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ARMSTRONG v. GUCCIONE

October 14, 2004.

Martin A. Armstrong, Petitioner,
v.
Joseph R. Guccione, U.S. Marshal for the Southern District of New York and Marvin D. Morrison, Warden, Metropolitan Correctional Center, Respondents.



The opinion of the court was delivered by: RICHARD OWEN, Senior District Judge

OPINION AND ORDER

Today, October 14, 2004, the Clerk's Office of the Second Circuit Court of Appeals requested this Court for a formal written order denying bail pending a decision by this Court on the merits of a petition for a writ of habeas corpus recently filed before me, to be argued on November 3, 2004. The denial of bail is recited in the transcript of September 23, 2004, relevant pages being annexed to the Notice of Appeal.

At this point, bail was denied as it is not a consideration here, since Armstrong's several years' — and present — confinement is for contempt of an order endeavoring to compel him to turn over to the receiver of his companies some $15 million of corporate assets of which a sufficient showing has been made he has personal possession to possibly satisfy claims of $1 billion by defrauded note holders. This is all set forth in detail in an opinion of this Court, right on this subject, written just last week (although in another context), which in totality is incorporated here by reference and annexed as attachment A hereto.

  So ordered.

 -----------------------------------------X SECURITIES AND EXCHANGE COMMISSION,
OPINION AND ORDER
Plaintiff,
— against — 99 Civ. 9667 (RO)
PRINCETON ECONOMICS INTERNATIONAL, LTD., PRINCETON GLOBAL MANAGEMENT, LTD., AND MARTIN A. ARMSTRONG,

  Defendants. -----------------------------------------X

  Appearances:

  Helene T. Glotzer, Stephanie D. Shuler, Securities and Exchange Commission, Attorneys for Plaintiff.

  Alan M. Cohen, Tancred Schiavoni, Martin Glenn, O'Melveny & Myers, LLP, Attorneys for Receiver.

  Stephen Jay Obie, Commodity Futures Trading Commission.

  Thomas V. Sjoblom, Benjamin R. Ogletree Chadbourne & Parke, LLP, Attorneys for Defendant Armstrong. and David Cooper, Steven Legon

  Martin Armstrong, Defendant Pro Se.

  OWEN, District Judge:

  In September 1999, defendant Martin Armstrong, the then CEO of Princeton Economics, et al., was indicted and he and his corporations proceeded against civilly, on charges of a Ponzi scheme, under which investors were defrauded in the area of $1 billion dollars. Alan M. Cohen as the receiver of his corporations was appointed by Judge Kaplan. Shortly thereafter an order was issued by me in this Court directing Armstrong to turn over to the receiver certain corporate assets roughly worth $15 million which had been purchased with corporate money. These consisted in substantial part of almost $1 million of gold bars, some $7 or $8 million of valuable coins, and an historic bust of Julius Caesar, all of which Armstrong had taken into and was keeping in his personal possession. He did not comply with that order and in January 2000, Armstrong was found in civil contempt and placed in the New York Metropolitan Correctional Center to compel ...


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