Universal Express Inc fka USXP

[konchy bill]

01/11/2008 275 ORDER granting 266 Motion for turn over the Master tapes to the Reciever on or before 1/17/08. (Signed by Judge Gerard E. Lynch on 1/11/08 ) (pl) (Entered: 01/14/2008 )
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Doc 275
OCR

ORDER

GERARD E. LYNCH, District Judge:

On December 10, 2007, the Receiver moved for an order directing defendant Richard A. Altomare to turn over the Jackson Recordings Master Tapes Collection to her, for the benefit of Universal Express, Inc. ("Universal"). The motion will be granted.

The Receiver's motion documents the history of the transaction by which Altomare and/or Universal acquired the Master Tapes. Although the original purchase contract reflects some ambiguity as to whether the purchase was being made by Altomare personally or on behalf of Universal see Ex. 2), any such ambiguity is rendered irrelevant by a later document by which Altomare clearly assigns any interest he may have in the materials to Universal (see Ex. 4). In any event, although Altomare, through counsel, refused the Receiver's request for the materials, he has not responded to the motion in the time allotted, and thus apparently no longer contests the Receiver's right to obtain the materials.

Nothing in this Order in any way purports to adjudicate the extent of Universal's rights to these materials as against members of the Jackson family or any other third party, a matter which apparently is in litigation before another court. (See Ex. 5.) The Court simply holds between Altomare and Universal, any rights to the Master Tapes that were obtained through the November 21, 2006, purchase agreement are the property of Universal, and not of Altomare.

It will perhaps be of interest to those deluded shareholders who continue to believe simultaneously that Altomare has their interests at heart, and that the Master Tapes are an extremely valuable corporate asset, that the materials are in fact tied up in litigation such that Universal's ability to realize any value from them is currently limited, and that Altomare has insisted to the Receiver in writing that the Master Tapes, whatever their value, are his personal property and not an asset of the corporation.

Accordingly, it is hereby ORDERED that the motion is granted and Richard A. Altomare is directed to turn over the Master Tapes to the Receiver on or before January 17, 2008.

SO ORDERED.
Dated: New York, New York
January 11, 2008
GERARD E. LYNCH
United States District Judge