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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
COMMISSION ASSETS CONSERVATOR PAY DISGORGEMENT EQUITY CONTEMPT MOTION EXECUTE FORECLOSURE REDEMPTION RIGHTS COURT DISTRICT LITIGATION EXCHANGE COMMISSION SECURITIES CASH ASSETS PURSUANT AMOUNT PREJUDGMENT INVESTORS SELL LOST COURT ORDER DELANEY COMMISSION STAFF CLAIMING ALLEGING ORDERED DEFENDANT SARAH MICHIGAN EASTERN DISTRICT DISTRICT COURT JUDGE |
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 14795 / January 25, 1996
SEC v. Basic Energy & Affiliated Resources, et al.,
Case No. 94-74434 (E.D. MI)
The Securities and Exchange Commission announced that on
January 18, 1996, the Honorable Horace Gilmore, U.S.
District Court Judge for the Eastern District of Michigan,
ordered Defendant Sarah Delaney to assign her redemption
rights in her foreclosed home and execute a quitclaim deed
to the Conservator appointed in the litigation or be
incarcerated until such action is taken. The Commission had
filed a Contempt motion against Delaney on January 8, 1996,
alleging that Delaney had misrepresented the value of her
home by claiming that it was in foreclosure and that there
was no equity in the home. The Commission staff learned
that in fact the home has equity valued at over $100,000 and
requested that the Court order Delaney to assign her
redemption rights in her home to the Conservator, so that
the asset would not be lost. Additionally, Delaney was
ordered to execute a quitclaim deed for the home so that the
Conservator can sell the home for the benefit of investors.
Previously, Delaney had been ordered to pay disgorgement and
prejudgment interest in the amount of $323,196.50. Pursuant
to a previous Contempt motion by the Commission, Delaney had
turned over her cash assets of approximately $1000 and
claimed she had no other assets from which to pay
disgorgement.
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