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General Information


Receivership in SEC v. John V. Bivona, et al., Case No. 3:16-cv-01386-EMC


General Information

This is the website of successor Receiver, Kathy Bazoian Phelps. On February 28, 2019, Ms. Phelps was appointed as the Successor Receiver in the case of Securities and Exchange Commission v. John V. Bivona, Saddle River Advisors, LLC, SRA Management Associates, LLC, and Frank Mazzola, Case No. 3:16-cv-1386, in the United States District Court for the Northern District of California. The case was originally filed on March 22, 2016, and on October 11, 2016, Sherwood Partners, Inc. was appointed and served as Receiver until the appointment of Ms. Phelps as successor receiver.

The Receivership is imposed over the following entities: SRA Management Associates, LLC, and relief defendants SRA I LLC, SRA II LLC, SRA III LLC, Clear Sailing Group IV LLC, Clear Sailing Group V LLC, as well as the stipulating affiliated entities, Felix Multi-Opportunity Fund I LLC, Felix Multi-Opportunity Fund II LLC, Felix Management Associates LLC, NYPA Fund I LLC, NYPA Fund II LLC and NYPA Management Associates LLC.

The purpose of this website is to provide convenient access to information about the receivership, including status reports from the Receiver, copies of pleadings filed in the case, and Frequently Asked Questions (FAQs). The website will be updated periodically, and all creditors, investors and parties in interest are encouraged to check the website for updates. If you require further information not contained in this website, you may Contact Us.


Recent Updates 


October 16, 2020

On September 30, 2020, Palantir Technologies began trading publicly following its direct listing.  Shortly thereafter, pursuant to the Lockup Agreement executed by the Receiver upon approval by the Court to do so, the Receiver received approximately 20% of the estate’s Palantir holdings.  Over the week of October 6, the Receiver sold 966,995 shares for an average price of $10.21, and received total net proceeds after commissions of $9,854,110.  Of those proceeds, $9,765,512 was contributed to the Plan Fund pursuant to the Court-approved Distribution Plan and $88,598 was reserved for taxes in connection with the sale of the Palantir shares. 

After those sales, there remain 4,773,254 shares of Palantir in the receivership estate, the vast majority of which remain restricted and subject to the Lockup Agreement. Those shares can not be freely traded or distributed until after Palantir issues its FY2020 financial results, which is expected in the first quarter 2021.  When the Lockup period expires, the Receiver will make an interim distribution of shares to claimants, but will hold back a percentage of those shares as an administrative reserve until the final tax liability of the receivership has been fully resolved.  The Receiver may also need to liquidate additional shares to fund the tax holding account as it relates to the distribution of shares to claimants, depending on the price of Palantir at the time of distribution.  We will file a motion in advance of making a distribution or any further sales as the expiration of the lockup period expires, which will contain details with respect to the anticipated timing and amounts of distribution.

As a result of the recent Palantir sale, the Plan Fund now has sufficient funds to allow us to make an interim distribution to Class 3 unsecured creditor claimants.  We are preparing a motion to do so and expect to file it shortly.  If you are a Class 3 claimant and have a preference to receive funds via a wire transfer or by a check. If you prefer distribution by wire, please provide wire instructions by sending an email to [email protected], and if you prefer check, please ensure that your mailing address is up to date in the Receiver’s records.

Please continue to check this website for future updates.  We have updated our Frequently Asked Questions substantially in light of the many questions our team has fielded.  Please check that page here first if you have a question.


August 18, 2020

There has been discussion in the news recently  that Palantir may elect to do a direct listing rather than an underwritten public offering of its shares and that this direct listing may take place in the next month or so. The shares of Palantir that are held in the receivership estate were acquired pursuant to multiple contracts.  We are in the process of evaluating any applicable restrictions in those contracts that would limit when and the manner in which those shares might be sold or distributed if Palantir were to do a direct listing. Additionally, if and when Palantir formally announces its intention to conduct a direct listing, we will be able ascertain how Palantir will address contractual restrictions on the resale of its shares and possible waivers of those restrictions.  These factors will dictate the timing of when the Palantir shares held by the receivership estate can be sold and distributed pursuant to the terms of the Court-approved distribution plan.


July 27, 2020

The sale of the publicly traded securities pursuant to the terms of the Plan took place on July 23, 2020, and the distributions began on July 24, 2020. Those investors who have provided accurate and valid account information should have received an interim distribution on July 24, 2020 of the following publicly traded securities in which each particular investor had asserted a claim: Cloudera, DropBox, MongoDB, Lyft, Pinterest, Snap, and Uber. Bloom Energy shares have not yet been distributed but will hopefully be distributed within the next week or two.


For those of investors who have not yet delivered your account information to the Receiver, or where the information provided was not valid, your distribution will be delayed until complete and correct account information is provided. Please send all account information to the Receiver at [email protected].


July 8, 2020

Many investors have contacted the Receiver to inquire about shares in Palantir Technologies Inc. given the recent news of a possible imminent public offering. The Court approved Distribution Plan does not permit the sale or transfer of any Palantir shares until such time as Palantir has gone public or had a liquidity event and all lockup periods have expired. As such, the Receiver continues to hold the interests in the shares pursuant to the Plan and will continue to monitor the status of Palantir. Claimants may check the status of their Allowed Claims on the Claims tab of this website.



July 7, 2020

The Receiver is preparing to seek authority to sell and distribute shares of the following publicly traded securities held in the Receivership Estate:

Bloom Energy, Inc.

Cloudera, Inc.

Dropbox, Inc.

Lyft, Inc.

MongoDB, Inc.

Pinterest, Inc.

Snap, Inc.

Uber Technologies, Inc

For investors with a claim for any of those securities, please send your brokerage account to the Receiver at [email protected]  so that she can direct the transfer of securities directly into your personal brokerage account:


Account Information Needed

Name of Receiving Financial Institution: _______________________________

Receiving Account Number:                     _______________________________

Receiving Account Name:                         _______________________________

Receiving Firm DTC Number:                   _______________________________



May 13, 2020

Hearings were held by Zoom webinar on the following matters, which were resolved as follows:

  • Receiver’s Motion for (1) Final Approval of Receiver’s Plan of Distribution; and (2) For Order Approving Form and Manner of Notice, and Notice of Opportunity to Serve on Investment Advisory Committee (Doc. No. 570). The Motion was granted with two modifications that postpone decisions relating to the treatment of Failed Investment Claims and the treatment of the claim of Joshua Cilano.
  • Plaintiff Securities and Exchange Commission’s Objection to Receivership Claims by Michelle Mazzola and Joshua Cilano for Management Fees (Doc. No. 572). The Court granted the objection to the claim of Michelle Mazzola and postponed a decision of the allowance of the claim of Joshua Cilano.
  • Receiver’s Motion to Disallow Purported Guarantee Claims (Doc. No. 575). The Court granted the motion.
  • Receiver’s Motion for Instructions Regarding Investors Advisory Committee (Doc. No. 583). The Court approved the participation of Joshua Cilano on the Investment Advisory Committee.



May 11, 2020

The Court posted instructions for dialing into the Zoom hearing for the May 13, 2020 hearings. The instructions can be found here.


April 21, 2020

The Court issued the following notice regarding the May 13, 2020 hearing on the distribution plan and related matters, which are scheduled to go forward by Zoom Webinar on the scheduled date:

CLERKS NOTICE: Regarding the upcoming hearing for motions related to final approval set on 5/13/2020 (Docket Nos. 570, 572, 575, and 583), the Court will conduct same by Zoom Webinar. The general public will receive an invitation, posted on the docket, to appear in these proceedings. The participants in the "well" of the court will be deemed panelists with the ability to see and hear all other panelists. The listening and watching audience, including investors which wish to attend, will be deemed "Attendees." Attendees will have the opportunity to raise their virtual hand to speak, with permission from the Court, provided that person has given advance notice to the Court that they want to speak at the hearing. The Court directs the Receiver to notify all interested parties (including known investors) of the timing and nature of the 5/13/2020 hearing and to inform them that anyone wishing to speak at the hearing must notify Judge Chen's CRD via email: [email protected]  by 5/11/2020


March 20, 2020

Due to the corona virus, the Court has rescheduled the hearings on the following motions to May 13, 2020 at 10:00 a.m.:

  1. [570] Receiver’s Motion for (1) Final Approval of the Receiver’s Plan of  Distribution; and (2) for Order Approving Form and Manner of Notice; and Notice of Opportunity to Serve on Investment Advisory Committee
  2. [572]  SEC’s Objections to Receivership Claims by Michele Mazzola and Joshua Cilano for Management Fees
  3. [575] Receiver’s Motion for Disallowance of Guaranty Claims
  4. [583] Motion for Instructions Regarding Investment Advisory Committee



February 28, 2020

This Update is posted to provide a high level summary of the structure of the Plan. All investors and creditors are encouraged to read the terms of the Distribution Plan, and the following summary of the structure of the Plan is not intended to, and shall not, substitute the actual terms of the Plan. The Plan provides for the distribution of shares to investors and cash to creditors as set forth in detail in the Plan.

Under the Plan, investors will receive some of their claimed shares back if and only if an IPO event has occurred for a particular company in which shares are claimed, and creditors will receive some cash back. The number of shares to be returned to investors is not yet fixed as some of the shares held in the estate will need to be liquidated to create the Plan Fund as described in the Plan, which will be used to pay cash to administrative and unsecured creditors. Additionally, some of the shares will need to be liquidated to pay the tax liability associated with the sale and distribution of the shares.  It is therefore possible that some investors will not receive any shares following an IPO because the assessment under the Plan exceeds the remaining value of the particular company’s publicly traded share held by the estate, but this is unknown at this time and is dependent on the market value of the shares at the time of liquidation and distribution. Shares that remain pre-IPO at this time will not yet be distributed as the Plan requires that the shares first have an IPO or liquidity event prior to distribution. If the investor has purchased interests in shares that no longer have value because the investment company has failed and  will not have a liquidity event such as an IPO, the investor will receive nothing for those shares.

A final distribution schedule for each investment company will be filed with the Court and approved before any distributions are made, which will not occur until a Distribution Plan has been approved and shares are ripe for distribution under the terms of the Plan. Investors are encouraged to review the terms of the Plan and to consult the schedules of Allowed Claims attached to the Plan to evaluate the treatment of their particular claim.


February 27, 2020 

The Receiver filed a Motion for Final Approval of the Distribution Plan, which is set for hearing on April 7, 2020. Any opposition or response to the Motion must be filed no later than March 16, 2020. One of the provisions of the Plan provides for the formation of an Investor Advisory Committee (“IAC”) to consult with the Receiver regarding the liquidation of securities in connection with the Plan implementation. If you are interested in serving on the IAC, please submit an application to the Receiver by March 9, 2020 by email to [email protected] or regular mail to Kathy Bazoian Phelps, Diamond McCarthy, 1999 Avenue of the Stars, Ste 1100, Los Angeles, CA 90067. The IAC application must include: (1) the investor name; (2) mailing address; (3) email address; (4) phone number; and (5) brief statement of qualifications to serve on the IAC. Submission of an application to serve on the IAC is not a guarantee of a position to serve on the IAC.


February 7, 2020

A hearing was held on January 30, 2020 regarding the Receiver’s Motion for Instructions on the tax and plan issues. The Court authorized the Receiver to amend prior tax returns and to file qualified settlement fund tax returns. The Court also preliminarily approved the Receiver’s form of distribution plan that was attached to her Supplement as Exhibit “1.” The Receiver shall meet and confer with counsel for the SRA Fund Investor Group, the SEC and Progresso Ventures on certain revisions to the Plan discussed at the hearing and shall then file a motion for final approval of the distribution plan. The Receiver shall serve notice of the motion for final approval on all claimants.

January 27, 2020

The Receiver has filed her Interim Status Report for Fourth Quarter 2019.

December 26, 2019

The hearing on the Receiver’s Motion for Instructions has been continued to January 30, 2020 at 1:30 p.m. The Administrative Motion filed by the SRA Funds Investor Group was denied by the Court.

December 19, 2019

The Court continued the Receiver’s Motion for Instructions from December 19, 2019 to January 16, 2020 at 1:30 p.m. The Receiver has filed a Supplement setting for the legal analysis of tax and securities issues relating to the distribution issues in the case, which will be heard and considered by the Court on January 16, 2020. The Investor Group filed an Administrative Motion seeking turnover of reports relating to the tax and securities issues, and the Receiver has filed an opposition to that motion.

October 9, 2019

The Court granted the Receiver’s Motion to employ tax and securities professionals and continued the hearing on the Motion for Instructions regarding the tax opinion to December 19, 2019 at 1:30 p.m. The Court’s Minute Order from the October 8, 2019 hearing is located here.

October 8, 2019

The hearing on the Receiver’s Motion to (1) Employ Miller Kaplan as Tax Advisor; (2) Employ Schinner & Shain as LLP as Securities Counsel; and (3) for Instructions has been rescheduled for October 8, 2019 at 1:30 p.m.

The Court has also rescheduled the case management conference for October 8, 2019 at 1:30 p.m.

The Receiver has filed her Interim Status Report for Third Quarter 2019.  

August 29, 2019

A hearing was held on June 27, 2019 in connection with the proposed Distribution Plan. At the hearing, modifications were suggested to the plan, and the parties were asked to meet and confer regarding the proposed modifications. The Receiver was instructed to obtain an opinion regarding the tax consequences of the proposed plan. The Receiver has filed a motion to employ a tax advisor and securities counsel and for instructions regarding the tax opinion, which motion is set for hearing on October 10, 2019.

Following the sharing of that opinion with the SRA Investor Group, Progresso and other interested parties, the Receiver shall file a revised Plan of Distribution with the Court. 

A further case management conference is set for October 10, 2019 at 10:30 a.m.

July 1, 2019

A hearing was held on June 27, 2019 in connection with the proposed distribution plan. At the hearing, modifications were suggested to the plan, and the parties were asked to meet and confer regarding the proposed modifications. The Receiver was instructed to obtain an opinion regarding the tax consequences of the proposed plan by August 9, 2019, if possible. Following the sharing of that opinion with the SRA Investor Group, Progresso and other interested parties, the Receiver shall file a revised Plan of Distribution with the Court. The Court’s order is reflected in the Court’s Civil Minutes

On June 27, 2019, the Court also approved the Receiver’s Motion to Disallow Claims and the Stipulation with Progresso Ventures LLC regarding its claim.

A further case management conference is set for October 17, 2019 at 10:30 a.m.


Court Filings

Please click on the following links to view copies of:

            The Receiver’s Reports

            Court-Filed Documents

Receiver’s Proposed Plan of Distribution



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