On Wednesday (4/3) last week, there was a status hearing on the Securities and Exchange Commission (SEC) vs. A Chicago Convention Center, et. al. case – with the Honorable Judge Amy St. Eve presiding. The proceedings addressed the motion filed by the SEC on 3/28 to modify the current asset freeze order to unfreeze the investors’ capital and return it directly to them through the escrow agent, SunTrust Bank. As reported previously, IIUSA is fully supportive of the SEC’s motion and filed an amicus brief detailing the importance of efficient and effective enforcement of U.S. securities laws to protect the integrity of the EB-5 Program that builds investor confidence. IUSA’s motion for amicus status was unopposed by the parties and amicus status granted by the Judge and brief formally filed soon thereafter.
The Defendants and proposed intervening counsel were provided until 4/17 to respond to the SEC’s motion – with each stating for the record during the proceedings that they do not oppose the SEC’s proposed modification to the current asset freeze order from 2/6. Response to any replies will be due on 4/24. Depending on how things proceed in these next couple of weeks, it is possible that the escrow agent of the frozen account will begin returning funds towards the end of April – which of course would be welcome news. The next status hearing is scheduled for 5/29. IIUSA will again be in attendance and will keep you updated with the latest information.
**The Intercontinental Regional Center Trust of Chicago, A Chicago Convention Center, et. al. are NOT members of IIUSA.**