May 6, 2013
UNITED STATES SECURITIES AND EXCHANGE COMMISSION, Plaintiff,
WALTER NG, KELLY NG, BRUCE HORWITZ AND THE MORTGAGE FUND LLC, Defendants,
Christopher Cooke (Bar No. 142342), COOKE KOBRICK & WU LLP, San Mateo, CA, Attorneys for Defendants, KELLY NG and THE MORTGAGE FUND.
ROBERT L. MITCHELL (CA Bar No. 161354), SECURITIES AND EXCHANGE COMMISSION, San Francisco, CA, Attorneys for Plaintiff, SECURITIES & EXCHANGE COMMISSION.
Edward W. Swanson (CA Bar No. 159859), SWANSON & MCNAMARA LLP San Francisco, CA, Attorneys for Defendant, WALTER NG.
Nanci L. Clarence (CA Bar No. 122286), CLARENCE DYER & COHEN LLP, San Francisco, CA, Attorneys for Defendant, BRUCE HORWITZ.
STIPULATION AND PROPOSED ORDER EXTENDING DEFENDANTS' TIME TO ANSWER THE COMPLAINT AND CASE MANAGEMENT DEADLINES
IT IS SO ORDERED AS MODIFIED
SAMUEL CONTI, District Judge.
WHEREAS, plaintiff Securities and Exchange Commission (hereinafter "the Commission" or "Plaintiff") filed a complaint on February 28, 2013 naming Kelly Ng, Walter Ng, Bruce Horwitz and The Mortgage Fund LLC as defendants.
WHEREAS, all defendants have accepted service of the summons and the complaint and their responses to the complaint are presently due on or before Friday, May 3, 2013.
WHEREAS, the parties understand another related action may be filed by the government against the individual defendants for the same activities that have resulted in the Commission's lawsuit against them;
WHEREAS, the parties recognize that the filing of this related action by the government will have a significant impact on the instant action but do not know if such an action will be filed;
WHEREAS, the parties believe it would be more efficient to allow a brief period of time to learn whether that action will be filed before proceeding with this action;
WHEREAS, defendants have not received any previous extensions of time in this case and request a short extension so that they may determine whether criminal charges are likely to be initiated against them;
WHEREAS, the Commission agrees to grant defendants this extension, provided that Defendants agree to file Answers to the Commission's complaint, instead of motions to dismiss, and Defendants agree to this condition;
NOW, THEREFORE, IT IS HEREBY STIPULATED AS FOLLOWS:
1. Defendants' time for filing an Answer to the Complaint is hereby extended until Monday, June 3, 2013 (Defendants will not be permitted an extension of time to file a Rule 12(b) motion);
2. The case management deadlines are changed as follows: a. the deadlines for the parties to meet and confer regarding this case and to exchange initial disclosures are extended by 30 days;
b. a joint case management conference statement must be filed with the Court by July 19, 2013; and
c. the initial case management conference in this case will be on Friday, July 26, 2013 at 10 a.m.
PURSUANT TO STIPULATION, IT IS SO ORDERED.