Securities and Exchange Commission v. Janvey

Summarized by Leslie Hyman , Pulman, Cappuccio, Pullen & Benson
15 years 2 months ago

Citation:

Case No. 09-10963 (5th Cir. Dec. 17, 2010)

Tag(s):

5th Circuit

Ruling:

Appeal dismissed as moot.

Procedural context:

Interlocutory appeal of order granting motion to approve judicial sale of receivership assets.

Facts:

The SEC sued Allen Stanford and a receiver was appointed for Stanford's and Stanford-controlled entity assets. The receiver filed two motions seeking approval of the judicial sale of estate assets, which were granted. Stanford was given the right to bring an interlocutory appeal but did not seek a stay of the sales pending appeal and the sales were made to good faith purchasers. The Fifth Circuit held that an appeal challenging the consummated judicial sale of property to a good faith purchaser is moot.

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