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6-20-12 Sec v Spongetech Doc 234 Order Re Procedure for Escrow and Distribution of Funds So Ordered by Judge Dora Lizette Irizarry

6-20-12 Sec v Spongetech Doc 234 Order Re Procedure for Escrow and Distribution of Funds So Ordered by Judge Dora Lizette Irizarry

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06/26/2012

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Case 1:10-cv-02031-DLI-JMA Document 233-1Filed
06!14/
1
i%\t;ED.
of
3 PagelD
#:
6382
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UNITED STATES DISTRICT COURT
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! ' . E A ~ S T ~ E : : : ! : R N ~ D ~ I ~ S , - " T ~ R ~ I C : : . . ' T ! . . . . : O ~ F ~ N ~ E ~ W ~ Y . ! . : O ~ R ~ K ~ 
_____
BRO
1"-",
SECURITIES AND EXCHANGE COMMISSION,Plaintiff, Case No.
I:
IO-cv-2031-DLI-JMA
-v.-
SPONGETECH DELIVERY SYSTEMS, INC.; RMENTERPRISES INTERNATIONAL, INC.;STEVEN Y. MOSKOWITZ;MICHAEL
E.
METTER;GEORGE SPERANZA;JOEL PENSLEY;andJACK HALPERIN,Defendants,-and-BLUE STAR MEDIA GROUP, INC.;BUSINESSTALKRADIO.NET ACQUISTION CORP.,Relief Defendants.
DORA L IRIZARRY,
United States
District
Judge:
ECF
i
ACt,.,
'FID
ORDER
Based upon the joint Motion
of
the United States Securities and Exchange Commission (the "SEC") and Blue Star Media Group., ("Blue Star") and BusinessTalkRadio.net AcquisitionsCorp., d/b/a BusinessTalkRadio.net("BTR"), and with the consent
of
the Trustee
in
Bankruptcy
of
Spongetech Delivery Systems Inc. ("Trustee") and the consent
of
Solution Funding, LLC("Solution Funding"),
it
is hereby ORDERED that:
1.
The following Procedure for Escrow and Disposition
of
the proceeds
of
the sale
of
assets
of
Blue Star Media Group, Inc. ("Blue Star"), BusinessTalkRadio.net Acquisitions Corp.("BTR") and/or their subsidiaries and predecessors
in
interest (Such assets being referred toherein as the "Covered Assets") is hereby established:
130361374vi 0916527
Case 1:10-cv-02031-DLI-JMA Document 234 Filed 06/20/12 Page 1 of 3 PageID #: 6385
 
Case 1:10-cv-02031-DU-JMA Document 233-1 Filed
06/14/12
Page 2 of 3 PagelD
#:
6383
Sale Proceeds-to be Held in
crus
Accouut
2.
Blue
Star and BTR shall cause the proceeds
of
the sale
of
their assets and those
of
their subsidiaries, less reasonable closing costs, to
be
delivered
to
the Clerk
of
the Court, alongwith a cover letter identifying BTR and Blue Star Media as relief defendants in this action,setting forth the title and civil action number
of
this action and the name
of
this Court, andstating that payment
is
made pursuant to this Order. The Clerk
of
the Court shall deposit thesales proceeds into an interest bearing account with the Court Registry Investment System("CRIS"). BTR shall simultaneously electronically file the cover letter on the court's ECFsystem for this action. These funds, together with any interest and income earned thereon(coHectively, the "Fund"),
shaH
be
held
in
the interest bearing account until further order
of
theCourt. To the extent the proceeds result from the sale
of
the assets owned by BTR or any
of
itssubsidiaries, they shall
be
held
in
an
account
in
the name
of
BTR. To the extent the proceedsresult from the sale
of
assets owned by Blue Star, or any
of
its subsidiaries other than BTR andits subsidiaries, they shall
be
held
inan
account
in
the name
of
Blue Star.
3.
In
accordance with 28 U.S.c.
§
1914 and the guidelines set by the Director
of
theAdministrative Office
of
the United States
of
Courts, the Clerk
is
directed, without further order
of
this Court, to deduct from the income earned on the money
in
the Fund a fee equal to tenpercent
of
the income earned on the Fund. Such fee shall not exceed that authorized by theJudicial Conference
of
he United States.
Determination
of
Entitlement to Sale Proceeds
4. Any creditor, including but not limited to the plaintiff, the Trustee for Spongetech,and/or Solution Funding, may file a Motion
for
Disbursement
of
Funds. The motion
of
suchcreditor (the "Requesting Creditor") shall set forth the amount, nature
of
and basis
of
theRequesting Creditor's claim and the basis
of
the Requesting Creditor's claim
of
priority over2
130361374vl 0916527
Case 1:10-cv-02031-DLI-JMA Document 234 Filed 06/20/12 Page 2 of 3 PageID #: 6386

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