Yes Entertainment, LLC, et al.
On October 30, 2000, the SEC obtained a Final Judgment against Ronald Mulhall, Eugene Carriere, and three Yes Entertainment entities they controlled in connection with the purported operation of an Internet website-based "channels" of streaming media. The Court ordered the defendants to disgorge more than $14.5 million in ill-gotten gains and prejudgment interest. For more information about the SEC's action, you can read Litigation Release Nos. 16345 (Oct. 29, 1999) and 16786 (Oct. 31, 2000).
On January 7, 2002, the Court appointed Richard Weissman, Esq. to serve as Distribution Agent over the $602,313 in funds that had been frozen. In addition, the Court approved the SEC's proposed plan to distribute the frozen funds to investors on a pro rata basis.
On January 16, 2003, the Court entered an Order approving the Distribution Agentís distribution plan with instructions to complete the distribution of the assets of Yes Entertainment. In general, the Order approves the claims of 658 claimants who will be entitled to pro rata distributions of approximately 4.57% of their investment principal (or a net distribution amount of 490,448 after fees and expenses), denies payment to 153 known investors who failed to file a timely claim, and authorizes the filing of an income tax return on behalf of the estate so that it would qualify as a "settlement fund" under the Internal Revenue Code. The Distribution Agent hopes to send distribution checks to approved claimants beginning mid-March to early April 2003.
If you failed to file a claim but nevertheless believe you are entitled to participate in the distribution plan, you should contact the Law Offices of Richard Weissman as soon as possible at (818) 226-5434.