InvestorsHub Logo
icon url

Pedro2004

01/03/12 7:18 PM

#332699 RE: janice shell #332688

DEFENDANTS-APPELLEES’ RENEWED MOTION FOR SUMMARY AFFIRMANCE AND STAY OF BRIEFING SCHEDULE


http://docupub.com/docs/41684f96-6c91-4844-8a1f-cb2e9f3e1123/SEC%20Renewed%20Motion.pdf






Appellants’ Takings Claim is not cognizable because they do not have a proprietary interest in the funds sought;

Appellants’ Due Process Claim fails because they have no legitimate claim of entitlement to the funds and because they do not have a property interest in the funds when the SEC retains discretion to disburse those funds, and;

Appellants’ claims against the SEC Commissioners in their official capacities are barred by sovereign immunity.

Appellants failed to identify a viable property interest, which is a necessary predicate to claims under the Takings Clause and Due Process Clause.

Summary affirmance of the district court’s dismissal is appropriate when “it is clear from the face of the appellant’s pleadings that . . . the appeal is patently insubstantial or clearly controlled by precedent . . . .”