United States Securities and Exchange Commission v. Borland

Document and requested relief

The provided document is a motion by Jonathan E. Perlman, the court-appointed receiver for HalfPay International, LLC. A receiver is a person appointed to manage or recover assets under a court’s supervision. Perlman asks the court to modify an existing agreed order that froze assets in the Securities and Exchange Commission’s case against Brent Borland, Borland Capital Group, LLC, and Belize Infrastructure Fund I, LLC, and against relief defendants Canyon Acquisitions, LLC and Alana LaTorra Borland.

The motion seeks limited permission to petition a Florida foreclosure court for release of surplus funds held in the Palm Beach County Court registry after a public foreclosure auction. The motion identifies the foreclosed property as belonging to Brent Borland and Alana LaTorra Borland. It says Emigrant Residential, LLC previously obtained relief from the asset freeze to foreclose on the property.

Arguments in the motion

Perlman argues that the court has authority to modify an asset-freeze order because it had authority to issue the freeze. He asks the court to exercise what the motion describes as broad equitable discretion. The motion further argues that HalfPay’s mortgage had priority over later rights or claims, except for Emigrant’s mortgage, which the motion says was extinguished by the foreclosure sale. On that basis, Perlman asserts that HalfPay is entitled to the surplus funds for the receivership estate and, ultimately, victims of consumer fraud described in the motion.

The motion states that Perlman consulted with the SEC before filing and that the SEC does not object to the requested relief.

Disposition

The provided text contains the receiver’s request and conclusion but no judicial order or stated disposition. It does not say that Judge P. Castel granted, denied, or otherwise ruled on the motion.