On May 14, 2015, the United States District Court for the Eastern District of Texas, Sherman Division, signed an Order Appointing Receiver for all the assets and records (the “Receivership Estate”) of Sethi Petroleum, LLC and Sameer P. Sethi ("Defendants"). The Order Appointing Receiver ("Receivership Order"), directs the Receiver to, among other things, take control and possession of and to operate the Receivership Estate, and to perform all acts necessary to conserve, hold, manage and preserve the value of the Receivership Estate. Receivership Order also restrains and enjoins, without prior approval of the Court, creditors and all other persons from proceeding against the Receiver, any of the defendants, the Receivership Estate, or any agent, officer or employee related to the Receivership Estate for any of the following:

• any act to obtain possession of the Receivership Estate assets;
   
• any act to create, perfect, or enforce any lien against the property of the Receiver, or the Receivership Estate;
   
• any act to collect, assess, or recover a claim against the Receiver or that would attach to or encumber the Receivership Estate; or
   
• the set off of any debt owed by the Receivership Estate or secured by the Receivership Estate assets based on any claim against the Receiver or the Receivership Estate.

WHO IS THE RECEIVER?

Marcus Helt has been appointed Receiver and has been directed by the Court to control and preserve the applicable assets. All directions will come through him or his agents.

WHAT IS THE RECEIVERSHIP PROCESS?

The Receiver is systematically obtaining control over the Receivership Estate assets and records. The Receiver may retain outside experts, including a forensic accounting and electronic records experts.  Other experts will be retained as needed. The Receiver is taking control of assets and records by: (1) placing affected persons and entities on notice of the Court Orders, and (2) physically securing files wherever they are located.  Receiverships generally involve putting people and procedures into place to preserve assets and to analyze the claims against the assets. After completing that, the Receiver would file a motion with the court of a recommendation for treatment of the assets and claimants. The proposal would generally be made available to all affected persons, who would be given an opportunity to object. Any continuing objections would be determined by the Court.

Finally, the Court will determine the manner in which the Estate assets and each claimant will be treated  after reviewing the Receiver’s recommendations and any objections to them.  Generally, we anticipate that the Sethi Petroleum receivership will proceed along these lines.  Reports will be filed with the Court periodically and major reports will be posted on this website.