Receiver was terminated. Key findings from the Court:
Berleth’s authority was limited solely to collecting Atlantic Wave’s judgment against Cyberlux in Texas. The judgment was fully satisfied in June 2025 after Legalist wired approximately $3.08M covering the judgment, interest, costs, and fees. Berleth himself previously informed the Texas court that the judgment had been satisfied and sought termination of the receivership.
Berleth later attempted to expand the receivership into a broader/general receivership to manage competing creditor claims, but the Texas court denied that request. The Virginia federal court ruled that because the original purpose of the receivership was fulfilled, Berleth no longer has any legal claim or authority over the disputed funds. The Court terminated Berleth as a party to the case and denied his summary judgment motion as moot. At least that's part is over and we can get to the real litigation here !
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