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Receiver's Tenth Status Report
The court-appointed receiver's tenth status report, detailing the administration of the receivership estate, asset liquidation, and ongoing proceedings. This document shows the ongoing cost of the receivership to investors and the fund estate.
Document Details
Date Filed
January 1, 2024
Agency
Court Filing
File
Tenth-Status-Report.pdf
165 KB
Page 1 / 7
120%
1
IN THE UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
)
COMMODITY FUTURES TRADING )
COMMISSION, )
) Civil Action No. 22-cv-02465
Plaintiff, )
)
v. ) Honorable Mary M. Rowland
)
SAM IKKURTY A/K/A SREENIVAS I RAO, ) Magistrate Judge
RAVISHANKAR AVADHANAM, AND ) Cummings
JAFIA, LLC, )
)
Defendants, )
)
IKKURTY CAPITAL, LLC D/BA/ ROSE CITY )
INCOME FUND I, LP, ROSE CITY INCOME )
FUND II LP, AND SENECA VENTURES, LLC, )
)
Relief Defendants. )
)
RECEIVER’S TENTH STATUS REPORT
James L. Kopecky, not individually, but solely as the Court-appointed Receiver (the
“Receiver”) for the Receivership Estate, as defined by the Order Appointing Receiver dated May
11, 2022 (Dkt. 18) (“Receivership Order”), makes the following report summarizing efforts to
marshal and collect assets, administer the Receivership Estate, and otherwise perform the duties
mandated by the Receivership Order. The Receiver incorporates his prior reports (Dkt. Nos. 36,
75, 109, 157, 199, 295, 336, 355 and 377) for background, and attempts to minimize duplication
of those reports herein.
The Receivership Order requires the Receiver to, periodically, as directed by the Court,
file with the Court and serve on the parties a report summarizing efforts to marshal and collect
assets, administer the Receivership Estate, and otherwise perform the duties mandated by the
Case: 1:22-cv-02465 Document #: 410 Filed: 11/01/24 Page 1 of 7 PageID #:5704
IN THE UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
)
COMMODITY FUTURES TRADING )
COMMISSION, )
) Civil Action No. 22-cv-02465
Plaintiff, )
)
v. ) Honorable Mary M. Rowland
)
SAM IKKURTY A/K/A SREENIVAS I RAO, ) Magistrate Judge
RAVISHANKAR AVADHANAM, AND ) Cummings
JAFIA, LLC, )
)
Defendants, )
)
IKKURTY CAPITAL, LLC D/BA/ ROSE CITY )
INCOME FUND I, LP, ROSE CITY INCOME )
FUND II LP, AND SENECA VENTURES, LLC, )
)
Relief Defendants. )
)
RECEIVER’S TENTH STATUS REPORT
James L. Kopecky, not individually, but solely as the Court-appointed Receiver (the
“Receiver”) for the Receivership Estate, as defined by the Order Appointing Receiver dated May
11, 2022 (Dkt. 18) (“Receivership Order”), makes the following report summarizing efforts to
marshal and collect assets, administer the Receivership Estate, and otherwise perform the duties
mandated by the Receivership Order. The Receiver incorporates his prior reports (Dkt. Nos. 36,
75, 109, 157, 199, 295, 336, 355 and 377) for background, and attempts to minimize duplication
of those reports herein.
The Receivership Order requires the Receiver to, periodically, as directed by the Court,
file with the Court and serve on the parties a report summarizing efforts to marshal and collect
assets, administer the Receivership Estate, and otherwise perform the duties mandated by the
Case: 1:22-cv-02465 Document #: 410 Filed: 11/01/24 Page 1 of 7 PageID #:5704
Key Points
Details ongoing receivership administration costs
Shows liquidation of fund assets over receiver's objection of investors
100% of investors opposed the receivership and liquidation
Receiver's fees continue to consume fund assets
Filed in district court as part of ongoing receivership proceedings