Ameritrans Capital Corp (fka AMTCQ)

[db7]

U.S. Small Business Administration as Receiver of Elk Associates Funding Corp. v. Ameritrans Holdings, LLC et al
New York Eastern District Court
Judge: Joanna Seybert
Referred: Steven I Locke
Case #: 2:20-cv-01166
Nature of Suit 450 Other Statutes - Commerce
Cause 28:1331 Fed. Question



Wednesday, February 21, 2024
30 order Order Adopting Report and Recommendations Order on Report and Recommendations Order on Motion to Dismiss for Failure to State a Claim Wed 02/21 3:28 PM
ORDER ADOPTING REPORT AND RECOMMENDATIONS: For the stated reasons (please see Order for further details), IT IS HEREBY ORDERED:Defendants' objections are OVERRULED, the R&R is ADOPTED, and Defendants' Dismissal Motion (ECF No.21 ) is DENIED. The parties are referred to Judge Locke for the purposes of discovery. So Ordered by Judge Joanna Seybert on 2/21/2024. (AMF)

[db7]

looks like receiver for sba wants to proceed with discovery against Ameritrans Holding LLC.....

[db7]

.. and nothing new here either: "16-13842 Ameritrans Capital Corporation
Case type: bk Chapter: 7 Asset: Yes Vol: v Judge: Janet E. Bostwick
Date filed: 10/05/2016 Date of last filing: 06/30/2023"

[db7]

nothing new here: "2:17-cv-03586-JS-JMW U.S. Small Business Administration v. Feinsod et al"

[db7]

interesting... 1st filing 'here' in 3 years:


"

U.S. Small Business Administration as Receiver of Elk Associates Funding Corp. v. Ameritrans Holdings, LLC et al
New York Eastern District Court
Judge: Joanna Seybert
Referred: Steven Tiscione
Case #: 2:20-cv-01166
Nature of Suit 450 Other Statutes - Commerce
Cause 28:1331 Fed. Question
Case Filed: Mar 03, 2020
Docket
Parties (4)
Docket last updated: 8 hours ago
Wednesday, January 17, 2024
29 misc Letter Wed 01/17 2:02 PM
Letter to the Honorable Joanna Seybert requesting a status Court Conference by U.S. Small Business Administration as Receiver of Elk Associates Funding Corp. (Bilodeau, Kelsey)



"

[Enterprising Investor]

Replies are in.

It's up to Judge Joanna Seybert now.

[db7]

well it's 12/20; looking forward to the filings hitting later today

[db7]

'7' filings up there now.. haven't looked through them yet...

[Enterprising Investor]

Forgot something.

I have also seen dockets added very late at night or next day but met the filing deadline when reviewing the text.

[Enterprising Investor]

The day is not over.

Just remember this…

Plaintiff attorneys tend to file early because they a normally facing a specific deadline. I have been involved in a case in which the bad deed occurred too far back.

Counsel representing a defendant tends to wait until the very last minute to file. MO is to stall.

Alternatively, there could be settlement in the works?

Lastly, don’t hold your breath!

[db7]

well it's November 29, 2023 and nothing on pacer 'yet'....

[Enterprising Investor]

Electronic Scheduling Order (11/07/23)

The Court is in receipt of the parties' proposed briefing schedule concerning Plaintiff's and Defendants' Motions for Summary Judgment. In light of the parties' scheduling request and the numerous upcoming federal holidays, the Court approves the proposed briefing schedule. Accordingly:

(1) On or before November 29, 2023, the parties shall file their respective oppositions to the Subject Motions; and

(2) On or before December 20, 2023, the parties shall file their replies, if any, in further support of their respective Subject Motions.

The parties are ON NOTICE: Given the generous time afforded the parties, NO further extends on this briefing schedule will be granted absent good cause shown.

Ordered by Judge Joanna Seybert on 11/7/2023.

[Enterprising Investor]

Status Report and Eighth Receiver's Report for the Period January 1, 2021 through May 31, 2023 by United States Small Business Administration as Receiver for Elk Associates Funding Corp. (9/01/23)

Settlements with Certain Defendants

Since 2019, the Receiver entered into settlement agreements with nine of the eleven original defendants, and all nine settlement agreements have been satisfied with total recoveries of $6.396 million. The Receiver has informed the remaining defendants that it remains willing to evaluate reasonable settlement offers if accompanied by the requisite documentary and financial support as has been clearly and consistently delineated by the Receiver’s counsel to the defendants’ counsels repeatedly since the Receiver sent the demand letters to each defendant in 2016.

Source: PACER [Docket 121]

United States of America, On behalf of its agency, The United States Small Business Administration v. Elk Associates Funding Corp. Civil Action No.22:13-cv-01326, U.S.D.C. E.D.N.Y.

[Enterprising Investor]

Order Dismissing Parties Re: 256 Stipulation of Partial Dismissal with Prejudice as to Elliott Singer (8/30/23)

Source: PACER [Docket 258]

U.S. Small Business Administration as Receiver for Elk Associates Funding Corp. v. Michael Feinsod, et al Civil Action No.2:17-cv-03586, U.S.D.C. E.D.N.Y.

[Enterprising Investor]

Letter dated August 29, 2023 to the Hon. Joanna Seybert regarding the Stipulation of Dismissal filed June 13, 2023 by Elliott Singer (8/29/23)

The Stipulation further provides that the causes of action by and between the Plaintiff Receiver and the Defendants Michael Feinsod and Richard Feinstein are not dismissed. The Joint Stipulation is the final step in resolving all of the claims against the six “Independent Director” defendants, and similar stipulations have been entered for the other five.

Source: PACER [Docket 257]

U.S. Small Business Administration as Receiver for Elk Associates Funding Corp. v. Michael Feinsod, et al Civil Action No.2:17-cv-03586, U.S.D.C. E.D.N.Y.

[Enterprising Investor]

Stipulation of Dismissal Dismissing Plaintiff's Claims against Defendant Elliot Singer Only and Dismissing Elliot Singer's Counterclaim against Plaintiff by U.S. Small Business Administration (6/13/23)

Source: PACER [Docket 256]

U.S. Small Business Administration as Receiver for Elk Associates Funding Corp. v. Michael Feinsod, et al Civil Action No.2:17-cv-03586, U.S.D.C. E.D.N.Y.

[Enterprising Investor]

According to historical data from iHub, 4,300 AMTPQ shares have traded in the CE market during 2023, all at $0.15 per share.

[Enterprising Investor]

And now the defendants can file their reply.

[db7]

new documents posted on 1/19 re: 2:17-cv-03586 fyi...

[Enterprising Investor]

Electronic Order granting Motion for Extension of Time to File (12/27/22)

The Receiver's request for an extension of time to respond to the motion to strike by Defendants Feinsod and Feinstein is GRANTED, over Defendants' objection. The Receiver's opposition to the motion to strike shall be filed by 1/18/23.

Defendants may file a reply by 1/26/22. In light of this scheduling, the Court is temporarily holding in abeyance any further briefing on the parties' summary judgment motions. However, absent good cause shown, the Court expects the parties to adhere to the dates set forth in the 11/19/22 scheduling order with respect to Daubert motions.

Source: PACER

[Enterprising Investor]

Letter Motion for Extension of Time to File Daubert Motions and Motions for Summary Judgment by U.S. Small Business Administration (11/18/22)

The Receiver and Defendants Sommer, Singer, Boockvar, Indick, Wolpert, and Laird, have reached a settlement in principle which will resolve the claims between the Receiver and Defendants Sommer, Singer, Boockvar, Indick, Wolpert, and Laird. These are Independent Directors.

Daubert motions and motions for summary judgment must be filed on or before 12/06/22, the opposition due 1/24/23, and replies due 2/21/23.

Extending the deadline will also enable the Receiver’s motions to be streamlined as to the two remaining defendants, Michael Feinsod and Richard Feinstein.

U.S. SBA as Receiver for Elk Assocs. Fund. Corp. v. Feinsod, et. al., No. 17-cv-3586 (E.D.N.Y.}

Source: PACER [Docket 221]

[Enterprising Investor]

Minute Order for proceedings held before Magistrate Judge James M. Wicks (8/03/21)

Telephone Status Conference held on 8/3/2021 at 10:30 AM. Counsel for all parties were present. The parties advised the Court of the status of this case and requested time to extend the discovery deadlines.

Pursuant to Fed. R. Civ. P. 6, the parties' application is granted, and the amended discovery schedule is the following:

End Fact Discovery: 10/31/2021

Expert in chief Reports due by: 11/01/2021

Rebuttal Expert Reports due by: 12/01/2021

End of all Discovery, including experts: 12/31/2021

Initial steps for dispositive motion practice: 01/28/2022

Final pre-trial conference in courtroom 1020: 02/14/2022 @ 3pm

The parties shall submit their proposed joint pre-trial order, in accordance with Judge Seybert's individual rules, on or before 2/7/2022

Source: PACER [Docket 192]

[Enterprising Investor]

Case reassigned to Bankruptcy Judge Janet E. Bostwick (6/04/21)

[db7]

Thursday, September 10, 2020
20 minutes Pre Motion Conference Thu 09/10 11:34 AM
Minute Entry for proceedings held before Judge Joanna Seybert: Pre-Motion Conference held on 9/10/2020. Motion to be refiled by 10/1/2020; Response by 10/15/2020;Reply by 10/29/2020. (Baran, Charles)

[db7]

Docket last updated: 10 hours ago

Thursday, August 20, 2020
19 motion Adjourn Conference Thu 08/20 9:31 AM
Letter MOTION to Adjourn Conference by U.S. Small Business Administration as Receiver of Elk Associates Funding Corp.. (Bilodeau, Kelsey)


Wednesday, August 19, 2020
18 notice Notice of Hearing Wed 08/19 3:06 PM
NOTICE of Hearing: Pre-Motion Conference set for Thu. 9/10/2020 at 11:15am BY PHONE before Judge Joanna Seybert. See attached Notice. (Baran, Charles)


Tuesday, August 18, 2020
17 misc Letter Tue 08/18 3:00 PM
Letter / Responsive Pre-Motion Letter to Judge Seybert pursuant to the Electronic Order of August 11, 2020 by U.S. Small Business Administration as Receiver of Elk Associates Funding Corp. (Bilodeau, Kelsey)

[db7]

Monday, August 10, 2020
16 motion Dismiss for Failure to State a Claim Mon 08/10 6:22 PM
Notice of MOTION to Dismiss for Failure to State a Claim by Ameritrans Holdings, LLC, Bounty Investments, LLC, Renova U.S. Management, LLC. (Barney, Mason)


Att: 1 Declaration of Mason A. Barney in Support of Defendants' Motion to Dismiss,
Att: 2 Exhibit A - Plaintiff's Complaint,
Att: 3 Exhibit B - Ameritrans Capital Corporation Senior Secured Note dated January 19, 2011,
Att: 4 Exhibit C - Notice of Event of Default, January 19, 2012,
Att: 5 Memorandum in Support of Motion to Dismiss

[db7]

Tuesday, June 23, 2020
order Order on Motion to Adjourn Conference Tue 06/23 2:07 PM
Electronic ORDER granting DE13 . An initial conference before Magistrate Judge Steven I. Locke is set for 8/17/2020 at 11:30 a.m. The conference will be conducted through the AT&T teleconference center. Parties should dial 1-877-336-1829 and enter access code 3002871# at the prompt. Ordered by Magistrate Judge Steven I. Locke on 6/23/2020. (Georgescu, Dora)

[db7]

Tuesday, June 16, 2020
15 service Summons Returned Executed Tue 06/16 9:43 AM
SUMMONS Returned Executed by U.S. Small Business Administration as Receiver of Elk Associates Funding Corp.. Bounty Investments, LLC served on 5/19/2020, answer due 8/10/2020. (Bilodeau, Kelsey)

[db7]

Thursday, June 11, 2020
14 notice Notice of Appearance Thu 06/11 2:00 PM
NOTICE of Appearance by Mason Adams Barney on behalf of Ameritrans Holdings, LLC, Bounty Investments, LLC, Renova U.S. Management, LLC (aty to be noticed) (Barney, Mason)


13 motion Adjourn Conference Thu 06/11 10:23 AM
Letter MOTION to Adjourn Conference by U.S. Small Business Administration as Receiver of Elk Associates Funding Corp.. (Bilodeau, Kelsey)

[db7]

Tuesday, June 09, 2020
12 motion Extension of Time to File Answer Tue 06/09 6:01 PM
MOTION for Extension of Time to File Answer re1 Complaint, Stipulation Extending Time to Answer for All Defendants to August 10, 2020 by U.S. Small Business Administration as Receiver of Elk Associates Funding Corp.. (Bilodeau, Kelsey)


11 service Waiver of Service Executed Tue 06/09 5:52 PM
WAIVER OF SERVICE Returned Executed by U.S. Small Business Administration as Receiver of Elk Associates Funding Corp.. Ameritrans Holdings, LLC waiver sent on 6/9/2020, answer due 8/10/2020. (Bilodeau, Kelsey)


10 service Waiver of Service Executed Tue 06/09 5:47 PM
WAIVER OF SERVICE Returned Executed by U.S. Small Business Administration as Receiver of Elk Associates Funding Corp.. Bounty Investments, LLC waiver sent on 6/9/2020, answer due 8/10/2020. (Bilodeau, Kelsey)


9 service Waiver of Service Executed Tue 06/09 5:40 PM
WAIVER OF SERVICE Returned Executed by U.S. Small Business Administration as Receiver of Elk Associates Funding Corp.. Renova U.S. Management, LLC waiver sent on 6/9/2020, answer due 8/10/2020. (Bilodeau, Kelsey)


order Order on Motion for Extension of Time to Answer Tue 06/09 8:10 PM
Electronic ORDER granting DE12 Motion for Extension of Time to Answer. On consent, the deadline for Defendants to answer or otherwise respond to the Complaint is extended to and including 8/10/2020. Ordered by Magistrate Judge Steven I. Locke on 6/9/2020. (Georgescu, Dora)


order Order on Motion for Extension of Time to File Tue 06/09 8:16 PM
Electronic ORDER finding as moot DE7 Motion for Extension of Time to File. In light of DE11 and DE12 , DE7 is denied as moot. Ordered by Magistrate Judge Steven I. Locke on 6/9/2020. (Georgescu, Dora)

[db7]

Monday, June 01, 2020
8 service Summons Returned Executed Mon 06/01 1:14 PM
SUMMONS Returned Executed by U.S. Small Business Administration as Receiver of Elk Associates Funding Corp.. Renova U.S. Management, LLC served on 5/19/2020, answer due 6/9/2020. (Bilodeau, Kelsey)

[db7]

Friday, May 29, 2020
7 motion Extension of Time to File Document Fri 05/29 7:14 PM
Letter MOTION for Extension of Time to File / Extension of Time to Serve Summons and Complaint on Defendant Ameritrans Holdings, LLC by U.S. Small Business Administration as Receiver of Elk Associates Funding Corp.. (Bilodeau, Kelsey)

[Enterprising Investor]

Motion to Amend/Correct/Supplement Complaint, by U.S. Small Business Administration (5/15/20)

The Receiver for Elk has brought this action against the defendants, the former officers and directors of Elk, for (1) breach of fiduciary duty, (2) ultra vires acts, (3) waste of corporate assets, (4) conversion, (5) negligence, and (6) gross negligence based upon the defendants’actions in approving, facilitating and/or executing the actions and transactions described in the Complaint, which caused the diversion of $14,271,038.00 of Elk’s funds to Ameritrans and its creditors without hope of repayment.

U.S. SBA as Receiver of Elk Assoc. Funding Corp. (2:17-cv-03586)

Source: PACER [Docket 147]

5

[Enterprising Investor]

Order granting Motion to Adjourn Conference. On consent, the status conference currently scheduled for 4/21/2020 is adjourned to 8/3/2020 at 10:00 a.m. in courtroom 820 of the Central Islip courthouse. Further, the parties' proposed discovery schedule, docket entry 145, is adopted and so ordered. Ordered by Magistrate Judge Steven I. Locke (4/17/20)

U.S. SBA as Receiver of Elk Assoc. Funding Corp. (2:17-cv-03586)

Source: PACER [Docket 147]

Scheduling

4/15/20: Service for first requests for production of documents and first request for interrogatories.

5/15/20: Motions to join new parties or to amend the pleadings.

7/31/20: Substantial completion for document production.

9/15/20: Final day to serve fact discovery questions.

11/16/20: Fact discovery completed.

12/15/20: Exchange of expert reports completed.

2/01/21: Completion of expert depositions.

3/01/21: Phase II Discovery

Source: PACER [Docket 145]

[Enterprising Investor]

Notice of Appearance by Alan Braunstein on behalf of John Desmond, Chapter 7 Trustee of Ameritrans Capital Corporation (3/12/20)

"Elk Associates Funding Corp., is the subsidiary of Ameritrans Capital Corporation, which owns 100% of Elk's stock. To the extent that there will be a surplus of any recoveries in suits and claims brought by the Receiver of Elk in this proceeding, such surplus, if any, would be payable to John Desmond, Chapter 7 Trustee of Ameritrans Capital Corporation".

United States Of America v. Elk Associates Funding Corp., USDC EDNY (2:13-cv-01326)

Source: PACER [Docket 111]

[db7]

created a board for AMTPQ: https://investorshub.advfn.com/Ameritrans-Capital-Corp-Preferred-Stock-AMTPQ-37498/

[Enterprising Investor]

Correct.

The trustee and trustee’s counsel are having fee applications approved by the Court that have burned through most of the cash on hand.

[db7]

do you know how much cash the receiver has thus far? 300k o/s correct?

[db7]

U know something?

[Enterprising Investor]

I know...

Keep watching!

[db7]

AMTPQ interesting ask action

[Enterprising Investor]

AMERITRANS CAPITAL CORPORATION (AMTCQ)
Last Trade [tick]0.0060[+]
Volume 100,000
Net Change 0.0010
Net Change % 20.00%
52 Week High 0.0080 on 05/30/2019
52 Week Low 0.0034 on 12/13/2019
Day High 0.0060
Day Low 0.0056

.0056 5,000
.0060 95,000

5

[Enterprising Investor]

AMERITRANS CAPITAL CORPORATION (AMTCQ)
Last Trade [tick]0.0050[+]
Volume 170,065
Net Change 0.0016
Net Change % 47.06%
52 Week High 0.0080 on 05/30/2019
52 Week Low 0.0034 on 12/13/2019
Day High 0.0050
Day Low 0.0038

.0038 85,000
.0042 45,065
.0050 40,000

4

[Enterprising Investor]

Endorsed Order Re: 226 Joint Motion filed by Trustee John O. Desmond to Approve [Re: 225 Settlement Agreement] ALLOWED. NO OBJECTIONS FILED. (10/15/2019)

Source: PACER [Docket 230]

[Enterprising Investor]

Settlement Agreement by Trustee John O. Desmond and Ameritrans Capital Corporation, XL Specialty Insurance Company, and the Individual Insureds filed by Trustee John O. Desmond (9/19/19)

The Trustee has agreed to accept $225,000 from XL to fully resolve the Investigative Fee Proceeding (“Investigative Fee Settlement”). XL and the Individual Insureds agree that the Trustee and his counsel can be paid $225,000.00 upon any application for compensation which may be filed with the court and waive any objection to such fee application of the Trustee and his counsel for the proceeds of the Investigative Fee
Settlement.

Specifically excluded from the releases is the Trustee’s pending Superior Court suit entitled Ammerman v. Feinsod. Case No. 8719 referred to above as the Delaware Action.

Objections due by 10/11/2019 at 4:30.

Source: PACER [Docket 225]

[Enterprising Investor]

AMERITRANS CAPITAL CORPORATION (AMTPQ)
Last Trade [tick] 0.0300[+]
Volume 2,000
Net Change -0.2700
Net Change % -90.0%
52 Week High 0.4600 on 12/18/2018
52 Week Low 0.0002 on 07/08/2019
Day High 0.0300
Day Low 0.0300

25000/.03/2000

.03 2000

3

[Enterprising Investor]

AMERITRANS CAPITAL CORPORATION (AMTPQ)
Last Trade [tick] 0.3000[+]
Net Change 0.28
Net Change % 1400.0%
Volume 9,500
52 Week High 0.4600 on 12/18/2018
52 Week Low 0.0002 on 07/08/2019
Day High 0.3000
Day Low 0.3000

9500/$.30

[Enterprising Investor]

Adversary case 19-01069. Complaint by XL Specialty Insurance Company against Ameritrans Capital Corporation, U.S. Small Business Administration, Robert C. Ammerman, Peter Boockvar, Steven Etra, Michael Feinsod, Richard Feinstein, Gary Granoff, Murray Indick, John Laird, Silvia Mullens, Elliott Singer, Howard Sommer, Ivan Wolpert, John O. Desmond (6/10/19)

[Enterprising Investor]

AMERITRANS CAPITAL CORPORATION (AMTPQ)
Last Trade [tick] 0.0002 [-]
Net Change -0.0998
Net Change % -99.8%
Volume 65,749
52 Week High 0.4600 on 12/18/2018
52 Week Low 0.0002 on 07/08/2019
Day High 0.0500
Day Low 0.0002

1000/$.05
64749/$.0002

[longsolong]

AMTPQ was down 0.10 on volume of 65,749. Does anyone know what is going on?
Thank you in advance for any useful information.