UNITED STATES OF AMERICA
In the Matter of
Financial Asset Management, Inc.,
James B. Rader and
Debra L. Kennedy,
| ORDER APPROVING PLAN |
FOR THE DISTRIBUTION OF
On March 21, 2002, the Commission published a Notice of the Division of Enforcement's proposed Plan for the Distribution of Disgorgement Fund (the "Plan") in this proceeding. The Plan proposed that the $25,000 disgorged by respondent Financial Asset Management, Inc. be paid by the Commission to the Chapter 11 Bankruptcy Trustee for the Manhattan Investment Fund, Ltd., (Helen Gredd, Esq., c/o Lankler, Siffert & Wohl, 500 Fifth Avenue, 33rd Floor, New York, New York 10110-3398), for further distribution to the Manhattan Investment Fund, Ltd.'s creditors in accordance with the provisions of the United States Bankruptcy Code. Pending such distribution, the disgorged funds would be deposited into an account at Chase Manhattan Bank in the name of Manhattan Investment Fund, Ltd., Chapter 11 Debtor, #521190 Helen Gredd, Trustee.
No comments were received by the Commission in response to the publication of the Plan.
Upon consideration of the proposed Plan, the Commission finds that the Plan is fair and reasonable, and should be approved.
Accordingly, IT IS HEREBY ORDERED, pursuant to Rule 613 of the Commission's Rules of Practice [17 C.F.R. § 201.613], that the Division's proposed Plan for the Distribution of Disgorgement Fund is approved; and
IT IS FURTHER ORDERED that the Office of the Comptroller shall distribute the $25,000 in disgorgement to the Chapter 11 Bankruptcy Trustee for Manhattan Investment Fund, Ltd., no later than 30 days after entry of this Order.
By the Commission.
Margaret H. McFarland
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