{"id":"court_ctb_3203_0","court":"CTB","case_no":"22-50073","doc_number":3203,"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|                                                             | : |                         |\n| In re:                                                      | : | Chapter 11              |\n|                                                             | : |                         |\n| 1<br>HO WAN KWOK, et al.,                                   | : | Case No. 22-50073 (JAM) |\n|                                                             | : |                         |\n| Debtor.                                                     | : | (Jointly Administered)  |\n| ------------------------------------------------------x     | x |                         |\n\n# **CHAPTER 11 TRUSTEE'S MOTION FOR ENTRY OF ORDER PURSUANT TO SECTIONS 105(a), 363(b), 541, AND 542 OF BANKRUPTCY CODE APPROVING LIQUIDATION OF VCTR SHARES, DISTRIBUTION OF PROCEEDS, AND RELATED RELIEF**\n\nLuc A. Despins (hereinafter, the \"Trustee\"), in his capacity as Chapter 11 Trustee of Ho Wan Kwok (the \"Debtor\"), hereby moves (the \"Motion\"), pursuant to sections 105(a), 541, 542, and 363 of Title 11 of the United States Code (the \"Bankruptcy Code\") and Rule 6004 of the Federal Rules of Bankruptcy Procedure (the \"Bankruptcy Rules\"), for entry of an order, substantially in the form of the proposed order filed herewith as **Exhibit A** (the \"Proposed Order\"), approving the liquidation of the VCTR Shares (as defined herein) and distribution of the net proceeds to the Trustee for the benefit of the Debtor's chapter 11 estate (the \"Estate\"). This Motion is filed upon the consent of Reverence Capital Partners Opportunities Fund I (Cayman) L.P. (the \"Reverence Fund\"), subject to the terms and conditions provided herein and in the Proposed Order. In support of the Motion, the Trustee respectfully states the following:\n\n<span id=\"page-0-0\"></span><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#### **PRELIMINARY STATEMENT**\n\n1. Through his investigation of the Debtor's financial affairs, and with the assistance of the Reverence Fund, the Trustee has learned that the Estate owns an interest in the Reverence Fund, a private equity fund that pools investments from high-net-worth investors and invests them in a portfolio of assets, including securities.\n\n2. The Debtor, through associated entities and individuals, initially invested approximately \\$5 million in the Reverence Fund, and in exchange, obtained a limited partnership interest in the fund. This interest was initially held via Sail Victory Ltd (\"Sail Victory\") and later transferred to Lamp Capital LLC (\"Lamp Capital\"). This Court has entered judgment to the effect that Lamp Capital and all its assets are property of the Estate. This property includes Lamp Capital's limited partnership interest in the Reverence Fund.\n\n3. On account of the Estate's interest in the Reverence Fund, the Estate is entitled to receive distributions of cash and securities. These include the right to receive a distribution of certain publicly traded shares—*i.e.*, the VCTR Shares—which are worth approximately \\$2.9 million, as well as unpaid cash distributions of at least \\$715,000.00.\n\n4. The Trustee has determined, in his business judgment, that the VCTR Shares should be liquidated to preserve their value for the benefit of the Estate, because there is a public market for these shares and the value of the shares fluctuates on a daily basis. The Reverence Fund has consented to direct Merrill Lynch, Pierce, Fenner & Smith Incorporated (or its relevant affiliate) (\"Merrill Lynch\") to liquidate the VCTR Shares and transfer the proceeds to the Trustee pursuant to the terms and conditions set forth herein and in the Proposed Order.\n\n5. The Court should grant this Motion by entry of the Proposed Order so that the Estate may realize the value of the VCTR Shares and to protect such value from market risk.\n\n6. The Estate's interest in the Reverence Fund itself also has value, however, there is not a liquid market for this interest and a liquidation would incur material costs and might result in a discounted sale price. Thus, the Court should approve the Trustee's determination that the Estate will continue to hold the interest in the Reverence Fund and receive any other distributions on account of such interest.\n\n### **VENUE, JURISDICTION, AND STATUTORY BASES**\n\n7. The United States Bankruptcy Court for the District of Connecticut (the \"Court\") has jurisdiction over this matter pursuant to 28 U.S.C. §§ 157 and 1334 and the *Standing Order of Reference* from the United States District Court for the District of Connecticut.\n\n8. This is a core proceeding within the meaning of 28 U.S.C. § 157(b).\n\n9. Venue in this District is proper pursuant to 28 U.S.C. §§ 1408 and 1409.\n\n10. The statutory bases for the relief sought in this Motion are sections 105(a), 363(b), 541, and 542 of the Bankruptcy Code.\n\n#### **BACKGROUND**\n\n### **Chapter 11 Case and Appointment of Trustee**\n\n11. The Debtor filed a voluntary petition for relief under Chapter 11 of Title 11 of the United States Code (the \"Bankruptcy Code\") on February 15, 2022 (the \"Petition Date\") in this Court, thus commencing the above-captioned chapter 11 case (the \"Chapter 11 Case\").\n\n12. On March 21, 2022, the Office of the United States Trustee appointed an Official Committee of Unsecured Creditors in this Chapter 11 Case. No examiner has been appointed.\n\n13. On June 15, 2022, the Bankruptcy Court entered a memorandum of decision and order [Main Case Docket No. 465] directing the United States Trustee to appoint a chapter 11 trustee in the Chapter 11 Case. Pursuant to this order, the United States Trustee selected Luc A.\n\nDespins as the Trustee. On July 8, 2022, the Bankruptcy Court entered an order granting the appointment of Luc A. Despins as the Trustee in the Chapter 11 Case [Main Case Docket No. 523].\n\n## **Lamp Capital**\n\n14. Among the shell companies used by the Debtor to hinder, delay, and defraud his creditors was Lamp Capital.\n\n15. On October 26, 2024, the Trustee commenced an adversary proceeding styled *Despins, Chapter 11 Trustee v. Lamp Capital LLC, et al.* [Adv. Proc. No. 23-05023] (the \"Lamp Action\") to, among other things, establish that Lamp Capital was the Debtor's alter ego and that any property of Lamp Capital was (prior to the Petition Date) property of the Debtor or (subsequent to the Petition Date) property of the Estate.\n\n16. On February 1, 2024, the Court entered judgment in the Lamp Action in favor of the Trustee [Lamp Action Docket No. 66] (the \"Lamp Judgment\"), which judgment provides, among other things, (i) that the ownership interests in Lamp Capital are property of the Estate, (ii) that property of Lamp is property of the Estate, and (iii) that all such property shall be turned over and/or surrendered to the Trustee.[2](#page-3-0)\n\n### **Reverence Fund and VCTR Shares**\n\n17. The Reverence Fund is a limited partnership organized in Delaware and is a private equity investment vehicle, managed by the registered investment advisor Reverence Capital Partners, L.P. (\"RCP\"). The Reverence Fund constitutes the pooled capital of certain institutional and high-net-worth investors, whose capital is invested in assets including securities.\n\n<span id=\"page-3-0\"></span><sup>2</sup> The Lamp Judgment is the subject of an appeal pending in the United States District Court of the District of Connecticut (the \"District Court\") [case no. 3:24-cv-00217-KAD]. The Lamp Judgment is not subject to any stay nor has any stay been sought in this Court or in the District Cout.\n\n18. The Debtor initially explored investing in the Reverence Fund (or other funds managed by RCP) via his shell company Ace Decade Holdings Ltd, which the Court previously determined was exclusively beneficially owned and controlled by the Debtor. (*Order Regarding Partial Resolution of Trustee's Contempt Motion* [ECF No. 1110].) Ultimately, the Debtor invested approximately \\$5 million in the Reverence Fund through associated individuals and entities. In exchange for committing this investment, in or around October 2016, the Debtor obtained a limited partnership interest in the fund (the \"L.P. Interest\"), initially held via Sail Victory.\n\n19. On April 6, 2021, pursuant to a Transfer Agreement between Sail Victory, Lamp Capital, and RCP Opp Fund I GP, L.P. (the general partner of the Reverence Fund), the L.P. Interest was transferred to Lamp Capital.\n\n20. On February 12, 2024, the Trustee commenced an action against the Reverence Fund to avoid and recover certain prepetition transfers by the Debtor via his alter ego, Leading Shine NY, Ltd. [Adv. Proc. No. 24-05183] (the \"Reverence Action\"). Thereafter, as the Reverence Fund and the Trustee were in initial discussions about potential resolution of the Reverence Action, the Reverence Fund advised the Trustee that the Debtor's prepetition transfers constituted capital investments in the Reverence Fund and that the L.P. Interest was held by Lamp Capital.\n\n21. Pursuant to the Lamp Judgment, the L.P. Interest is thus property of the Estate.\n\n22. The Estate is entitled to obtain distributions on account of the L.P. Interest, including 55,383 shares (the \"VCTR Shares\") of Victory Capital Holdings Inc. and at least \\$715,000.00 in cash. The VCTR Shares are securities that are publicly traded on the NASDAQ exchange under the ticker symbol \"VCTR.\"\n\n23. The share price of VCTR as of the close of the market on May 20, 2024, is \\$52.25, such that the market value of the VCTR Shares as of such time is \\$2,893,761.75.\n\n24. The Reverence Fund presently holds the VCTR Shares in an account with Merrill Lynch.\n\n25. The Trustee has determined that the VCTR Shares should be liquidated for cash to ensure that the Estate's assets are preserved and not subjected to market risk.\n\n26. Following extensive, arm's-length and good-faith discussions with the Trustee, the Reverence Fund has agreed, subject to the terms and conditions provided herein and the Proposed Order, to direct Merrill Lynch to liquidate the VCTR Shares and distribute the Net Proceeds to the Trustee pursuant to the Proposed Order.\n\n27. The Reverence Fund and the Trustee will continue to discuss consensual resolution of the Reverence Action.\n\n### **REQUESTED RELIEF**\n\n28. The Trustee requests that the Court enter the Proposed Order, pursuant to which the Reverence Fund shall direct Merrill Lynch, through a letter of authorization, to liquidate the VCTR Shares on the stock market at the market price at the time of liquidation. The Proposed Order provides for the Reverence Fund to receive a release of any claims arising from or related to its actions taken pursuant to the Proposed Order.\n\n29. The Proposed Order provides that Merrill Lynch may deduct its commissions, fees, and/or expenses (collectively, the \"Expenses\")[3](#page-5-0) up to a cap of three thousand dollars (\\$3,000.00) from the gross proceeds of the liquidation (the \"Gross Proceeds\"). Merrill Lynch shall then pay\n\n<span id=\"page-5-0\"></span><sup>3</sup> The Trustee understands that Merrill Lynch's commissions and fees will be assessed as follows: a five dollar (\\$5.00) Securities and Exchange Commission fee and a commission of up to five cents (\\$.05) per share liquidated and up to thirty dollars (\\$30.00) for each wire transaction initiated to transfer any portion of the proceeds.\n\nthe net proceeds (the \"Net Proceeds\") to the Trustee for the benefit of the Estate. The Proposed Order is immediately enforceable pursuant to Bankruptcy Rule 6004(h).\n\n30. The Trustee requests that the Court further approve the Trustee's retention of the L.P. Interest and order that the Trustee shall be entitled to receive, for the benefit of the Estate, any income, dividends, distributions, returns of capital, or other benefits on account of the L.P. Interest (the \"Distributions\"), whether presently owed or as may become payable in the future.\n\n#### **BASIS FOR REQUESTED RELIEF**\n\n31. The Trustee requests that the Court authorize and approve the Motion pursuant to sections 105(a), 363(b), 541, and 542 of the Bankruptcy Code. Section 363(b)(1) of the Bankruptcy Code provides in pertinent part, that \"[t]he trustee, after notice and a hearing, may use, sell or lease, other than in the ordinary course of business, property of the estate.\" Under section 363(b) of the Bankruptcy Code, courts require only that the trustee \"show a sound business purpose justifies such actions.\" *See, e.g.*, *Comm. of Equity Sec. Holders v. Lionel Corp. (In re Lionel Corp.)*, 722 F.2d 1063, 1070 (2d Cir. 1983) (\"The rule we adopt requires that a judge determining a § 363(b) application expressly find from the evidence presented before him at the hearing a good business reason to grant such an application.\"); *Comm. of Asbestos-Related Litigants v. Johns-Manville Corp. (In re Johns-Manville Corp.)*, 60 B.R. 612, 616 (Bankr. S.D.N.Y. 1986) (\"Where the debtor articulates a reasonable basis for its business decisions (as distinct from a decision made arbitrarily or capriciously), courts will generally not entertain objections to the debtor's conduct\").\n\n32. In addition, a chapter 11 trustee has a \"statutory duty to protect and preserve property of the estate for the purpose of maximizing a distribution to creditors.\" *In re Ngan Gung Rest*., 254 B.R. 566, 570 (Bankr. S.D.N.Y. 2000) (citing 11 U.S.C. § 1106(a)).\n\n33. The Lamp Judgment provides, among other things, that any and all assets of Lamp Capital, upon the Petition Date, constitute property of the Estate and shall be turned over and/or surrendered to the Trustee.\n\n34. The L.P. Interest, the right to receive distribution of the VCTR Shares, and any other Distributions are thus property of the Estate, and, pursuant to the Lamp Judgment, must be turned over and/or surrendered to the Trustee. *See also* 11 U.S.C. § 542(s) (\"… an entity, other than a custodian, in possession, custody, or control, during the case, of property that the trustee may use, sell, or lease under section 363 of this title … shall deliver to the trustee, and account for, such property or the value of such property …\").\n\n35. The Trustee has determined, in his business judgment, that value for creditors is best protected and maximized by liquidating the VCTR Shares. Because the VCTR Shares are publicly traded, their liquidation will be straightforward and relatively inexpensive. Moreover, while the value of the VCTR Shares has increased in recent months, any publicly traded security carries market risk. Liquidating the VCTR Shares will ensure that their value is protected and preserved for the benefit of the Estate.\n\n36. The Reverence Fund has consented to direct Merrill Lynch to liquidate the VCTR Shares and distribute the Net Proceeds to the Trustee pursuant to, and in accordance with the terms of, the Proposed Order. The Trustee believes that such a liquidation and distribution will be more efficient than requiring the Trustee to open his own securities account simply for the purpose of liquidating the shares.\n\n37. Beyond the VCTR Shares and any other Distributions payable now, the L.P. Interest itself has value in light of future Distributions that could be payable to the holder. The Trustee has considered liquidating the L.P. Interest immediately and has determined, in his\n\nbusiness judgment, that, at present, the best course of action is to continue holding the L.P. Interest and receiving any Distributions for the benefit of the Estate.\n\n38. Unlike the VCTR Shares, there is no public or reasonably liquid market for the L.P. Interest. Moreover, the costs to market and sell interests like the L.P. Interest prior to maturity are material, while a sale may yield only a discounted value. The Trustee also understands that the Reverence Fund is likely to exit its remaining investments and terminate in the next two to three years.\n\n39. Thus, the Court should order that the Trustee may retain the L.P. Interest for the benefit of the Estate and shall be entitled to receive all Distributions on account of such interest whether presently payable or as may become payable. If the Trustee determines future circumstances warrant liquidating the L.P. Interest, he will seek authority to do so from the Court.\n\n## *[THE REMAINDER OF THIS PAGE IS INTENTIONALLY BLANK.]*\n\nWHEREFORE, the Court should grant this Motion by entry of the Proposed Order and grant such\n\nother and further relief as is just and proper.\n\nNew Haven, Connecticut\n\n## Dated: May 21, 2024 LUC A. DESPINS, CHAPTER 11 TRUSTEE\n\nBy: */s/ Patrick R. Linsey* Patrick R. Linsey (ct29437) NEUBERT, PEPE & MONTEITH, P.C. 195 Church Street, 13th Floor New Haven, Connecticut 06510 (203) 781-2847 plinsey@npmlaw.com\n\n*and*\n\nNicholas A. Bassett (admitted *pro hac vice*) PAUL HASTINGS LLP 2050 M Street NW Washington, D.C., 20036 (202) 551-1902 nicholasbassett@paulhastings.com\n\n*and*\n\nG. Alexander Bongartz (admitted *pro hac vice*) Douglass Barron (admitted *pro hac vice*) PAUL HASTINGS LLP 200 Park Avenue New York, New York 10166 (212) 318-6690 alexbongartz@paulhastings.com douglassbarron@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|                                                             | : |                         |\n| In re:                                                      | : | Chapter 11              |\n|                                                             | : |                         |\n| 1<br>HO WAN KWOK, et al.,                                   | : | Case No. 22-50073 (JAM) |\n|                                                             | : |                         |\n| Debtor.                                                     | : | (Jointly Administered)  |\n| ------------------------------------------------------x     | x |                         |\n\n# **[PROPOSED] ORDER PURSUANT TO SECTIONS 105(a), 363(b), 541, AND 542 OF BANKRUPTCY CODE APPROVING LIQUIDATION OF VCTR SHARES, DISTRIBUTION OF PROCEEDS, AND RELATED RELIEF**\n\nUpon the motion (the \"Motion\") of Luc A. Despins, as chapter 11 trustee (the \"Trustee\") for the estate of Ho Wan Kwok (the \"Debtor\"), for entry of an order (this \"Order\") pursuant to sections 105(a), 363(b), 541, and 542 of the Bankruptcy Code[2](#page-10-1) approving the liquidation of the VCTR Shares and the distribution of their proceeds to the Trustee for the benefit of the Estate, and for related relief, due and sufficient notice having been given, and good cause appearing for the relief sought by the Motion, it is hereby\n\n**ORDERED,** that the Motion is granted as set forth herein; and it is further\n\n**ORDERED,** that within two business days of the entry of this Order, the Reverence Fund shall direct Merrill Lynch to liquidate the VCTR Shares and distribute the proceeds to the Trustee pursuant to the terms of this Order; and it is further\n\n<span id=\"page-10-0\"></span><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<span id=\"page-10-1\"></span><sup>2</sup> All capitalized terms not expressly defined herein shall adopt the definitions set forth in the Motion.\n\n**ORDERED**, that within five business days of the entry of this Order, Merrill Lynch shall liquidate the VCTR Shares on the stock market at their market price at the time of liquidation; and it is further\n\n**ORDERED**, that Merrill Lynch may deduct its Expenses from Gross Proceeds of the liquidation, which Expenses shall be capped at three thousand dollars (\\$3,000.00) and shall not include Merrill Lynch's attorney's fees; and it is further\n\n**ORDERED**, that within seven business days of the entry of this Order, Merrill Lynch shall distribute the Net Proceeds to the Trustee; and it is further\n\n**ORDERED**, that the L.P. Interest is property of the Estate and, given the nature of the L.P Interest and the circumstances under which it is held, as described in the Motion including ¶¶ 6 and 37-39 thereof, the Trustee is hereby authorized to hold the L.P. Interest for the benefit of the Estate pending further order of the Court; and is further\n\n**ORDERED**, that the Reverence Fund and the Trustee will negotiate and discuss in good faith the steps required, if any, to memorialize the Trustee's ownership of the L.P. Interest; and is further\n\n**ORDERED**, that any Distributions on account of the L.P. Interest whether presently payable or at such time as they may become payable in the future shall be made to the Trustee or otherwise distributed at the direction of the Trustee; and it is further\n\n**ORDERED**, that effective as of the date of entry of this Order, that the Reverence Fund and each of its respective affiliates and subsidiaries shall be absolutely, unconditionally and irrevocably released and forever discharged and acquitted from any and all obligations, claims, counterclaims, defenses, offsets, demands, debts, accounts, contracts, liabilities, responsibilities, disputes, remedies, indebtedness, obligations, rights, assertions, allegations, actions, suits,\n\ncontroversies, proceedings, losses, damages, injuries, attorney's fees, costs, expenses, judgments of every type, and causes of action arising from, or related to, the distribution and liquidation of the VCTR shares pursuant to the terms of this Order; any steps taken to memorialize the Trustee's ownership of the L.P. Interest as agreed with the Trustee or as approved by the Court; and/or from any future Distributions made pursuant to the terms of this Order to or at the direction of the Trustee on account of the L.P. Interests; and it is further\n\n**ORDERED**, that the Trustee and the Reverence Fund reserve their respective rights in connection with the Reverence Action, including arguments by Reverence Fund that by receiving the L.P. Interest and Distributions associated with the L.P. Interest, the Trustee may not also recover the value of the initial transfers that created the L.P. Interest; and it is further\n\n**ORDERED**, that the Trustee is authorized to take all actions necessary or appropriate to effectuate this Order; and it is further\n\n**ORDERED**, that within five business days of the entry of this Order, the Trustee shall provide Merrill Lynch with a completed W-9 form, a copy of a government-issued identification card, wire instructions, and any other documentation that Merrill Lynch reasonably requests in order to cause payment of the Net Proceeds to the Trustee; and it is further\n\n**ORDERED**, that Merrill Lynch is not and shall not be deemed to be responsible for any taxes or tax consequences associated with or caused by the liquidation and/or sale and/or transfer and/or distribution of the VCTR Shares or the Net Proceeds, as applicable; and it is further\n\n**ORDERED**, that this Order shall be immediately enforceable upon entry pursuant to Bankruptcy Rule 6004(h); and it is further\n\n**ORDERED**, that the Court shall retain jurisdiction with respect to all matters arising from or related to the implementation, interpretation, and enforcement of this Order.","body_zh":"UNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION（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：　:　第 11 章\n\nHO WAN KWOK（郭文贵）等，　:　案号：22-50073 (JAM)\n\n债务人。　:　（联合审理）\n------------------------------------------------------x　x\n第 11 章受托人根据《破产法典》第 105(a)、363(b)、541 及 542 条提起的批准变现 VCTR 股份、分配收益及相关救济的裁定拟定动议\n\nLuc A. Despins（以下简称“受托人”）作为 Ho Wan Kwok（郭文贵）（以下简称“债务人”）的第 11 章受托人，特此根据《美国法典》第 11 篇（《破产法典》）第 105(a)、541、542 和 363 条以及《联邦破产程序规则》（《破产规则》）第 6004 条提出动议（以下简称“本动议”），请求作出基本符合随附作为附件 A 提交的拟定裁定书（以下简称“拟定裁定”）形式的裁定，批准变现 VCTR 股份（定义见本文件），并将净收益分配给受托人以使债务人的第 11 章破产财产（以下简称“破产财产”）受益。本动议经 Reverence Capital Partners Opportunities Fund I (Cayman) L.P.（以下简称“Reverence 基金”）同意提交，并受本文件及拟定裁定中所规定的条款和条件的约束。为支持本动议，受托人谨陈述如下：\n\n1 这些第 11 章案件中的债务人包括 Ho Wan Kwok（郭文贵，亦称郭文贵、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 c/o Luc A. Despins, as Trustee for the Estate of Ho Wan Kwok（仅用于通知与沟通目的）。\n初步陈述\n\n1. 通过对债务人财务事务的调查，并在 Reverence 基金的协助下，受托人获悉破产财产拥有 Reverence 基金的权益；Reverence 基金是一家私募股权基金，汇集高净值投资者的投资并将其投资于包括证券在内的资产组合。\n\n2. 债务人最初通过关联实体和个人向 Reverence 基金投资了约 $5 million，作为交换获得了该基金的有限合伙权益。该权益最初由 Sail Victory Ltd（以下简称“Sail Victory”）持有，随后转让给 Lamp Capital LLC（以下简称“Lamp Capital”）。本法院已作出判决，确认 Lamp Capital 及其所有资产均为破产财产。该财产包括 Lamp Capital 在 Reverence 基金中的有限合伙权益。\n\n3. 基于破产财产在 Reverence 基金中的权益，破产财产有权获得现金和证券的分配。其中包括有权获得某些公开交易股份的分配——即价值约 $2.9 million 的 VCTR 股份——以及至少 $715,000.00 的未付现金分配。\n\n4. 受托人根据其商业判断认定，应当将 VCTR 股份变现以保全其价值并使破产财产受益，因为这些股份存在公开交易市场且其价值每日波动。Reverence 基金已同意根据本文件及拟定裁定所载的条款和条件，指示 Merrill Lynch, Pierce, Fenner & Smith Incorporated（美林证券，或其相关关联方）（以下简称“Merrill Lynch”）变现 VCTR 股份并将收益转让给受托人。\n\n5. 法院应通过作出拟定裁定来批准本动议，以便破产财产实现 VCTR 股份的价值并保护该价值免受市场风险。\n\n6. 破产财产在 Reverence 基金本身的权益同样具有价值，然而该权益不存在流动性市场，变现将产生重大费用并可能导致折价出售。因此，法院应批准受托人的决定，即破产财产将继续持有在 Reverence 基金中的权益并收取因该权益而产生的任何其他分配。\n管辖地、管辖权及法定依据\n\n7. 根据 28 U.S.C. §§ 157 及 1334 以及 United States District Court for the District of Connecticut（美国康涅狄格区联邦地方法院）的常规移送命令，United States Bankruptcy Court for the District of Connecticut（美国康涅狄格区破产法院）（以下简称“本法院”）对本事项拥有管辖权。\n\n8. 本程序属于 28 U.S.C. § 157(b) 含义内的核心程序。\n\n9. 根据 28 U.S.C. §§ 1408 及 1409，本司法管辖区的管辖地是适当的。\n\n10. 本动议所寻求救济的法定依据为《破产法典》第 105(a)、363(b)、541 及 542 条。\n背景\n第 11 章案件与受托人的指定\n\n11. 2022年2月15日（以下简称“申请日”），债务人向本法院提交了根据《美国法典》第 11 篇（《破产法典》）第 11 章寻求救济的自愿破产申请，从而启动了上述标题所载的第 11 章案件（以下简称“第 11 章案件”）。\n\n12. 2022年3月21日，美国受托人办公室（Office of the United States Trustee）在本第 11 章案件中指定了官方无担保债权人委员会。未指定任何审查员。\n\n13. 2022年6月15日，破产法院作出一项裁决备忘录与命令 [主案卷宗号 465]，指示美国受托人（United States Trustee）在第 11 章案件中指定一名第 11 章受托人。根据该命令，美国受托人选任 Luc A.\n\nDespins 为受托人。2022年7月8日，破产法院作出命令，批准指定 Luc A. Despins 为第 11 章案件的受托人 [主案卷宗号 523]。\nLamp Capital\n\n14. 债务人用来阻碍、拖延和诈骗其债权人的空壳公司中包括 Lamp Capital。\n\n15. 2024年10月26日，受托人提起了题为 Despins, Chapter 11 Trustee v. Lamp Capital LLC, et al. [对抗性程序编号 23-05023]（以下简称“Lamp 诉讼”）的对抗性程序，以确立（除其他事项外）Lamp Capital 是债务人的另一自我（alter ego），且 Lamp Capital 的任何财产在申请日前属于债务人财产，或在申请日后属于破产财产。\n\n16. 2024年2月1日，法院在 Lamp 诉讼中作出了有利于受托人的判决 [Lamp 诉讼卷宗号 66]（以下简称“Lamp 判决”），该判决规定（除其他事项外）：(i) Lamp Capital 的所有权权益为破产财产，(ii) Lamp 的财产为破产财产，以及 (iii) 所有此类财产应移交和/或交出给受托人。[2]\nReverence 基金与 VCTR 股份\n\n17. Reverence 基金是在特拉华州设立的有限合伙企业，是一个私募股权投资工具，由注册投资顾问 Reverence Capital Partners, L.P.（以下简称“RCP”）管理。Reverence 基金汇集了某些机构和高净值投资者的资本，其资本投资于包括证券在内的资产。\n\n2 Lamp 判决目前正在 United States District Court of the District of Connecticut（美国康涅狄格区联邦地方法院）（以下简称“地方法院”）上诉审理中 [案号 3:24-cv-00217-KAD]。Lamp 判决未受任何中止限制，亦未向本法院或地方法院申请任何中止。\n\n18. 债务人最初曾探讨通过其空壳公司 Ace Decade Holdings Ltd 投资 Reverence 基金（或由 RCP 管理的其他基金），本法院此前已裁定该公司由债务人排他性地享有实益拥有权并予控制。（关于部分解决受托人藐视法庭动议的裁定 [ECF No. 1110]。）最终，债务人通过关联个人和实体向 Reverence 基金投资了约 $5 million。作为承诺该项投资的交换，在 2016年10月 前后，债务人获得了该基金的有限合伙权益（以下简称“L.P. 权益”），该权益最初由 Sail Victory 持有。\n\n19. 2021年4月6日，根据 Sail Victory、Lamp Capital 与 RCP Opp Fund I GP, L.P.（Reverence 基金的普通合伙人）之间的转让协议，L.P. 权益被转让给 Lamp Capital。\n\n20. 2024年2月12日，受托人对 Reverence 基金提起诉讼，以撤销并追回债务人通过其另一自我 Leading Shine NY, Ltd. 在申请日前所作的某些转让 [对抗性程序编号 24-05183]（以下简称“Reverence 诉讼”）。此后，在 Reverence 基金与受托人就 Reverence 诉讼的潜在解决方案进行初步讨论时，Reverence 基金告知受托人，债务人在申请日前的转让构成了对 Reverence 基金的资本投资，且该 L.P. 权益由 Lamp Capital 持有。\n\n21. 根据 Lamp 判决，L.P. 权益因此属于破产财产。\n\n22. 破产财产有权基于 L.P. 权益获得分配，包括 Victory Capital Holdings Inc. 的 55,383 股股份（以下简称“VCTR 股份”）以及至少 $715,000.00 的现金。VCTR 股份是在纳斯达克证券交易所公开交易的证券，交易代码为“VCTR”。\n\n23. 截至 2024年5月20日 股市收盘，VCTR 的每股价格为 $52.25，因此截至该时间点 VCTR 股份的市场价值为 $2,893,761.75。\n\n24. Reverence 基金目前将 VCTR 股份存放于 Merrill Lynch 的账户中。\n\n25. 受托人已确定应将 VCTR 股份变现为现金，以确保破产财产的资产得到保全且不受市场风险的影响。\n\n26. 经过与受托人广泛、按正常商业原则进行且基于善意的讨论后，Reverence 基金已同意在受本文件及拟定裁定所载条款和条件约束的前提下，指示 Merrill Lynch 变现 VCTR 股份，并根据拟定裁定将净收益分配给受托人。\n\n27. Reverence 基金与受托人将继续就协商一致解决 Reverence 诉讼进行讨论。\n请求的救济\n\n28. 受托人请求法院作出拟定裁定，据此 Reverence 基金应通过授权书指示 Merrill Lynch 在股票市场上按变现时的市场价格变现 VCTR 股份。拟定裁定规定 Reverence 基金将免于承担因其根据拟定裁定所采取的行动而产生的或与之相关的任何索赔责任。\n\n29. 拟定裁定规定 Merrill Lynch 可以从变现总收益（以下简称“总收益”）中扣除其佣金、费用和/或支出（统称“各项支出”）[3]，上限为三千美元（$3,000.00）。随后 Merrill Lynch 应支付\n\n3 受托人获悉 Merrill Lynch 的佣金和费用将按以下方式收取：五美元（$5.00）的美国证券交易委员会费用，每变现一股最高五美分（$.05）的佣金，以及为转让任何部分收益而发起的每笔电汇交易最高三十美元（$30.00）的费用。\n\n净收益（以下简称“净收益”）给受托人以使破产财产受益。根据《破产规则》第 6004(h) 条，拟定裁定具有立即执行力。\n\n30. 受托人请求法院进一步批准受托人保留 L.P. 权益，并命令受托人有权代表破产财产收取因 L.P. 权益而产生的任何收入、股息、分配、资本返还或其他利益（以下简称“分配款”），无论该等款项是目前应付的还是未来可能应付的。\n所请求救济的依据\n\n31. 受托人请求法院根据《破产法》（Bankruptcy Code）第 105(a)、363(b)、541 和 542 条授权并批准本动议。《破产法》第 363(b)(1) 条相关部分规定，“受托人在发出通知并举行听证后，可以非常规业务方式使用、出售或出租破产财产。”根据《破产法》第 363(b) 条，法院仅要求受托人“证明合理的商业目的证明此类行为的正当性”。参见，例如，Comm. of Equity Sec. Holders v. Lionel Corp. (In re Lionel Corp.), 722 F.2d 1063, 1070 (2d Cir. 1983)（“我们采纳的规则要求，法官在对第 363(b) 条申请作出裁决时，必须从听证会上向其提交的证据中明确认定批准此类申请具有良好的商业理由。”）；Comm. of Asbestos-Related Litigants v. Johns-Manville Corp. (In re Johns-Manville Corp.), 60 B.R. 612, 616 (Bankr. S.D.N.Y. 1986)（“在债务人为其商业决策阐明合理依据（区别于任意或反复无常的决策）的情况下，法院通常不会受理对债务人行为的异议”）。\n\n32. 此外，第 11 章受托人负有“为使债权人分配最大化而保护和维护破产财产的法定义务”。In re Ngan Gung Rest., 254 B.R. 566, 570 (Bankr. S.D.N.Y. 2000)（援引 11 U.S.C. § 1106(a)）。\n\n33. 《Lamp 判决》（Lamp Judgment）规定，除其他事项外，Lamp Capital 在申请日（Petition Date）的所有及全部资产均构成破产财产（Estate），并应移交和/或归还给受托人。\n\n34. 因此，有限合伙权益（L.P. Interest）、收取 VCTR 股票（VCTR Shares）分配的权利以及任何其他分配款（Distributions）均为破产财产，并且根据《Lamp 判决》，必须移交和/或归还给受托人。亦参见 11 U.S.C. § 542(a)（“……在案件审理期间，除财产管理人以外的实体，凡占有、保管或控制受托人可根据本编第 363 条使用、出售或出租的财产……均应向受托人交付该财产或该财产的价值，并就此作出说明……”）。\n\n35. 受托人依据其商业判断认定，通过变现 VCTR 股票能够最好地保护并最大化债权人的价值。由于 VCTR 股票为公开上市交易股票，其变现过程将十分直接且费用相对较低。此外，尽管 VCTR 股票的价值近几个月有所上涨，但任何公开交易的证券均带有市场风险。变现 VCTR 股票将确保其价值得到保护和保全，以符合破产财产的利益。\n\n36. Reverence 基金（Reverence Fund）已同意根据拟议裁定（Proposed Order）并按照其条款，指示 Merrill Lynch（美林证券）变现 VCTR 股票并将净收益（Net Proceeds）分配给受托人。受托人认为，与要求受托人仅为变现股票之目的而开设自己的证券账户相比，这种变现和分配方式将更为高效。\n\n37. 除 VCTR 股票及目前应付的任何其他分配款外，鉴于未来可能向持有人支付的分配款，有限合伙权益本身亦具有价值。受托人曾考虑立即变现有限合伙权益，并依据其商业判断认定，目前最佳的处理方案是继续持有该有限合伙权益，并为破产财产的利益收取任何分配款。\n\n38. 与 VCTR 股票不同，有限合伙权益不存在公开或具备合理流动性的市场。此外，在到期前推销和出售类似有限合伙权益的成本是巨大的，而出售可能只能获得折价后的价值。受托人还了解到，Reverence 基金很可能在未来两到三年内退出其剩余投资并终止运作。\n\n39. 因此，法院应裁定受托人可以为破产财产的利益保留该有限合伙权益，并有权收取因该权益而产生的全部分配款，无论是目前应付的还是未来可能应付的。如果受托人认定未来情况需要变现该有限合伙权益，其将向法院申请相应授权。\n[本页其余部分有意留白。]\n\n为此，法院应通过签署拟议裁定批准本动议，并给予公正和适当的其他及进一步救济。\n\n康涅狄格州纽黑文\n日期：2024年5月21日 LUC A. DESPINS，第 11 章受托人\n\n签署人：/s/ Patrick R. Linsey\nPatrick R. Linsey (ct29437)\nNEUBERT, PEPE & MONTEITH, P.C.\n195 Church Street, 13th Floor\nNew Haven, Connecticut 06510\n(203) 781-2847\nplinsey@npmlaw.com\n\n及\n\nNicholas A. Bassett（经特许出庭（admitted 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\nG. Alexander Bongartz（经特许出庭）\nDouglass Barron（经特许出庭）\nPAUL HASTINGS LLP（普衡律师事务所）\n200 Park Avenue\nNew York, New York 10166\n(212) 318-6690\nalexbongartz@paulhastings.com\ndouglassbarron@paulhastings.com\n\n第 11 章受托人代理律师\n\nUNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION（美国康涅狄格区联邦破产法院布里奇波特分院）\n\n----------------------------------------------------------- x\n案件审理：: 第 11 章\nHO WAN KWOK（郭文贵）等，: 案号：22-50073 (JAM)\n债务人。:（合并审理）\n------------------------------------------------------x x\n\n关于根据《破产法》第 105(a)、363(b)、541 和 542 条批准变现 VCTR 股票、分配收益及相关救济的[拟议]裁定\n\n鉴于 Ho Wan Kwok（债务人）破产财产的第 11 章受托人 Luc A. Despins（“受托人”）提出动议（“本动议”），请求根据《破产法》第 105(a)、363(b)、541 和 542 条作出裁定（本“裁定”），批准变现 VCTR 股票并为破产财产的利益将其收益分配给受托人，以及相关救济；且已给予充分且必要的通知，本动议所请求的救济具有充分正当理由，特此\n\n裁定：本动议按本文所述予以批准；并且进一步\n\n裁定：在本裁定作出后的两个工作日内，Reverence 基金应根据本裁定的条款指示美林证券变现 VCTR 股票并将收益分配给受托人；并且进一步\n\n1 这些第 11 章案件中的债务人为 Ho Wan Kwok（又名郭文贵、Miles Guo 和 Miles Kwok，以及诸多其他化名）（纳税人识别号后四位：9595）、Genever Holdings LLC（纳税人识别号后四位：8202）以及 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之目的）。\n\n2 本文中未明确定义的所有首字母大写术语均采纳本动议中载明的定义。\n\n裁定：在本裁定作出后的五个工作日内，美林证券应在股票市场上按变现时的市场价格变现 VCTR 股票；并且进一步\n\n裁定：美林证券可从变现总收益（Gross Proceeds）中扣除其费用（Expenses），该费用上限为三千美元（$3,000.00），且不得包括美林证券的律师费；并且进一步\n\n裁定：在本裁定作出后的七个工作日内，美林证券应将净收益分配给受托人；并且进一步\n\n裁定：有限合伙权益属于破产财产，并且鉴于有限合伙权益的性质及其持有的具体情况（如本动议包括其第 6 段和第 37-39 段所述），特此授权受托人在法院作出进一步裁定之前为破产财产的利益持有该有限合伙权益；并且进一步\n\n裁定：Reverence 基金和受托人将真诚地协商和讨论确立受托人对有限合伙权益所有权所需的步骤（如有）；并且进一步\n\n裁定：因有限合伙权益而产生的任何分配款，无论是目前应付的还是未来可能应付的，均应支付给受托人或按照受托人的指示另行分配；并且进一步\n\n裁定：自本裁定作出之日起生效，Reverence 基金及其各关联公司和子公司应绝对、无条件且不可撤销地免除、永远免责和免除因根据本裁定条款分配和变现 VCTR 股票；经受托人同意或法院批准为确立受托人对有限合伙权益的所有权而采取的任何步骤；和/或因有限合伙权益根据本裁定条款向受托人或按受托人指示进行的任何未来分配款而产生的或与之相关的任何及所有义务、索赔、反索赔、抗辩、抵销、要求、债务、账户、合同、责任、义务、争议、救济、负债、义务、权利、主张、指控、诉讼、起诉、争议、法律程序、损失、损害、伤害、律师费、成本、费用、各种类型的判决以及诉由；并且进一步\n\n裁定：受托人和 Reverence 基金保留其与 Reverence 诉讼（Reverence Action）相关的各自权利，包括 Reverence 基金提出的主张，即受托人通过收取有限合伙权益及与有限合伙权益相关的分配款，不得同时追索产生该有限合伙权益的初始转让价值；并且进一步\n\n裁定：授权受托人采取一切必要或适当的行动以执行本裁定；并且进一步\n\n裁定：在本裁定作出后的五个工作日内，受托人应向美林证券提供填写完整的 W-9 表格、政府签发的身份证件复印件、电汇指示以及美林证券为促成向受托人支付净收益而合理要求的任何其他文件；并且进一步\n\n裁定：对于因变现和/或出售和/或转让和/或分配 VCTR 股票或净收益（视情况而定）所产生或引起的任何税费或税务后果，美林证券不承担任何责任，亦不得被视为承担任何责任；并且进一步\n\n裁定：根据《破产程序规则》（Bankruptcy Rule）第 6004(h) 条，本裁定在作出后应立即具有执行力；并且进一步\n\n裁定：法院应对因本裁定的执行、解释和强制执行而产生的或与之相关的所有事项保留管辖权。","key_entities":["Kwok","Ho Wan Kwok","Despins","Je","Guo","Paul Hastings","Miles Guo"],"ecf_references":[{"doc_number":1110,"court":"CTB"}],"word_count":3742,"status":"published","published_at":null,"created_at":null,"updated_at":"2026-08-23 13:51:23"}