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Order | Filed: May 08, 2018 Daum Global Holdings Corp. v. Ybrant Digital Limited et al
Contract: Other | New York Southern
Order
MEMORANDUM OPINION & ORDER re: 90 MOTION to Appoint Receiver(s) Daum Global Holdings Corp. Refiling Daum's Previous Motion for Appointment of Receiver Pursuant to the Court's August 30, 2017 Order filed by Daum Global Hold ings Corp. For the foregoing reasons, the Court GRANTS Petitioner's motion to appoint a receiver. Accordingly, upon motion of the Judgment Creditor for enforcement of this Court's judgments and of the Court's prior turnover order dated October 6, 2015 ("Turnover Order") by appointment of a receiver pursuant to C.P.L.R. § 5228, and such motion having been duly served upon Respondents and adequate notice given, it is ORDERED that the Judgment Creditor, Daum Global Hol dings Corp. ("Daum"), is appointed as receiver of Respondent-Judgment Debtor Ybrant Media Acquisition, Inc. ("Ybrant Media")'s ownership interest in Respondent-Garnishee Lycos, Inc. ("Lycos") which interest has been established as 56% of the capital stock of such Respondent: (1) to take possession, receipt, ownership and control of the shares of capital stock representing Ybrant Media's 56% ownership interest in Lycos that Ybrant Media has withh eld in violation of the Court's Turnover Order; (2) to exercise the power and authority of such 56% ownership interest in Lycos that Ybrant Media has withheld in violation of the Court's Turnover Order, in conjunction with power and au thority already held by Daum at the present time as creditor-in-possession of a 44% ownership interest in Lycos, giving Daum authority as shareholder of 100% of Lycos; (3) to cause any and all stock certificates of Lycos representing Ybrant Media's 56% ownership interest in Lycos to be cancelled and substitute stock certificates to be issued, delivered and taken by the receiver in their stead; (4) to cause the new stock certificates representing 56% ownership interest in Lycos, or ifYbrant Media turns over to the receiver the old stock certificates which Ybrant Media has heretofore withheld in violation of the Court's Turnover Order, then such stock certificates, to be subjected to levy and execution sale by the receiver in coordination with sheriff or marshal as contemplated in the Turnover Order; and (5) to execute and deliver any document necessary to effect the foregoing; and it is further ORDERED that the said receiver may employ counsel of receiv er's choosing and to authorize counsel to act in the name and stead of the receiver in carrying out the duties of the receivership and in transmitting receiver's directives and consent; and it is further ORDERED that the said receiver befor e entering upon its duties hereunder and in order to qualify therefor shall by its counsel in these proceedings or other representative execute and file an oath herein that it will faithfully and fairly discharge its duties hereunder; and it is furt her ORDERED that Judgment Debtor Ybrant Media, Judgment Debtor Ybrant Digital Limited, and Respondent-Garnishee Lycos, their respective agents, servants, employees, officers and directors and all those claiming under or through them or any of them su bmit hereto and comply with directives of the receiver as to operation of Lycos and as to cancellation, reissuance and delivery of any and all stock certificates of Lycos representing Ybrant Media's 56% ownership interest therein and all s uch individuals or entities are hereby ordered to execute and deliver any documents the receiver requests hereunder; and it is further ORDERED that the said receiver shall cause all funds received in the operation of receivership hereunder to be main tained in or channeled through a trust account established by its counsel until expended in the ordinary course of business pursuant hereto or applied toward satisfaction of the judgments referred to above, or as otherwise authorized by the Court; a nd it is further ORDERED that the receiver shall comply with the requirements of C.P.L.R. §§ 5228, 6402, 6403, 6404, and 6405 and applicable court rules relating to appointment of fiduciaries. This Order resolves Dkt. No. 90. SO ORDERED. (Signed by Judge Alison J. Nathan on 5/8/2018) (mml)
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