Opinion
Civil Action No. 3:04-CV-0351-N
February 27, 2004
ORDER EXTENDING ORDER FREEZING ASSETS AND GRANTING OTHER EMERGENCY RELIEF
This matter came on before me, the undersigned United States District Judge, this 27 day of Feb, 2004, on motion of the Securities and Exchange Commission ("Commission"), for a ten-day extension of the Order Freezing Assets and Granting Other Emergency Relief entered by this Court on February 18, 2003 as to Defendants Leon Levy, Ilan Sabbah, Yanni Abecassis, Henry Levy, Hertsel Levy and Jacqueline Levy ("Defendants") and Relief Defendant Atlantic 1 Corporation ("Atlantic 1").
The Court has considered the Commission's motion for extension of the emergency relief, together with the Complaint, Memorandum, declarations and exhibits. The Court believes extension of the emergency relief is appropriate to preserve assets for any disgorgement or civil money penalty award, as well as prejudgment interest.
The Court has also noted that one of the Defendants and the Relief Defendant have advised that they do not oppose the extension; although service has been complicated by the Defendants' and Relief Defendant's residence in Panama, Defendants and Relief Defendant have received notice of this case and have or soon will have notice of the asset freeze and related relief; none of the Defendants or Relief Defendant has complied yet with the Court's order requiring a response to the motion for order freezing assets accounting by February 23, 2004; nor has any Defendant or Relief Defendant supplied an accounting as required by the Court's order. For these reasons, the Court is of the opinion that the Commission's request for a ten-day extension should be GRANTED.
IT IS THEREFORE ORDERED:
The Order Freezing Assets and Granting Other Emergency Relief entered February 19, 2004 shall be extended for ten days. Accordingly, the Order shall expire at 10 o'clock p.m., on the 9 day of March, 2004, or such later date as may be ordered by the Court or agreed upon by the parties hereto. Hearing on Plaintiff's Motion for Preliminary Injunction shall be held on the 9 day of March, 2004, at 4 o'clock p.m. Signed at 4.15 o'clock p.m. on this 27 day of Feb, 2004.