SEC v. John V. Bivona, Saddle River Advisors, LLC, et al.
Civil Action No. 16-cv-01386-EMC (N.D. Cal.)

On March 22, 2016, the SEC filed a complaint against John V. Bivona; Saddle River Advisors, LLC; SRA Management Associates; and Frank G. Mazzola as Defendants; and SRA I LLC; SRA II LLC; SRA III LLC; Felix Investments, LLC; Michele J. Mazzola; Anne Bivona; Clear Sailing Group IV LLC; and Clear Sailing Group V LLC as Relief Defendants. Shortly thereafter, Sherwood Partners Inc. was appointed the Independent Monitor. On October 11, 2016, Sherwood Partners Inc. was appointed the Receiver for SRA Management Associates, LLC; SRA I LLC; SRA II LLC; SRA III LLC; Clear Sailing Group IV LLC; and Clear Sailing Group V LLC and affiliated entities NYPA Fund I LLC, NYPA II Fund LLC and NYPA Management Associates LLC and Felix Multi-Opportunity Funds (“FMOF”) I and II, LLC and FMOF Management Associates, LLC.

On June 29, 2017, the Receiver and the SEC filed the Motion for Approval of Consolidated Distribution Plan and the SEC Joint Motion for Approval of the Proposed Joint Plan of Distribution. The Receiver and the SEC proposed the Joint Plan in order to preserve the value of the assets in the Receivership Estate and to provide a framework to maximize those assets for the benefit of investors and creditors. On August 30, and September 28, 2017, the Court held hearings on the proposed Joint Plan. The Court has requested additional information from the parties, and once that information is collected, the Receiver and the SEC will make further recommendations to the Court.

Additional documents and information can be found at the Receiver’s website:
http://www.shrwood.com/saddleriver