Securities and Exchange Commission v. First Choice Management Services, Inc.

Dist. Ct. did not err in denying motion by proposed intervenor to intervene for purposes of challenging sale of oil leases by receiver of entity that used defrauded investor’s money to purchase said leases, where proposed intervenor waited almost 10 years, and six months after receiving notice of outright refusal by receiver to honor proposed intervenor’s claim to said oil leases, to file request to intervene. Moreover, Ct. noted that receiver had already negotiated sale of oil leases by time of request to intervene, and that said request to intervene would have imposed substantial costs on receiver and purchaser of said leases.