al. alleging, among other things, violation of Section 5(a) and 2 (c) of the Securities Act (sale of unregistered securities). Debtor denies liability. 3 8. The SEC filed a claim for $9,816,490 as POC 7. 4 9. At the April 4, 2019 status conference, the Court ordered that a plan be confirmed 5 by Oct. 3, 2019. 6 10. At the disclosure statement hearing on June 6, 2019, the Court ordered that debtor 7 file an amended disclosure statement and declaration by July 18, 2019. Debtor fears that some of 8 the disclosure requested would quickly find their way to the internet to the detriment of 9 10 NanoTech and indeed may violate his fiduciary duties to NanoTech. 11 11. Absent timely liquidation of the SEC claim for an amount far less than the claim 12 amount, debtor cannot propose a feasible plan. Liquidation of the SEC claim is likely to take 13 well over a year, and certainly cannot be accomplished in time to meet the Oct. 2019 14 confirmation deadline. 15 12. Debtor mortgage concerns are now resolved. 16 17 Wherefore, Debtor prays for an order dismissing the herein case. The undersigned 18 counsel requests that the Court retain jurisdiction to enter an order for attorney fees pursuant to a 19 noticed Application for Compensation. 20 21 Dated: July 23, 2019 22 THE FULLER LAW FIRM, P.C. 23 24 By: /s/ Lars T. Fuller 25 LARS T. FULLER Attorney for Debtor Case: 19-50335 Doc# 45 Filed: 07/25/19 Motion Entered: to Dismiss - 3 07/25/19 10:51:13 Page 3 of 3 https://www.docketbird.com/court-documents/Da...0335-00045
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