Searching over 5,500,000 cases.


searching
Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.

United States Securities and Exchange Commission v. Estate of Holzhueter

United States District Court, W.D. Wisconsin

May 25, 2017

UNITED STATES SECURITIES AND EXCHANGE COMMISSION, Plaintiff,
v.
THE ESTATE OF LOREN W. HOLZHUETER, and ISC, INC. (d/b/a Insurance Service Center), Defendants, and HONEFI, LLC, ARLENE HOLZHUETER, and AARON HOLZHUETER, Relief Defendants.

          ORDER APPROVING SALE OF SUBSTANTIALLY ALL OF THE ASSETS OF ISC, INC. AND HONEFI LLC FREE AND CLEAR OF ALL LIENS, CLAIMS AND ENCUMBRANCES

          James D. Peterson United States District Judge.

         Michael S. Polsky, Esq., as court-appointed receiver (the “Receiver”) of ISC, Inc. (“ISC”) and Honefi, LLC (“Honefi”), having filed and served his Motion for the Sale of Substantially All of the Assets of ISC and Honefi Free and Clear of All Liens, Claims and Encumbrances (the “Sale Motion”), this matter having come on for hearing on May 25, 2017;

         Based upon the Sale Motion, the Notice (as defined below), the information presented in Court, the file and pleadings in this matter, and the arguments presented at the hearing on the Sale Motion, the Court hereby makes the following Findings of Fact, Conclusions of Law and Order:

         FINDINGS OF FACT

         1. On October 20, 2016, the Court entered an Order appointing Michael S. Polsky, Esq., as Receiver and directing the Receiver to sell ISC, Honefi and/or their assets.

         2. On April 26, 2017, the Receiver filed the Sale Motion.

         3. Due notice of the Sale Motion and the Sale Hearing was provided to all Investors, creditors and other parties-in-interest in this matter by notice dated April 28, 2017 (the “Notice”).

         4. The Notice and Sale Motion provide adequate information of a kind and in sufficient detail that enable Investors, creditors and other parties-in-interest to make an informed judgment about the Sale Motion.

         5. Pursuant to Transfers of Membership Interests dated November 2, 2016, November 8, 2016 and November 12, 2016, the Receiver holds all membership interests in Honefi LLC (“Honefi”). In addition, all former members of Honefi (Aaron Holzhueter, Arlene Holzhueter and the Estate of Loren Holzhueter) have consented to the sale of Honefi's assets.

         6. The Sale Motion seeks authority to sell substantially all of the assets of ISC, Inc. (“ISC”) and Honefi, including: (a) the Real Estate; (b) all of ISC's tangible personal property, computers, furniture, fixtures and equipment; (c) all documents, files, books, lists, records and correspondence, whether written or electronically stored or otherwise recorded, in each case relating to the Business; (d) to the extent assignable or transferable under the terms thereof and permitted by law, all insurance company and broker agreements primarily used in connection with the Business; (e) all intangible and intellectual property owned or licensed by ISC and used in the Business, including copyrights, trade names, trademarks, service marks, training and promotion materials, and software licenses; provided, however, that in the case of any licensed intangible or intellectual property (such as software licenses), said licenses shall only be included in the Purchased Assets to the extent assignable or transferrable under the terms thereof; (f) all customer relationships and existing and prospective customer lists relating to or arising from the Business; (g) all rights to renew policies for existing or prospective clients of the Business; (h) to the extent assignable or transferrable under the terms thereof and permitted by law, all licenses, certificates, franchises, accreditations, registrations or permits used in connection with the Business; and (i) all commissions earned and recognized after the Closing Date with respect to the Business, and any commissions earned and recognized prior to the Closing Date that constitute prepayments for insurance premiums due and payable after the Closing Date (collectively, the “Assets”).

         7. The highest and best offer (the “Offer”) which the Receiver received for the Assets is from an entity to be formed by AVID Risk Solutions, Inc., Tom Schwarz and Family Insurance Center, Inc. (the “Buyer”). As of February 28, 2017 the value of the Offer, as amended, was approximately $5 million.

         8. The Receiver, the Buyer and SKE Group LLC entered into an agreement (the “SKE Agreement”) regarding the transfer of an ownership interest held by SKE Group LLC in certain assets relating to the Green Bay office of ISC.

         9. The Receiver and the Buyer amended the Offer in order to account for the terms of the SKE Agreement and assign the Buyer's rights under the Offer to an Operating Asset Assignee and a Real Estate Assignee.

         10. The Buyer has advised the Receiver and the Court that it is ready, willing and able to acquire the Assets pursuant to the terms of the Offer, as amended, without any contingencies, except those in the Offer, as amended, which have ...


Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.