RECEIVERSHIP:

SEC vs. WESTMOORE

MANAGEMENT, LLC, ET AL.

 

David A. Gill, Receiver

Claims Process

Because it was uncertain whether the Receiver would be able to generate sufficient funds to pay creditors (including Westmoore’s investors), the Court did not set a deadline or establish a procedure for creditors to file claims.  Ultimately, the receivership estate was “administratively insolvent” and no funds were available for payment to creditors.