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B-225344 1 (1986-12-05)

handle is hein.gao/gaobadmof0001 and id is 1 raw text is: ~AA ~ The Comptroller General of the United States Washington, D.C. 20548 Decision - Deduction of expenses from proceeds from from sale of securities before deposit in Matter of- Treasury File: B-225344 Date: December 5, 1986 DIGEST Escrow agent, holding securities constituting a civil penalty pursuant to order of the District Court in the case of Securities and Exchange Commission v. Ivan Boesky may sell the securities and deduct all costs directly related to the sale, subject to approval by the Court, before depositing the net proceeds in the Treasury, as authorized by 40 U.S.C. § 485a, DECISION The Deputy General Counsel, Department of the Treasury, has provided this Office with a copy of the final judg- ment rendered by the United States District Court for the Southern District of New York in the case of Securi- ties and Exchange Commission v. Ivan F. Boesky, No. 86 Civ. 8767 (R.O.) (S.D.N.Y.) The defendant is ordered, among other sanctions, to transfer to a court-appointed escrow agent certain shares of stock worth approximately $50,000,000 for the benefit of the United States Trea- sury. Treasury would like to have these securities sold as quickly as possible to avoid a threatened dissipation of the value of the assets. Its concern was whether Treasury--or the plaintiff, SEC--would have to pay the not inconsiaerable selling costs from their own appro- priations because 31 U.S.C. S 3302, the so-callea Miscellaneous Receipts statute, requires deposit in the Treasury of the gross amount of funds received for the Unitea States without deductions of any kind. ^IM 5.

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