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Case 17-05016-btb Doc 66 Entered 08/12/19 11:44:15 Page 1 of 3
WRIGHT, FINLAY & ZAK, LLP
Edgar C. Smith, Esq.
Nevada Bar No. 5506
Yanxiong Li, Esq.
Nevada Bar No. 12807
7785 W. Sahara Ave., Suite 200
Las Vegas, NV 89117
(702) 475-7964; Fax: (702) 946-1345
yli@wrightlegal.net
Attorneys for Fred Sadri, both in his individual capacity and as Trustee for The Star Living Trust, dated April 14, 1997; Ray Koroghli, individually; and Ray Koroghli and Sathsowi T. Koroghli, in their individual capacities as well as Managing Trustees for Koroghli Management Trust
UNITED STATES BANKRUPTCY COURT
DISTRICT OF NEVADA
Case No.: 16-50644-btb
Chapter 15
Adversary No.: 17-05016-btb
JOINT STATUS REPORT
In re: JAZI GHOLAMREZA ZANDIAN,
Debtor.
_______________________
FRED SADRI, AS TRUSTEE FOR THE STAR LIVING TRUST, DATED APRIL 14, 1997; RAY KOROGHLI AND SATHSOWI T. KOROGHLI, AS MANAGING TRUSTEES FOR KOROGHLI MANAGEMENT TRUST,
Plaintiffs,
vs.
JED MARGOLIN; JAZI GHOLAMREZA ZANDIAN; and all other parties claiming an interest in real properties described in this action.
Defendant.
______________________
PATRICK CANET,
Counter-claimant,
vs.
FRED SADRI INDIVIDUALLY AND IN HIS
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Case 17-05016-btb Doc 66 Entered 08/12/19 11:44:15 Page 2 of 3
CAPACITY AS TRUSTEE OF THE STAR LIVING TRUST AND RAY KOROGHLI INDIVIDUALLY, AND RAY KOROGHLI AND SATHSOWI T. KOROGHLI AS MANAGING TRUSTEES OF THE KOROGHLI MANAGEMENT TRUST
Counter-defendant.
______________________
PATRICK CANET,
Cross-claimant,
vs.
JED MARGOLIN,
Cross-defendant.
_____________________
Fred Sadri, both in his individual capacity and as Trustee for The Star Living Trust, dated April 14, 1997; Ray Koroghli, individually; and Ray Koroghli and Sathsowi T. Koroghli, in their individual capacities as well as Managing Trustees for Koroghli Management Trust (“Counter-Defendants”), by and through their attorney of record, Yanxiong Li, Esq.; and Patrick Canet, by and through his attorney of record, Jeffrey L. Hartman, Esq., submit the following joint status report:
1. On 05/13/2019, the undersigned jointly submitted a Notice of Settlement indicating that an agreement in principal as to the essential terms of settling
Defendant/Counterclaimant’s Counterclaim has been reached, and that parties anticipate filing dismissal documents or a status report in 90 days – i.e. 08/12/2019.
2. Since submitting their Notice of Settlement, parties have worked diligently on memorializing their agreement in writing, obtaining necessary approvals for said writing, and working towards obtaining fully-executed settlement documents before completing the exchange of consideration required under said documents.
3. This process, however, has taken longer than expected due to certain delays in obtaining approvals from clients for both sides. Some of this delay is due to conflicts from clients’ traveling schedule, which were not reasonably foreseeable at the time of filing the Notice of Settlement.
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Case 17-05016-btb Doc 66 Entered 08/12/19 11:44:15 Page 3 of 3
4. Additionally, there is mutual interest expressed for expanding the scope of settlement to include sale of certain debtor assets within the bankruptcy estate, which
negotiations will require additional time to complete, especially due to the recent Motion to Dismiss Chapter 15 Bankruptcy Case filed by Defendant, Jed Margolin in the bankruptcy case related to this adversary proceeding.
5. Accordingly, parties anticipate that an additional 60 days is needed to complete the settlement process and file a stipulated dismissal as to all claims/defenses asserted by and against the undersigned parties.
DATED the 12th day of August, 2019.
WRIGHT, FINLAY & ZAK, LLP
/s/ Yanxiong Li, Esq.
Yanxiong Li, Esq.
Nevada Bar No. 12807
7785 W. Sahara Ave., Suite 200
Las Vegas, NV 89117
Attorney for Fred Sadri, both in his individual capacity and as Trustee for The Star Living Trust, dated April 14, 1997; Ray Koroghli, individually; and Ray
Koroghli and Sathsowi T. Koroghli, in their individual capacities as well as Managing Trustees for Koroghli Management Trust
DATED the 12th day of August, 2019.
HARTMAN & HARTMAN
/s/ Jeffrey L. Hartman, Esq.
Jeffrey L. Hartman, Esq.
Nevada Bar No. 1607
510 West Plumb Lane, Suite B
Reno, Nevada 89509
Attorney for Patrick Canet
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