SBA Takes Receivership Of Investor On Hook For $59M

Law360, New York (January 23, 2012, 4:15 PM EST) -- A Mississippi federal court on Friday approved the U.S. Small Business Administration's appointment as receiver for Pacesetter SBIC Fund Inc., a small-business investor that allegedly racked up $59 million in outstanding agency-issued debentures and preferred securities.

The court granted a consent order of receivership filed by the SBA. The agency has been entering similar filings related to the receivership in federal district courts across the country over the past month, after a Texas federal judge approved the SBA's original consent order on Dec. 20.

Pacesetter, a...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

United States of America v. Pacesetter SBIC Fund, Inc.


Case Number

3:12-mc-00042

Court

Mississippi Southern

Nature of Suit

Judge

Daniel P. Jordan, III

Date Filed

January 20, 2012

Government Agencies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.