Jan 16

Partial Summary Judgment

Hearing to determine via summary judgment if Reed either ran a Ponzi or intended to defraud investors. Practical effect would be Riblett deciding case so strong discovery not needed as there are "no triable issues of fact". Filed against about 40 parties, but would be used with or without the Writ (see above) to force settlement. Stongly opposed and briefs due in 29 days before hearing. Some parties asking for extensions.

Writ of Attachment

Status Conferences

Sale of Beacon/Boomtown Interest

Trustee seeks to attach all assets of Hitchman,Lonstein, Henman, Rosen, Hutchins before any discovery or judgement- Allows trustee to freeze assets for defense, settlement (with probable living allowance) Practical effect is to force settlement and if allowed likely he will seek or threaten on all defendants. Standard is "more likely than not" Reed ran a Ponzi.

Approval of proposed settlement of demand from Army Bernstein and his purchase of Reed's 10% interest in Beacon Pictures for a net of 1.8 mm

Status Conferences

 

Ponzi?

Trustee's Response

Nov 21

Motion to Settle Claims

Riblet ordered all claims filed for under 100k could be settled without court order. All suits up to 500k settled for over 50% of asking could be settled without court order

Feb 2003

Creditors Meeting

Second meeting to inform creditors of the "plan in disclosure" and a discussion of filing a re-organization. Held again at the Doubletree Hotel, Santa Barbara. Expect Todd Neilson to chair the meeting. Will be some opportunity for questions and debtor will not appears