{"id":"court_ctb_1276_0","court":"CTB","case_no":"22-50073","doc_number":1276,"sub_number":0,"doc_type":"ORDER","filed_date":null,"title":"UNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION | -------------------------------------------","summary_zh":null,"summary_en":null,"body_en":"# **UNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION**\n\n| ----------------------------------------------------------- | x           |                         |\n|-------------------------------------------------------------|-------------|-------------------------|\n| In re:                                                      | :<br>:      | Chapter 11              |\n| HO WAN KWOK, et al.,                                        | :<br>:      | Case No. 22-50073 (JAM) |\n| Debtors.1                                                   | :<br>:<br>: | Jointly Administered    |\n| ----------------------------------------------------------- | x           |                         |\n\n### **OBJECTION OF CHAPTER 11 TRUSTEE TO HK INTERNATIONAL FUNDS INVESTMENTS (USA) LIMITED, LLC'S MOTION TO MODIFY CONSENT ORDER GRANTING HK INTERNATIONAL FUNDS INVESTMENTS (USA) LIMITED, LLC'S MOTION FOR ORDER ESTABLISHING REPAIR RESERVE FOR THE LADY MAY**\n\nLuc A. Despins, in his capacity as the chapter 11 trustee (the \"Trustee\") appointed in the\n\nchapter 11 case of Ho Wan Kwok (the \"Individual Debtor\"), submits this objection (the\n\n\"Objection\") to HK International Funds Investments (USA) Limited, LLC's (\"HK USA\")\n\n*Motion to Modify Consent Order Granting HK International Funds Investments (USA) Limited,*\n\n*LLC'S Motion for Order Establishing Repair Reserve for the Lady May* [Docket No. 1216] (the\n\n\"Motion\").<sup>2</sup> In support of his Objection, the Trustee respectfully states as follows:\n\n#### **PRELIMINARY STATEMENT**\n\n1. HK USA's Motion seeks to require the Trustee to fund certain Operating\n\nExpenses for the Lady May, in the amount of up to \\$1 million, out of the Repair Reserve\n\nestablished under the Consent Order to fund repairs of the Lady May. While the Motion focuses\n\n<sup>1</sup> The Debtors in these chapter 11 cases are Ho Wan Kwok (also known as Guo Wengui, Miles Guo, and Miles Kwok, as well as numerous other aliases) (last four digits of tax identification number: 9595), Genever Holdings LLC (last four digits of tax identification number: 8202) and Genever Holdings Corporation. The mailing address for the Trustee, Genever Holdings LLC, and the Genever Holdings Corporation is Paul Hastings LLP, 200 Park Avenue, New York, NY 10166 c/o Luc A. Despins, as Trustee for the Estate of Ho Wan Kwok (solely for purposes of notices and communications).\n\n<sup>2</sup> Capitalized terms used but not otherwise defined in this Motion have the meanings set forth in the Motion.\n\non the question of whether there are excess funds in the Repair Reserve sufficient to fund the Operating Expenses, that question is, at best, premature.\n\n2. In fact, the parties previously agreed in the Consent Order that any motion by HK USA requesting the release of any Repair Reserve Excess (as defined in the Consent Order)<sup>3</sup> may not be filed until at least two weeks after the Court has concluded the hearing on the Trustee's application for a prejudgment remedy [Docket No. 37 in Adv. Proc. No. 22-05003 (JAM)] (the \"PJR Application\") against HK USA in the adversary proceeding styled *HK International Funds Investments (USA) Limited, LLC v. Ho Wan Kwok*, Adv. Proc. No. 22-05003 (JAM) (the \"HK USA Adversary Proceeding\"). 4\n\n3. The Consent Order also explicitly provides that the Trustee must continue to hold any Repair Reserve Excess \"in the event this Court has entered an order granting a prejudgment remedy against HK USA and such prejudgment remedy is not otherwise fully secured,\" subject to the terms of any such order.<sup>5</sup> Moreover, as part of several consensual adjournments of the hearing on the PJR Application, HK USA agreed to also move back the date when it may file a motion to request the release of any Repair Reserve Excess, such that, at this time, any such request may only be made on or after **February 27, 2023**, *i.e.*, no earlier than fourteen (14) days after the last date scheduled for the hearing on the PJR Application.\n\n4. Finally, to be clear, nothing in the Consent Order authorizes the payment of operating expenses out of the Repair Reserve. Indeed, what types of costs would be funded out\n\n<sup>3</sup> The Repair Reserve Excess is defined in the Consent Order as the extent to which the \"Repair Reserve Amount exceeds the amount reasonably necessary to secure the payment of the Remaining Required Repairs.\" Consent Order at 6.\n\n<sup>4</sup> The PJR Application seeks, among other things, the attachment of HK (USA)'s property, including any Repair Reserve Excess, to secure the judgment sought by the Trustee in the HK USA Adversary Proceeding.\n\n<sup>5</sup> Consent Order at 6.\n\nof the Repair Reserve was the subject of extensive negotiations between HK USA and the Trustee, with the parties ultimately agreeing **not** to fund operating expenses out of the Repair Reserve, such as the Operating Expenses at issue in the Motion. HK USA cannot now claim that it did not anticipate having to fund the operating expenses for the Lady May. Through this Objection, the Trustee merely seeks to hold HK USA to the agreed-upon arrangement under the Consent Order: only repair costs will be funded out of the Repair Reserve and any motion seeking the release of any Repair Reserve Excess may only be filed on or after February 27, 2023. 6\n\n5. For all these reasons, the Court should deny HK USA's Motion.<sup>7</sup>\n\n# **BACKGROUND**\n\n6. On February 3, 2021, the New York County Clerk of Court entered a judgment against the Individual Debtor in the amount of \\$116,402,019.57 (the \"Judgment\") in the litigation styled *Pac. All. Asia Opportunity Fund L.P. v. Kwok*, Index No. 652077/2017 (N.Y. Sup. Ct. Feb. 9, 2022), before Justice Ostrager in the New York Supreme Court.<sup>8</sup> To ensure satisfaction of the Judgment, Justice Ostrager issued multiple orders restraining the Individual Debtor's interest in the Lady May.\n\n<sup>6</sup> Shortly before the holidays, HK USA requested that past due Operating Expenses for the month of November 2022 and estimated Operating Expenses for the month of December 2022 be paid out of the Repair Reserve. As a courtesy, and to avoid, among other things, the crew leaving the vessel, the Trustee consented to entry of an order [Docket No. 1255] authorizing the release of limited funds (less than \\$300,000) to pay the Operating Expenses for November and December 2022. Such funds were, in fact, released from the Repair Reserve on December 21, 2022. However, the Trustee made clear in such order that it is his position that he is under no obligation to release funds from the Repair Reserve to pay the Operating Expenses and that, to the extent HK USA desires to use funds in the Repair Reserve to pay Operating Expenses, it must request a release of any Repair Reserve Excess in accordance with the Consent Order and after the conclusion of the hearing on the PJR Application.\n\n<sup>7</sup> Of course, HK USA may renew its request for the release of any Repair Reserve Excess in accordance with the Consent Order on or after February 27, 2023. To be clear, the Trustee reserves all his rights in regard to any such future motion, including as it relates to the extent of any Repair Reserve Excess.\n\n<sup>8</sup> Judgment, *Pac. All. Asia Opportunity Fund L.P. v. Kwok*, Index No. 652077/2017 (N.Y. Sup. Ct. Feb. 3, 2021) (the \"New York Action\"), NYSCEF Doc. No. 716.\n\n7. On February 9, 2022, in connection with the Individual Debtor's moving of, and continuous failure to return, the Lady May, Justice Ostrager issued a final contempt order ordering the Individual Debtor to remit \\$134,000,000 to PAX by February 16, 2022.<sup>9</sup>\n\n8. On February 15, 2022, the Individual Debtor filed with the Court a voluntary petition for relief under chapter 11 of the Bankruptcy Code. On March 21, 2022, the United States Trustee appointed an Official Committee of Unsecured Creditors in the Individual Debtor's chapter 11 case.\n\n9. On March 1, 2022, PAX moved for relief from the automatic stay, to institute further proceedings to enforce Justice Ostrager's final contempt order and compel the return of the Lady May from foreign waters.<sup>10</sup> On April 11, 2022, HK USA consented to the entry of an order compelling the return of the Lady May to the jurisdiction of this Court,<sup>11</sup> and on April 29, 2022, the Court entered its *Stipulated Order Compelling HK International Funds Investments (USA) Limited, LLC to Transport and Deliver that Certain Yacht, the \"Lady May\"* (the \"Stipulated Order\"), setting forth the terms and conditions regarding the return of the Lady May to the navigable waters of Connecticut.\n\n10. In accordance with the Stipulated Order and to secure its obligation to deliver the Lady May to the navigable waters of Connecticut, HK USA borrowed \\$37 million from Himalaya International Financial Group Ltd. and deposited such funds into escrow with U.S.\n\n<sup>9</sup> Decision and Order on Motion at 4, 10, *Pac. All. Asia Opportunity Fund L.P. v. Kwok*, Index No. 652077/2017 (N.Y. Sup. Ct. Feb. 9, 2022), NYSCEF Doc. No. 1181 (the \"Final Contempt Order\").\n\n<sup>10</sup> *Motion of Pacific Alliance Asia Opportunity Fund L.P. for Entry of an Order Confirming the Inapplicability of the Automatic Stay or, in the Alternative, Relief from the Automatic Stay Pursuant to Section 362(d)(2) of the Bankruptcy Code* [Docket No. 57].\n\n<sup>11</sup> *Statement of HK International Funds Investments (USA) Limited, LLC Regarding Motion of Pacific Alliance Asia Opportunity Fund L.P. for Entry of an Order Confirming the Inapplicability of the Automatic Stay or, in the Alternative, Relief from the Automatic Stay Pursuant to Section 362(d)(2) of the Bankruptcy Code* [Docket No. 203].\n\nBank National Association.<sup>12</sup> The Stipulated Order also requires HK USA \"at its sole expense . . . to restore the Lady May to good working order.\"<sup>13</sup>\n\n11. On July 8, 2022, the Court entered an order [Docket No. 523] granting the appointment of Luc A. Despins as the Trustee in the Individual Debtor's chapter 11 case.\n\n12. On September 23, 2022, HK USA filed its *Motion for Order Establishing a Repair Reserve for the Lady May* [Docket No. 728] (the \"Repair Reserve Motion\") which sought, among other things, to establish a repair reserve to return the Lady May to good working order.\n\n13. Also on September 23, 2022, the Trustee filed his Answer and Counterclaims [Docket No. 36 in Adv. Proc. No. 22-05003 (JAM)] (the \"Answer and Counterclaims\") and the PJR Application in the HK USA Adversary Proceeding. In his Answer and Counterclaims, the Trustee asserts a series of affirmative claims against HK USA, including that the Court should issue a declaratory judgment that HK USA is an alter ego of the Individual Debtor and that, therefore, all property of HK USA, including the Lady May and the \\$37 million deposited into escrow and/or rights related thereto under the applicable escrow agreement, are property of the Individual Debtor's chapter 11 estate. In order to secure any judgment in favor of the Trustee's claims in his Answer and Counterclaims, the PJR Application seeks to attach, among other things, the Lady May and the \\$37 million that HK USA placed into escrow pursuant to the Stipulated Order.<sup>14</sup>\n\n14. On October 7, 2022, the Court entered the *Consent Order Granting HK International Funds Investments (USA) Limited, LLC's Motion for Order Establishing Repair*\n\n<sup>12</sup> Stipulated Order ¶¶ 1, 3, 11.\n\n<sup>13</sup> *Id.* at 11.\n\n<sup>14</sup> *See* PJR Application ¶ 5(d), (e).\n\n*Reserve for the Lady May* [Docket No. 930] (the \"Consent Order\") granting the Repair Reserve Motion and establishing the Repair Reserve in the amount of \\$4 million, which reserve was funded from the \\$37 million held in escrow.<sup>15</sup>\n\n15. According to the Consent Order, after the completion of the Initial Work and the Trustee Inspection<sup>16</sup> (each as defined in the Consent Order), HK USA may file a motion on or after November 15, 2022 (such date, the \"Filing Date\") to request that the Court determine the amount of any Repair Reserve Excess and order the Trustee \"to transfer such Repair Reserve Excess to HK USA or, in the event this Court has entered an order granting a prejudgment remedy against HK USA and such prejudgment remedy is not otherwise fully secured, the Trustee shall continue to hold such Repair Reserve Excess subject to and in accordance with the order granting prejudgment remedy.\"<sup>17</sup> In other words, the Consent Order only permits the release of any Repair Reserve Excess to HK USA if the Court determines that any Repair Reserve Excess is not required to fully secure a prejudgment remedy ordered by the Court.\n\n16. At the time, the parties agreed that the Filing Date would be no earlier than November 15, 2022 because the hearing (the \"PJR Hearing\") on the Trustee's PJR Application was scheduled to commence on October 31, 2022 and continue through November 2, 2022 (if necessary). Accordingly, the Consent Order required HK USA to wait until approximately two weeks after the conclusion of the PJR Hearing to file a motion requesting the release of any Repair Reserve Excess.\n\n17. On October 25, 2022, the Court entered the *Consented to Order (A) Adjourning Hearing on Chapter 11 Trustee's Application for Prejudgment Remedy, (B) Setting Hearing on*\n\n<sup>15</sup> *See Order Compelling Partial Disbursement of Escrow Funds* at 2 [Docket No. 932].\n\n<sup>16</sup> The Trustee Inspection of the Initial Work has been completed.\n\n<sup>17</sup> Consent Order at 6 (emphasis added).\n\n*Chapter 11 Trustee's Motion for Preliminary Injunction, (C) Extending Related Deadlines, and (D) Granting Related Relief* [Adv. Proc. Docket No. 67] (the \"October 25 Consent Order\"). Among other things, the October 25 Consent Order adjourned the start date of the PJR Hearing to November 30, 2022 (with the hearing to continue through December 2, 2023, if necessary) and moved the Filing Date from November 15, 2022 to December 15, 2022.<sup>18</sup>\n\n18. On November 28, 2022, the Court entered the second consent order further adjourning the PJR Hearing and related dates [Adv. Proc. Docket No. 76] (the \"November 28 Consent Order\"). Among other things, the November 28 Consent Order further adjourned the start date of the PJR Hearing to January 9, 2023 (with the hearing to continue through January 11, 2023, if necessary) and further moved the Filing Date from December 15, 2022 to January 25, 2023.<sup>19</sup>\n\n19. On December 21, 2022, the Court entered the third consent order further adjourning the PJR Hearing and related dates [Adv. Proc. Docket No. 86] (the \"December 21 Consent Order\"). Among other things, the December 21 Consent Order further adjourned the start date of the PJR Hearing to February 8, 2023 (with the hearing to continue through February 13, 2023, if necessary) and further moved the Filing Date from January 25, 2023 to February 27, 2023.<sup>20</sup>\n\n#### **ARGUMENT**\n\n20. In its Motion, HK USA requests that the Consent Order be modified so as to authorize and direct the Trustee to pay up to \\$1 million to satisfy, from the Repair Reserve, the Operating Expenses for the Lady May for the period from November 2022 through April 2023,\n\n<sup>18</sup> October 25 Consent Order ¶¶ 1, 9.\n\n<sup>19</sup> November 28 Consent Order ¶¶ 1, 10.\n\n<sup>20</sup> December 21 Consent Order ¶¶ 1, 8.\n\nthe bulk of which relate to salaries, management fees, and other expenses relating to retention of the Lady May's crew as well as the payment of insurance premiums. <sup>21</sup> HK USA states that any funds it possessed beyond the \\$37 million in escrow have been exhausted, and therefore it requires the Trustee to pay the Operating Expenses from the Repair Reserve. For the following reasons, the Motion should be denied.\n\n## **A. Consent Order Does Not Authorize Payment of Operating Expenses from Repair Reserve**\n\n21. The Consent Order is clear: the only expenses that may be paid out of the Repair Reserve are \"the expenses (including any required deposits) incurred to perform the Required Repairs or to pay the Insurance Deductible.\"<sup>22</sup> This is not a situation where the parties forgot to address the issue of whether operating expenses could be paid out of the Repair Reserve. The parties extensively discussed what expenses could be funded out of the Repair Reserve, and the fact that the Consent Order does **not** include operating expenses among the types of expenses that may be paid out of the Repair Reserve speaks volumes about how this issue was resolved. Thus, from the outset, HK USA understood that, notwithstanding entry of the Consent Order, operating expenses would continue to be the responsibility of HK USA.\n\n22. Nor should HK USA be allowed to abdicate its responsibility to maintain the Lady May in good working order by claiming that it currently has insufficient funds to pay the Operating Expenses—and this is especially true here given that, until recently, HK USA was willing and able to fund operating expenses for the Lady May and, in fact, was even able to borrow \\$37 million to fund the escrow established under the Stipulated Order. Indeed, at the\n\n<sup>21</sup> *See* Motion Ex. B (showing a 5-month budget forecast for the Lady May for the period from December 2022 through April 2023).\n\n<sup>22</sup> Consent Order at 4.\n\ntime HK USA agreed to entry of the Consent Order, it anticipated (or should have anticipated) that it would have to continue to pay to the operating expenses for the Lady May. Moreover, ensuring that the Lady May is delivered in good working order is the responsibility of HK USA, **not** the responsibility of the Trustee.<sup>23</sup>\n\n23. The Trustee recognizes, of course, that HK USA's failure to pay the Operating Expenses could cause the Lady May to fall into disrepair—and HK USA's refusal to fund such expenses is quite disconcerting. However, this does not alter the fact that it is HK USA's obligation to fund the cost of operating and maintaining the Lady May. The Repair Reserve is not a \"slush fund\" for HK USA to cover its expenses, other than the cost of repairs in accordance with the Consent Order (and except to the extent that the Court approves the release of any Repair Reserve Excess, upon request by HK USA on or after February 27, 2023).\n\n# **B. Any Request for Release of Any Repair Reserve Excess Cannot Be Made Until February 27, 2023**\n\n24. HK USA also expends a great deal of effort arguing that there are more than sufficient funds in the Repair Reserve to fund the Operating Expenses; however, that issue is, at best, premature. The Consent Order already provides for a mechanism for HK USA to request the release of any Repair Reserve Excess, but such a request may only be made, at the earliest, two weeks after the conclusion of the PJR Hearing. This sequencing was no accident. Depending on the outcome of the pending PJR Application, any Repair Reserve Excess could become subject to prejudgment attachment, in which case, the Consent Order requires the Trustee \"to continue to hold such Repair Reserve Excess subject to and in accordance with the order granting prejudgment remedy.\"<sup>24</sup> The Consent Order thus explicitly recognizes that the\n\n<sup>23</sup> *See* Stipulated Order ¶ 1.\n\n<sup>24</sup> Consent Order at 6.\n\nfate of any Repair Reserve Excess depends on the outcome of the pending PJR Application, and, accordingly, any request for release of any Repair Reserve Excess may not be made at this time.\n\n25. Indeed, and in addition to the Consent Order, HK USA has agreed on three separate occasions to extend the Filing Date concurrently with the adjournment of the PJR Hearing,<sup>25</sup> so that any request for release of any Repair Reserve Excess may only be filed, at the earliest, two weeks after the conclusion of the PJR Hearing (which is currently scheduled to commence on February 8, 2023 and conclude on February 13, 2023 (if necessary)). Given the possibility that the Court will grant a prejudgment remedy as it relates to any Repair Reserve Excess, it would be premature to release any such excess at this time.\n\n26. The Trustee acknowledges that it is possible that a prejudgment remedy ultimately granted by the Court would be fully secured without taking into account any Repair Reserve Excess, such that the Repair Reserve Excess could be released in the future. But that does not mean that HK USA can request the release of any Repair Reserve Excess before February 27, 2023. To the contrary, whether any Repair Reserve Excess is required to fully secure a prejudgment remedy depends on this Court's ruling on the PJR Application.\n\n27. In sum, the Consent Order clearly provides that (a) only repair costs may be paid out of the Repair Reserve and (b) HK USA may only request the release of any Repair Reserve Excess on or after February 27, 2023, *i.e.*, two weeks after the conclusion of the hearing on the PJR Application.<sup>26</sup> HK USA has offered no reason to disturb this agreed-upon arrangement. Accordingly, the Motion should be denied.\n\n#### [*Remainder of page intentionally left blank.*]\n\n<sup>25</sup> *See* October 25 Consent Order ¶ 9; November 28 Consent Order ¶ 10; December 21 Consent Order ¶ 8.\n\n<sup>26</sup> The Trustee reserves all his rights as to the whether there is any Repair Reserve Excess and, if so, the amount of such excess.\n\nWHEREFORE, for the foregoing reasons, the Trustee respectfully requests that the Court\n\ndeny the Motion.\n\nDated: January 2, 2023 LUC A. DESPINS,\n\nNew Haven, Connecticut CHAPTER 11 TRUSTEE\n\nBy: /s/Douglas S. Skalka Douglas S. Skalka (ct00616) Patrick R. Linsey (ct29437) NEUBERT, PEPE & MONTEITH, P.C. 195 Church Street, 13th Floor New Haven, Connecticut 06510 (203) 821-2000 dskalka@npmlaw.com\n\n*and*\n\nNicholas A. Bassett *(pro hac vice*) PAUL HASTINGS LLP 2050 M Street NW Washington, D.C., 20036 (202) 551-1902 nicholasbassett@paulhastings.com\n\n*and*\n\nAvram E. Luft *(pro hac vice*) Douglass Barron (*pro hac vice*) PAUL HASTINGS LLP 200 Park Avenue New York, New York 10166 (212) 318-6079 aviluft@paulhastings.com\n\n*Counsel for the Chapter 11 Trustee*\n\n### **UNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION**\n\n| -----------------------------------------------------------      | x      |                         |  |\n|------------------------------------------------------------------|--------|-------------------------|--|\n| In re:                                                           | :<br>: | Chapter 11              |  |\n|                                                                  | :      |                         |  |\n| 1<br>HO WAN KWOK,<br>et al.,                                     | :<br>: | Case No. 22-50073 (JAM) |  |\n| Debtors.                                                         | :      | (Jointly Administered)  |  |\n|                                                                  | :      |                         |  |\n| -----------------------------------------------------------<br>x |        |                         |  |\n\n# **CERTIFICATE OF SERVICE**\n\nThe undersigned hereby certifies that on January 2, 2022, the foregoing Objection was\n\nelectronically filed. Notice of this filing was sent by e-mail to all parties to the above-captioned chapter\n\n11 case by operation of the Court's electronic filing (\"CM/ECF\") system or by mail to anyone unable\n\nto accept electronic filing as indicated on the Notice of Electronic Filing. 2 Parties may access this\n\nfiling through the Court's CM/ECF system.\n\n| Dated: | January 2, 2023        | LUC A. DESPINS,    |\n|--------|------------------------|--------------------|\n|        | New Haven, Connecticut | CHAPTER 11 TRUSTEE |\n\nBy: /s/Douglas S. Skalka Douglas S. Skalka (ct00616) Patrick R. Linsey (ct29437) NEUBERT, PEPE & MONTEITH, P.C. 195 Church Street, 13th Floor New Haven, Connecticut 06510 (203) 821-2000 dskalka@npmlaw.com\n\n<sup>1</sup> The Debtors in these chapter 11 cases are Ho Wan Kwok (also known as Guo Wengui, Miles Guo, and Miles Kwok, as well as numerous other aliases) (last four digits of tax identification number: 9595), Genever Holdings LLC (last four digits of tax identification number: 8202) and Genever Holdings Corporation. The mailing address for the Trustee, Genever Holdings LLC, and the Genever Holdings Corporation is Paul Hastings LLP, 200 Park Avenue, New York, NY 10166 c/o Luc A. Despins, as Trustee for the Estate of Ho Wan Kwok (solely for purposes of notices and communications).\n\n<sup>2</sup> To the extent that the foregoing was filed outside regular business hours, service by mail on recipients unable or not qualified to accept electronic notice was made on the next business day.","body_zh":"美国破产法院 康涅狄格区（District of Connecticut） 布里奇波特分庭（Bridgeport Division）\n\n----------------------------------------------------------- x\n\n关于： :\n: 第 11 章\nHO WAN KWOK（郭文贵）等， :\n: 案号 22-50073 (JAM)\n债务人。1 :\n:\n: 联合审理\n----------------------------------------------------------- x\n第 11 章受托人对 HK INTERNATIONAL FUNDS INVESTMENTS (USA) LIMITED, LLC（香港国际基金投资（美国）有限公司）关于修改准许 HK INTERNATIONAL FUNDS INVESTMENTS (USA) LIMITED, LLC 设立 Lady May（梅女士号）维修准备金裁定之动议的异议\n\nLuc A. Despins（卢克·A·德斯平斯）以在 Ho Wan Kwok（“个人债务人”）第 11 章破产案中获任命的第 11 章受托人（“受托人”）身份，就 HK International Funds Investments (USA) Limited, LLC（“HK USA”）提交的《关于修改准许 HK International Funds Investments (USA) Limited, LLC 设立 Lady May 维修准备金裁定之动议》[卷宗编号 1216]（“动议”）2提交本异议（“异议”）。为支持其异议，受托人谨陈述如下：\n初步陈述\n\n1. HK USA 的动议旨在要求受托人从根据《合意裁定》为 Lady May 维修而设立的“维修准备金”中，拨付最高达 100 万美元的款项用于支付 Lady May 的若干“运营费用”。虽然该动议侧重于\n\n1 这些第 11 章破产案件中的债务人为 Ho Wan Kwok（亦称 Guo Wengui、Miles Guo 和 Miles Kwok，以及其他多个别名）（纳税人识别号后四位：9595）、Genever Holdings LLC（纳税人识别号后四位：8202）以及 Genever Holdings Corporation。受托人、Genever Holdings LLC 和 Genever Holdings Corporation 的邮寄地址为：Paul Hastings LLP, 200 Park Avenue, New York, NY 10166 转交 Luc A. Despins，以 Ho Wan Kwok 破产财产受托人身份（仅用于接收通知和联络）。\n\n2 本动议中使用但未另行定义的首字母大写术语具有该动议中规定的含义。\n\n维修准备金中是否有足够的多余资金来支付运营费用这一问题，但该问题充其量为时过早。\n\n2. 事实上，各方此前在《合意裁定》中已达成一致：在法院就受托人在以 HK International Funds Investments (USA) Limited, LLC 诉 Ho Wan Kwok 为案由的对抗性诉讼程序（Adv. Proc. No. 22-05003 (JAM)）（“HK USA 对抗程序”）中针对 HK USA 提出的判决前救济申请 [Adv. Proc. No. 22-05003 (JAM) 卷宗编号 37]（“PJR 申请”）结束听证程序后至少两周内，HK USA 不得提出任何要求释放任何维修准备金溢余（如《合意裁定》中所定义）3的动议。4\n\n3. 《合意裁定》还明确规定，在“本法院作出准予对 HK USA 采取判决前救济之命令且该判决前救济未以其他方式获得充分担保的情况下”，受托人必须继续持有任何维修准备金溢余，并受任何该等命令条款的约束。5此外，作为多次就 PJR 申请听证达成一致延期的一部分，HK USA 亦同意顺延其可提交动议请求释放任何维修准备金溢余的日期，因此目前任何此类请求仅可在 2023 年 2 月 27 日或之后提出，即不早于为 PJR 申请听证排定的最后日期之后的十四（14）天。\n\n4. 最后，明确而言，《合意裁定》中没有任何条款授权从维修准备金中支付运营费用。事实上，哪些类型的费用将由\n\n3 维修准备金溢余在《合意裁定》中被定义为“维修准备金金额超出为确保支付剩余必要维修合理必需之金额”的范围。《合意裁定》第 6 页。\n\n4 PJR 申请旨在（其中包括）扣押 HK (USA) 的财产（包括任何维修准备金溢余），以担保受托人在 HK USA 对抗程序中所诉求的判决。\n\n5 《合意裁定》第 6 页。\n\n维修准备金支付，曾是 HK USA 与受托人之间广泛谈判的主题，各方最终同意不从维修准备金中支付运营费用（例如本动议中涉及的运营费用）。HK USA 现在不能声称其未预料到必须支付 Lady May 的运营费用。通过本异议，受托人仅旨在让 HK USA 遵守《合意裁定》项下商定的安排：仅维修费用将从维修准备金中支付，且任何要求释放任何维修准备金溢余的动议仅可在 2023 年 2 月 27 日或之后提出。6\n\n5. 基于所有这些理由，法院应驳回 HK USA 的动议。7\n背景\n\n6. 2021 年 2 月 3 日，在 New York Supreme Court（纽约州最高法院）Ostrager 法官审理的案由为 Pac. All. Asia Opportunity Fund L.P.（太平洋联盟亚洲机会基金有限合伙）诉 Kwok（Index No. 652077/2017，N.Y. Sup. Ct. 2022 年 2 月 9 日）的诉讼中，纽约县法院书记官对个人债务人作出了一项金额为 116,402,019.57 美元的判决（“判决”）。8为确保该判决得以清偿，Ostrager 法官发出了多项命令，限制个人债务人在 Lady May 中的权益。\n\n6 临近假期前，HK USA 请求从维修准备金中支付 2022 年 11 月逾期的运营费用以及 2022 年 12 月预估的运营费用。作为一种通融，并为避免（其中包括）船员离船，受托人同意作出一项命令 [卷宗编号 1255]，授权释放有限资金（少于 300,000 美元）以支付 2022 年 11 月和 12 月的运营费用。该等资金实际上已于 2022 年 12 月 21 日从维修准备金中释放。然而，受托人在该命令中明确表示，其立场是其没有义务从维修准备金中释放资金以支付运营费用；并且在 HK USA 希望使用维修准备金中的资金支付运营费用的范围内，其必须在 PJR 申请的听证程序结束后，按照《合意裁定》请求释放任何维修准备金溢余。\n\n7 当然，HK USA 可以在 2023 年 2 月 27 日或之后，根据《合意裁定》重新提出释放任何维修准备金溢余的请求。明确而言，受托人保留就任何此类未来动议的所有权利，包括与任何维修准备金溢余的范围相关的权利。\n\n8 判决，Pac. All. Asia Opportunity Fund L.P. 诉 Kwok，Index No. 652077/2017（N.Y. Sup. Ct. 2021 年 2 月 3 日）（“纽约诉讼”），NYSCEF 卷宗编号 716。\n\n7. 2022 年 2 月 9 日，针对个人债务人转移 Lady May 且持续未将其归还的行为，Ostrager 法官作出最终藐视法庭命令，责令个人债务人在 2022 年 2 月 16 日之前向 PAX 汇付 134,000,000 美元。9\n\n8. 2022 年 2 月 15 日，个人债务人向本法院提交了根据《破产法典》第 11 章寻求救济的自愿破产申请。2022 年 3 月 21 日，United States Trustee（联邦破产受托人）在个人债务人的第 11 章案件中任命了无担保债权人官方委员会。\n\n9. 2022 年 3 月 1 日，PAX 申请解除自动中止，以便提起进一步诉讼程序以执行 Ostrager 法官的最终藐视法庭命令，并强制将 Lady May 从外国水域带回。10 2022 年 4 月 11 日，HK USA 同意作出一项命令，强制将 Lady May 带回本法院的管辖范围内，11且于 2022 年 4 月 29 日，法院作出了《强制 HK International Funds Investments (USA) Limited, LLC 运输并交付该特定游艇“Lady May”的约定裁定》（“约定裁定”），规定了有关将 Lady May 归还至康涅狄格州通航水域的条款和条件。\n\n10. 根据《约定裁定》并为担保其将 Lady May 交付至康涅狄格州通航水域的义务，HK USA 从 Himalaya International Financial Group Ltd. 借款 3700 万美元，并将该笔资金存入 U.S.\n\n9 动议裁决与裁定第 4、10 页，Pac. All. Asia Opportunity Fund L.P. 诉 Kwok，Index No. 652077/2017（N.Y. Sup. Ct. 2022 年 2 月 9 日），NYSCEF 卷宗编号 1181（“最终藐视法庭命令”）。\n\n10 《Pacific Alliance Asia Opportunity Fund L.P. 申请确认自动中止不适用或依《破产法典》第 362(d)(2) 条寻求自动中止救济的裁定之动议》[卷宗编号 57]。\n\n11 《HK International Funds Investments (USA) Limited, LLC 关于 Pacific Alliance Asia Opportunity Fund L.P. 申请确认自动中止不适用或依《破产法典》第 362(d)(2) 条寻求自动中止救济的裁定之动议的陈述意见》[卷宗编号 203]。\n\nBank National Association（美国银行全国协会）进行第三方托管。12《约定裁定》还要求 HK USA“自担费用……使 Lady May 恢复良好运行状态”。13\n\n11. 2022 年 7 月 8 日，法院作出一项裁定 [卷宗编号 523]，准许任命 Luc A. Despins 为个人债务人第 11 章案件的受托人。\n\n12. 2022 年 9 月 23 日，HK USA 提交了其《关于为 Lady May 设立维修准备金的裁定之动议》[卷宗编号 728]（“维修准备金动议”），该动议旨在（其中包括）设立一项维修准备金以使 Lady May 恢复良好运行状态。\n\n13. 同样在 2022 年 9 月 23 日，受托人在 HK USA 对抗程序中提交了其《答辩与反诉》[Adv. Proc. No. 22-05003 (JAM) 卷宗编号 36]（“答辩与反诉”）以及 PJR 申请。在其《答辩与反诉》中，受托人对 HK USA 提出了系列肯定性权利主张，包括要求法院作出确认判决，确认 HK USA 是个人债务人的另我（alter ego），因此 HK USA 的所有财产，包括 Lady May 以及存入第三方托管的 3700 万美元和/或适用托管协议项下的相关权利，均为个人债务人第 11 章破产财产。为了担保受托人在其《答辩与反诉》中所主张权利获得有利于受托人的判决，PJR 申请旨在扣押（其中包括）Lady May 以及 HK USA 根据《约定裁定》存入托管的 3700 万美元。14\n\n14. 2022 年 10 月 7 日，法院作出了《准许 HK International Funds Investments (USA) Limited, LLC 设立 Lady May 维修准备金之动议的合意裁定》[卷宗编号 930]（“合意裁定”），\n\n12 《约定裁定》第 1、3、11 段。\n\n13 同上，第 11 页。\n\n14 见 PJR 申请第 5(d)、(e) 段。\n\n准许了《维修准备金动议》，并设立了金额为 400 万美元的维修准备金，该准备金系由托管的 3700 万美元中拨付。15\n\n15. 根据《合意裁定》，在“初步工作”和“受托人检验”16（各自定义见《合意裁定》）完成后，HK USA 可在 2022 年 11 月 15 日或之后（该日期为“提交日”）提交动议，请求法院确定任何维修准备金溢余的金额，并责令受托人“将该等维修准备金溢余转交予 HK USA；或者，在法院已作出命令准予对 HK USA 采取判决前救济且该判决前救济未以其他方式获得充分担保的情况下，受托人应继续根据并遵照准予判决前救济的命令持有该等维修准备金溢余”。17换言之，《合意裁定》仅在法院认定任何维修准备金溢余并非充分担保法院所命令的判决前救济所必需时，方允许将任何维修准备金溢余释放给 HK USA。\n\n16. 当时，各方同意提交日期（Filing Date）不早于2022年11月15日，因为关于受托人（Trustee）判决前救济申请（PJR Application）的听证会（以下简称“PJR听证会”）原定于2022年10月31日开始，并持续至2022年11月2日（如有必要）。因此，同意令（Consent Order）要求 HK USA 等待至 PJR 听证会结束后约两周，方可提交动议请求释放任何维修准备金结余（Repair Reserve Excess）。\n\n17. 2022年10月25日，法院签署了《关于(A)延期审理第11章受托人判决前救济申请听证会、(B)确定第11章受托人初步禁令动议听证会日期、(C)延长相关期限以及(D)准予相关救济之同意令》[Adv. Proc. Docket No. 67]（以下简称“10月25日同意令”）。除其他事项外，10月25日同意令将 PJR 听证会的开始日期延期至2022年11月30日（听证会如有必要将持续至2023年12月2日），并将提交日期从2022年11月15日推迟至2022年12月15日。18\n\n15 参见《关于强制部分拨付托管资金的命令》第2页 [Docket No. 932]。\n\n16 受托人对初始工程的检查已经完成。\n\n17 同意令第6页（强调为后加）。\n\n18. 2022年11月28日，法院签署了第二份同意令，进一步延期 PJR 听证会及相关日期 [Adv. Proc. Docket No. 76]（以下简称“11月28日同意令”）。除其他事项外，11月28日同意令将 PJR 听证会的开始日期进一步延期至2023年1月9日（听证会如有必要将持续至2023年1月11日），并进一步将提交日期从2022年12月15日推迟至2023年1月25日。19\n\n19. 2022年12月21日，法院签署了第三份同意令，进一步延期 PJR 听证会及相关日期 [Adv. Proc. Docket No. 86]（以下简称“12月21日同意令”）。除其他事项外，12月21日同意令将 PJR 听证会的开始日期进一步延期至2023年2月8日（听证会如有必要将持续至2023年2月13日），并进一步将提交日期从2023年1月25日推迟至2023年2月27日。20\n\n抗辩理由\n\n20. 在其动议中，HK USA 请求修改同意令，以授权并指示受托人从维修准备金中支付最高100万美元，用以支付 Lady May 号在2022年11月至2023年4月期间的运营费用，\n\n18 10月25日同意令第1、9段。\n\n19 11月28日同意令第1、10段。\n\n20 12月21日同意令第1、8段。\n\n其中大部分涉及与留用 Lady May 号船员相关的薪资、管理费和其他开支，以及保险费的支付。21 HK USA 声称，其拥有的除托管的3700万美元以外的任何资金均已耗尽，因此要求受托人从维修准备金中支付运营费用。基于以下理由，该动议应当被驳回。\n\nA. 同意令并未授权从维修准备金中支付运营费用\n\n21. 同意令十分明确：唯一可以从维修准备金中支付的费用是“为执行必要维修（Required Repairs）或支付保险免赔额（Insurance Deductible）而产生的费用（包括任何要求的押金）”。22 本案并非各方遗漏了讨论是否可以从维修准备金中支付运营费用的情形。各方曾就哪些费用可以由维修准备金资助进行了广泛讨论，而同意令并未将运营费用列入可从维修准备金中支付的费用类型这一事实，充分说明了该问题当初是如何解决的。因此，从一开始，HK USA 就明白，尽管签署了同意令，运营费用仍将继续由 HK USA 承担。\n\n22. HK USA 也不应被允许通过声称其目前资金不足以支付运营费用，从而放弃其维持 Lady May 号处于良好工作状态的责任——在当前情况下尤为如此，因为直到最近，HK USA 仍有意愿且有能力资助 Lady May 号的运营费用，并且事实上甚至能够借款3700万美元来资助根据约定命令（Stipulated Order）设立的托管账户。事实上，在\n\n21 参见动议附件B（显示了 Lady May 号在2022年12月至2023年4月期间的5个月预算预测）。\n\n22 同意令第4页。\n\nHK USA 同意签署同意令之时，其已经预见（或理应预见）其必须继续支付 Lady May 号的运营费用。此外，确保 Lady May 号在良好工作状态下交付是 HK USA 的责任，而不是受托人的责任。23\n\n23. 受托人当然认识到，HK USA 未能支付运营费用可能会导致 Lady May 号陷入失修状态——而 HK USA 拒绝资助此类费用是相当令人不安的。然而，这并不能改变资助 Lady May 号运营和维护成本是 HK USA 义务的事实。维修准备金不是 HK USA 用来支付其自身开支的“小金库”（slush fund），除依据同意令用于维修费用之外（以及除法院根据 HK USA 在2023年2月27日或之后提出的请求，批准释放任何维修准备金结余之外）。\n\nB. 任何释放维修准备金结余的请求均不得早于2023年2月27日提出\n\n24. HK USA 还花费大量精力辩称维修准备金中有绰绰有余的资金来资助运营费用；然而，该问题充其量为时尚早。同意令已经规定了 HK USA 请求释放任何维修准备金结余的机制，但此类请求最早只能在 PJR 听证会结束两周后提出。这种时间顺序绝非偶然。根据待决的 PJR 申请的结果，任何维修准备金结余都可能受到判决前扣押的约束，在这种情况下，同意令要求受托人“根据并按照准予判决前救济的命令继续持有该等维修准备金结余”。24 因此，同意令明确承认\n\n23 参见约定命令第1段。\n\n24 同意令第6页。\n\n任何维修准备金结余的去向取决于待决的 PJR 申请的结果，据此，目前不得提出任何释放任何维修准备金结余的请求。\n\n25. 事实上，除同意令之外，HK USA 已在三个不同场合同意与 PJR 听证会的延期并期延长提交日期，25 从而使任何释放任何维修准备金结余的请求最早只能在 PJR 听证会结束两周后提交（该听证会目前定于2023年2月8日开始，并于2023年2月13日结束（如有必要））。鉴于法院有可能就任何维修准备金结余批予判决前救济，目前释放任何此类结余将为时尚早。\n\n26. 受托人承认，法院最终批予的判决前救济有可能在不考虑任何维修准备金结余的情况下获得充分担保，从而使得维修准备金结余可以在将来予以释放。但这并不意味着 HK USA 可以在2023年2月27日之前请求释放任何维修准备金结余。相反，是否需要任何维修准备金结余来充分担保判决前救济，取决于本法院对 PJR 申请的裁决。\n\n27. 总之，同意令明确规定：(a) 仅维修费用可从维修准备金中支付，并且 (b) HK USA 仅可在2023年2月27日或之后（即 PJR 申请听证会结束两周后）请求释放任何维修准备金结余。26 HK USA 未能提供任何理由来打破这一经各方同意的安排。据此，该动议应当被驳回。\n\n[本页其余部分有意留白。]\n\n25 参见10月25日同意令第9段；11月28日同意令第10段；12月21日同意令第8段。\n\n26 受托人保留就是否存在任何维修准备金结余以及（如有）该等结余金额的所有权利。\n\n鉴于上述理由，受托人谨请求法院驳回该动议。\n\n日期：2023年1月2日\n康涅狄格州纽黑文\n\nLUC A. DESPINS，\n第11章受托人\n\n签署人：/s/Douglas S. Skalka\nDouglas S. Skalka (ct00616)\nPatrick R. Linsey (ct29437)\nNEUBERT, PEPE & MONTEITH, P.C.\n195 Church Street, 13th Floor\nNew Haven, Connecticut 06510\n(203) 821-2000\ndskalka@npmlaw.com\n\n及\n\nNicholas A. Bassett (pro hac vice)\nPAUL HASTINGS LLP（普衡律师事务所）\n2050 M Street NW\nWashington, D.C., 20036\n(202) 551-1902\nnicholasbassett@paulhastings.com\n\n及\n\nAvram E. Luft (pro hac vice)\nDouglass Barron (pro hac vice)\nPAUL HASTINGS LLP（普衡律师事务所）\n200 Park Avenue\nNew York, New York 10166\n(212) 318-6079\naviluft@paulhastings.com\n\n第11章受托人之律师\n\nUNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION\n（美国康涅狄格区破产法院布里奇波特分院）\n\n----------------------------------------------------------- x\n\n关于： :\n: 第11章\n\nHO WAN KWOK（郭文贵）,\n等人， :\n: 案号 22-50073 (JAM)\n债务人。 : （合并审理）\n\nx\n\n送达证明\n\n下述签署人特此证明，2022年1月2日，上述异议书已通过电子方式提交。本提交的通知已通过法院电子归档系统（“CM/ECF”）以电子邮件方式发送给上述标题所列第11章案件的所有当事人，或按照电子归档通知上的注明，通过邮寄方式发送给无法接受电子归档的任何人。2 当事人可通过法院的 CM/ECF 系统查阅本归档文件。\n\n日期：2023年1月2日\n康涅狄格州纽黑文\n\nLUC A. DESPINS，\n第11章受托人\n\n签署人：/s/Douglas S. Skalka\nDouglas S. Skalka (ct00616)\nPatrick R. Linsey (ct29437)\nNEUBERT, PEPE & MONTEITH, P.C.\n195 Church Street, 13th Floor\nNew Haven, Connecticut 06510\n(203) 821-2000\ndskalka@npmlaw.com\n\n1 这些第11章案件中的债务人为 Ho Wan Kwok（郭文贵，亦称郭文贵、Miles Guo 和 Miles Kwok，以及其他众多化名）（纳税人识别号后四位：9595）、Genever Holdings LLC（纳税人识别号后四位：8202）和 Genever Holdings Corporation。受托人、Genever Holdings LLC 及 Genever Holdings Corporation 的邮寄地址为 Paul Hastings LLP, 200 Park Avenue, New York, NY 10166 c/o Luc A. Despins, as Trustee for the Estate of Ho Wan Kwok（仅用于接收通知和联络）。\n\n2 如果上述文书系在正常工作时间之外提交，则对无法或无资格接受电子通知的接收人的邮寄送达已在下一个工作日进行。","key_entities":["Kwok","Je","Ho Wan Kwok","Despins","Guo","Paul Hastings","CIPA","Miles Guo","Himalaya"],"ecf_references":[],"word_count":3875,"status":"published","published_at":null,"created_at":null,"updated_at":"2026-08-23 13:51:51"}