UPDATE TO INVESTORS – AUGUST 27, 2019

The receivership is in its final stages, and nearing completion.  We are currently awaiting the closing of the sale of the receivership’s oil assets.  Once the proceeds from the sale of the oil assets are received, the Receiver expects to petition the presiding court for authority to make a distribution on allowed claims, and will thereafter begin the process of winding up and closing the receivership. Distributions will be made to all claimants with allowed claims and sent by check to the addresses that are on the claim forms that were submitted.  Accordingly, please let us know if your address has changed since you filed your claim. Please send any address update to claims@stapletoninc.com.

NOTICE TO INVESTORS – DECEMBER 4, 2018

Dear Investor:  Pursuant to a December 3, 2018 order from the United States District Court for the Eastern District of California (the “Court”), in the SEC v. BIC Real Estate Dev. Corp. matter, I am writing to notify you of the following information:

• As you may know, there are presently two motions pending before the Court in this case relating to my recommended treatment of investor and creditor claims.  These motions are the:  (a) the Omnibus Motion of Receiver, David P. Stapleton, for Order:  (1) Approving Receiver’s Recommended Treatment of Claims; and (2) Authorizing Recommended Distribution on Allowed Claims; and (b) Motion of Receiver, David P. Stapleton, for Order Instructing Valley Mortgage Investments, Inc. to Make Payment to the Receiver.  Copies of these motions and all supporting documents are attached and, as always, can also be viewed at www.bicreceivership.com.
• The motions were originally scheduled for a December 13, 2018 hearing date, but the Court has taken the hearing off calendar and expects to decide the motions on the papers.
• As reflected in these motions, and as disclosed in a prior notice to investors, I presently anticipate that investors with allowed claims are unlikely to receive distributions in the amount of more than 25% of their allowed claims.
• As of the date of this notification, only Valley Mortgage Investments, Inc., an entity creditor of the receivership estate, has filed an opposition to the pending motions.
• If you wish to file an objection to the motions and have not already done so, objections must be filed with the Court, in writing, no later than December 13, 2018.  Objections may be filed with the Clerk of the Court, located at:  Robert E. Coyle United States Courthouse, 2500 Tulare Street, Room 1501, Fresno, CA 93721.

This website has been established to inform investors and creditors of entities affiliated with Bakersfield Investment Club, BIC Real Estate Development Corporation, Daniel R. Nase, BIC Solo 401k Trust and Margarita Nase (collectively, the “Receivership Estate”) of the status of the receivership.

United States District Court

Eastern District of California

Case No. 1:16-cv-00344-LJO-JLT

Securities And Exchange Commission, Plaintiff
v.
BIC Real Estate Development Corporation and Daniel R. Nase, individually and d/b/a Bakersfield Investment Club, Defendants

BIC Solo 401k Trust and Margarita Nase, Relief Defendants