{"id":"court_ctb_3234_0","court":"CTB","case_no":"22-50073","doc_number":3234,"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:\n\n:\n\n:\n\n:\n\n---------------------------------------------------------------x\n\n---------------------------------------------------------------x\n\nIn re: : Chapter 11\n\nHO WAN KWOK, *et al*., : Case No. 22-50073 (JAM)\n\nDebtors. : (Jointly Administered)\n\n#### **LAMP CAPITAL'S LIMITED OBJECTION TO THE CHAPTER 11 TRUSTEE'S MOTION TO LIQUIDATE SHARES OF VCTR AND RELATED RELIEF**\n\nLamp Capital LLC (\"Lamp Capital\"), by and through its undersigned counsel, hereby objects to the Motion of Luc A. Despins, Chapter 11 Trustee (the \"Trustee\"), pursuant to sections 105(a), 541, 542 and 363 of the United States Code and Bankruptcy Rule 6004, seeking entry of an Order, in the form of the proposed order filed therewith as Exhibit A (the \"Proposed Order\"), approving the liquidation of the VCTR Shares (as defined therein) and distribution of the net proceeds to the Trustee for the benefit of the Debtor's estate (the \"Estate\"). *See* ECF 3203 (the \"Motion to Liquidate\").\n\n### **LAMP CAPITAL'S OBJECTION**\n\n1. By his Motion to Liquidate, the Trustee requests that this Court enter the Proposed Order, which, *inter alia*, authorizes Reverence Capital Partners Opportunities Fund I (Cayman) L.P. (the \"Reverence Fund\"), a private equity investment fund, to direct its broker-dealer to liquidate 55,383 shares of Victory Capital Holdings Inc. (the \"VCTR Shares\") and deliver the cash proceeds of the liquidation -- estimated by the Trustee to be approximately \\$2.9 million -- to the Trustee for the benefit of the Estate. ECF 3203.\n\n2. The Trustee asserts that he is entitled to this distribution based solely and exclusively on his claim that Lamp Capital holds a limited partner interest in the Reverence Fund (the \"L.P. Interest\") and that, pursuant to the February 1, 2024 default judgment entered by this Court declaring Lamp Capital to be the alter ego of the Debtor (the \"Lamp Judgment\"), the L.P. Interest is property of the Estate. Indeed, by his Motion to Liquidate, the Trustee seeks an Order that, pursuant to the Lamp Judgment, the L.P. Interest is the property of the Estate. *See* ECF 3203, Exhibit A (Proposed Order) p. 2.\n\n3. Lamp Capital disputes the Trustee's claim that it is the alter ego of the Debtor and further that the Trustee was entitled to judgment as a matter of law on that issue by default. On February 15, 2024, Lamp Capital duly filed a Notice of Appeal to the District Court of the Lamp Judgment and of this Court's underlying Memorandum Decision and Order upon which the Lamp Judgment is based (*see Despins v. Lamp Capital, et al.,* Adv. Pro. No. 23-05023, ECF 68 (Notice of Appeal)), which is now fully briefed and remains pending before the District Court (the \"Lamp Appeal\").\n\n4. Lamp Capital contacted the Trustee and proposed certain modifications to the Proposed Order identical to the form attached hereto as **Exhibit A** (the \"Lamp Proposed Order\") that would protect Lamp Capital's L.P. Interest in the event its appeal is successful. More specifically, as set forth in the Lamp Proposed Order, Lamp Capital suggested that the Proposed Order be modified to reflect that if the District Court grants its appeal and enters an Order vacating the Lamp Judgment, ownership of the L.P. Interest should revert back to Lamp Capital, and that Lamp Capital be repaid for any distributions received by the Estate from the proceeds of the liquidation of the VCTR Shares on account of the L.P. Interest (*see* highlighted proposed modifications in the Lamp Proposed Order attached hereto as Exhibit A). Absent such modifications, the Trustee will be permitted to keep the money collected from the liquidation of the VCTR Shares based on a default judgment that will have been vacated.\n\n5. The Trustee rejected Lamp Capital's proposed modifications.\n\n6. Given the limited nature of Lamp Capital's objection, the harm to Lamp Capital that will result in the event its appeal is successful and the Trustee is thereafter permitted to retain nearly \\$3 million of Lamp Capital's property based on a vacated default judgment, and in view of the Trustee's prior agreement to -- and this Court's acceptance of -- similar protective language in resolving an objection to the sale of The Lady May (*see In re Kwok*, No. 22-50073, ECF 1953, par. 9), Lamp Capital respectfully requests that the Proposed Order be modified in accordance with the Lamp Proposed Order attached hereto as Exhibit A.\n\nSubmitted: New York, New York LAX & NEVILLE, LLP June 6, 2024 /s/ *Barry R. Lax*\n\nBarry R. Lax, Esq. (phv09611) Robert J. Grand, Esq. (ct24113) 350 5 th Avenue, Suite 4640 New York, NY 10018 Tel: (212) 696-1999 Fax: (212) 490-3332\n\n*Attorneys for Lamp Capital LLC*\n\n# **EXHIBIT A**\n\n# **UNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION**\n\n|                                    | x |                                  |\n|------------------------------------|---|----------------------------------|\n|                                    | : |                                  |\n| In<br>re:                          | : | Chapter<br>11                    |\n|                                    | : |                                  |\n| 1<br>HO<br>WAN KWOK,<br>et<br>al., | : | Case<br>No.<br>22-50073<br>(JAM) |\n|                                    | : |                                  |\n| Debtor.                            | : | (Jointly<br>Administered)        |\n|                                    | 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-4-1) 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-4-0\"></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-4-1\"></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, **except as expressly set forth herein**, 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, **subject to Lamp Capital's rights as set forth below**; 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, **provided that Trustee's receipt of the L.P. Interest and any Distributions on account of the L.P. Interest shall be subject to adjustment and/or disgorgement in the event that an order enters vacating the Lamp Judgment, in which case (i) ownership of the L.P. Interest shall revert to Lamp Capital, and (ii) Lamp Capital shall be entitled to receive repayment from the Estate of any Distributions received on account of the L.P. Interest, including from the proceeds of the**\n\n**liquidation of the VCTR shares; and, only to the extent the Estate lacks the ability to independently satisfy Lamp Capital's liens, claims, interests and/or encumbrances related to or arising from its right to repayment of any Distributions on account of the L.P. Interest, if any, from the proceeds of the liquidation of the VCTR shares, Distributions on account of the L.P. Interest, or other assets of the Estate, then the recipients of such funds from the Estate, if any, including the Trustee's professionals, shall be subject to adjustment and/or disgorgement to the extent necessary to repay Lamp Capital**; 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, controversies, 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\n2\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.\n\n### **CERTIFICATE OF SERVICE**\n\nI hereby certify that on June 6, 2024, a copy of foregoing *Lamp Capital's Limited Objection To The Chapter 11 Trustee's Motion To Liquidate Shares of VCTR And Related Relief* was filed electronically and served by mail on anyone unable to accept electronic filing. Notice of this filing will be sent by e-mail to all parties by operation of the Court's electronic filing system or by mail to anyone unable to accept electronic filing as indicated on the Notice of Electronic Filing. Parties may access this filing through the Court's CM/ECF System.\n\n> By: */s/ Robert J. Grand* Robert J. Grand (ct24113)","body_zh":"UNITED 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部）\n\n案由： : 第 11 章\nHO WAN KWOK（郭文贵）等， : 案号：22-50073 (JAM)\n债务人。 : （合并审理）\nLAMP CAPITAL 对第 11 章受托人变现 VCTR 股份及相关救济动议的有限异议\n\nLamp Capital LLC（「Lamp Capital」），由其下述具名律师代表，特此对第 11 章受托人 Luc A. Despins（「受托人」）依据《美国法典》第 105(a)、541、542 及 363 条以及《联邦破产诉讼规则》第 6004 条提出的动议表示异议。该动议请求法院按其作为附件 A 提交的拟定裁定书形式作出一项裁定（「拟定裁定」），批准将 VCTR 股份（定义见其中）变现并将净收益分配给受托人以供债务人破产财团（「破产财团」）受益。参见 ECF 3203（「变现动议」）。\n\nLAMP CAPITAL 的异议\n\n1. 受托人通过其变现动议请求本法院作出拟定裁定，该拟定裁定除其他事项外，授权私募股权投资基金 Reverence Capital Partners Opportunities Fund I (Cayman) L.P.（「Reverence Fund」）指示其经纪交易商将 Victory Capital Holdings Inc.（「VCTR 股份」）的 55,383 股股份变现，并将变现所得的现金收益——据受托人估计约为 290 万美元——交付给受托人以供破产财团受益。ECF 3203。\n\n2. 受托人声称其有权获得此项分配，其依据完全且唯一基于其主张，即 Lamp Capital 持有 Reverence Fund 的有限合伙人权益（「L.P. 权益」），且根据本法院于 2024 年 2 月 1 日作出的宣告 Lamp Capital 为债务人另我（alter ego）的缺席判决（「Lamp 判决」），该 L.P. 权益属于破产财团财产。事实上，受托人通过其变现动议请求作出一项裁定，认定根据 Lamp 判决，该 L.P. 权益为破产财团财产。参见 ECF 3203，附件 A（拟定裁定）第 2 页。\n\n3. Lamp Capital 对受托人关于其系债务人另我的主张存有争议，并进一步对受托人有权就该问题依法获得缺席判决存有争议。2024 年 2 月 15 日，Lamp Capital 就 Lamp 判决以及作为 Lamp 判决依据的本法院基础备忘录决定与裁定向 District Court（联邦地区法院）正式提起了上诉通知（参见 Despins 诉 Lamp Capital 等，Adv. Pro. No. 23-05023，ECF 68（上诉通知）），该上诉目前已完成全部诉状答辩并仍在地区法院审理中（「Lamp 上诉」）。\n\n4. Lamp Capital 与受托人进行了联系，并建议对拟定裁定进行若干修改，其形式与随附于此作为附件 A 的形式完全相同（「Lamp 拟定裁定」），以便在其上诉成功的情况下保护 Lamp Capital 的 L.P. 权益。更具体而言，如 Lamp 拟定裁定所载，Lamp Capital 建议对拟定裁定进行修改，以体现如果地区法院支持其上诉并作出一项撤销 Lamp 判决的裁定，则 L.P. 权益的所有权应当重新归还给 Lamp Capital，并且破产财团应当向 Lamp Capital 偿还其因该 L.P. 权益而从变现 VCTR 股份的收益中收到的任何分配款项（参见随附于此作为附件 A 的 Lamp 拟定裁定中的高亮建议修改）。若无此类修改，受托人将被允许基于一份将被撤销的缺席判决保留从变现 VCTR 股份中所收取的款项。\n\n5. 受托人拒绝了 Lamp Capital 的修改建议。\n\n6. 鉴于 Lamp Capital 异议的有限性质，鉴于在其上诉成功而后受托人却被允许基于一份被撤销的缺席判决保留 Lamp Capital 近 300 万美元财产时将对 Lamp Capital 造成的损害，并鉴于受托人此前曾同意——且本法院曾接受——在解决针对 The Lady May（梅号游艇）出售异议时所采用的类似保护性措辞（参见 In re Kwok，案号：22-50073，ECF 1953，第 9 段），Lamp Capital 谨请求按照随附于此作为附件 A 的 Lamp 拟定裁定对拟定裁定予以修改。\n\n提交地：纽约州纽约市\nLAX & NEVILLE, LLP\n2024 年 6 月 6 日\n/s/ Barry R. Lax\n\nBarry R. Lax 律师 (phv09611)\nRobert J. Grand 律师 (ct24113)\n350 5th Avenue, Suite 4640\nNew York, NY 10018\n电话：(212) 696-1999\n传真：(212) 490-3332\n\nLamp Capital LLC 之代理律师\n\n附件 A\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部）\n\nx\n\n案由： : 第 11 章\nHO WAN KWOK 等， : 案号：22-50073 (JAM)\n债务人。 : （合并审理）\n\nx\n\n依据《破产法典》第 105(a)、363(b)、541 及 542 条批准变现 VCTR 股份、分配收益及相关救济的［拟定］裁定\n\n鉴于 Ho Wan Kwok（债务人）破产财团的第 11 章受托人 Luc A. Despins（「受托人」）提出动议（「动议」），请求依据《破产法典》[2]第 105(a)、363(b)、541 及 542 条作出一项裁定（「本裁定」），批准将 VCTR 股份变现并将其收益分配给受托人以供破产财团受益，并请求相关救济；且已给予正当且充分的通知，动议所寻求的救济具备正当理由，现特此\n\n裁定如下：动议依本裁定所述予以批准；并进一步\n\n裁定如下：自本裁定录入之日起两个工作日内，Reverence Fund 应当指示 Merrill Lynch（美林）变现 VCTR 股份，并按照本裁定的条款将收益分配给受托人；并进一步\n\n1 这些第 11 章案件中的债务人为 Ho Wan Kwok（亦称郭文贵、Miles Guo 及 Miles Kwok，以及其他诸多化名）（纳税人识别号后四位：9595）、Genever Holdings LLC（纳税人识别号后四位：8202）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 转交 Ho Wan Kwok 破产财团受托人 Luc A. Despins（仅用于通知与通信目的）。\n\n2 本裁定中未作明确定义的所有首字母大写术语均采用动议中所载之定义。\n\n裁定如下：自本裁定录入之日起五个工作日内，美林应当按照变现时的市场价格在股票市场上将 VCTR 股份变现；并进一步\n\n裁定如下：美林可从变现的总收益中扣除其费用，该费用上限为三千美元（$3,000.00），且不得包含美林的律师费；并进一步\n\n裁定如下：自本裁定录入之日起七个工作日内，美林应当将净收益分配给受托人；并进一步\n\n裁定如下：除本裁定明确规定外，L.P. 权益属于破产财团财产，且鉴于 L.P. 权益的性质及其被持有的情况（如动议中所述，包括其第 6 段及第 37 至 39 段），特此授权受托人在法院作出进一步裁定之前，为破产财团的利益持有该 L.P. 权益；并进一步\n\n裁定如下：Reverence Fund 与受托人将秉持善意协商并讨论受托人就该 L.P. 权益确权所需的步骤（如有），但须服从下文所述之 Lamp Capital 的权利；并进一步\n\n裁定如下：因 L.P. 权益而产生的任何分配款项，无论是目前应付还是在将来可能成为应付之时，均应支付给受托人或按照受托人的指示另行分配，但前提是，在作出撤销 Lamp 判决的裁定的情况下，受托人对 L.P. 权益的接收以及因 L.P. 权益而获得的任何分配款项均应受制于调整及/或追缴（disgorgement），在此情况下 (i) L.P. 权益的所有权应当重新归还给 Lamp Capital，且 (ii) Lamp Capital 有权从破产财团处获得其因该 L.P. 权益而收到的任何分配款项的偿还，包括来自变现 VCTR 股份的收益；并且，仅在破产财团无法通过变现 VCTR 股份的收益、因 L.P. 权益而产生的分配款项或破产财团的其他资产独立清偿 Lamp Capital 与其就因 L.P. 权益而产生的任何分配款项获得偿还的权利相关或由此产生的留置权、主张、权益及/或权利负担（如有）的范围内，从破产财团处接收此类资金的各方（如有），包括受托人的专业人员，均应在偿还 Lamp Capital 所需的范围内受制于调整及/或追缴；并进一步\n\n裁定如下：自本裁定录入之日起生效，Reverence Fund 及其各自的每一家关联公司和子公司，均应绝对、无条件且不可撤销地免除、永远解除和免除因根据本裁定条款分配和变现 VCTR 股份；为受托人就 L.P. 权益确权而采取的与受托人商定或经法院批准的任何步骤；及/或依据本裁定条款向受托人或按其指示因 L.P. 权益而进行的任何未来分配所引起的或与之相关的任何及所有义务、主张、反诉、抗辩、抵销、请求、债务、账目、合同、责任、义务、争议、救济、负债、义务、权利、主张、指控、诉讼、诉讼案件、争议、法律程序、损失、损害赔偿、伤害、律师费、成本、费用、各种类型的判决以及诉由；并进一步\n\n裁定如下：受托人与 Reverence Fund 保留其各自与 Reverence 诉讼相关的权利，包括 Reverence Fund 的主张，即受托人通过接收 L.P. 权益以及与 L.P. 权益相关的分配款项，不得同时追回设立该 L.P. 权益的初始转让的价值；并进一步\n\n裁定如下：授权受托人采取一切必要或适当的行动以执行本裁定；并进一步\n\n裁定如下：自本裁定录入之日起五个工作日内，受托人应当向美林提供一份已填妥的 W-9 表格、一份政府签发的身份证明文件复印件、电汇指引以及美林为向受托人支付净收益而合理要求的任何其他文件；并进一步\n\n裁定如下：美林不承担且不应被视为承担与变现及/或出售及/或转让及/或分配 VCTR 股份或净收益（视情况而定）相关或由此引起的任何税费或税务后果；并进一步\n\n裁定如下：依据《联邦破产诉讼规则》第 6004(h) 条，本裁定一经录入立即发生执行力；并进一步\n\n裁定如下：本法院应就因本裁定的执行、解释和强制执行所产生或与之相关的一切事项保留管辖权。\n\n送达证明\n\n我特此证明，于 2024 年 6 月 6 日，前述《Lamp Capital（灯塔资本）对第 11 章受托人清算 VCTR 股份及相关救济动议的有限异议》已通过电子方式提交，并通过邮寄方式送达给任何无法接收电子提交文件的人员。本提交文件的通知将通过法院电子提交系统的运作以电子邮件形式发送给所有当事人，或按照电子提交通知上的指明，通过邮寄方式发送给任何无法接收电子提交文件的人员。当事人可通过法院的 CM/ECF 系统查阅本提交文件。\n\n签署人：/s/ Robert J. Grand（罗伯特·J·格兰德） Robert J. Grand (ct24113)","key_entities":["Je","Kwok","Ho Wan Kwok","Despins","Guo","Miles Guo","Paul Hastings"],"ecf_references":[{"doc_number":68,"court":"CTB"},{"doc_number":1953,"court":"CTB"},{"doc_number":3203,"court":"CTB"}],"word_count":2025,"status":"published","published_at":null,"created_at":null,"updated_at":"2026-08-23 13:05:39"}