United States Securities & Exchange Commission v Manterfield, Court of Appeal - Queen's Bench Division, May 16, 2008, [2008] EWHC 1349 (QB),[2008] Lloyd's Rep FC 477
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United States Securities & Exchange Commission v Manterfield, Court of Appeal - Queen's Bench Division, May 16, 2008, [2008] EWHC 1349 (QB),[2008] Lloyd's Rep FC 477
No. HQ08X00798Neutral Citation Number: [2008] EWHC 1349 (QB)IN THE HIGH COURT OF JUSTICEQUEEN'S BENCH DIVISIONRoyal Courts of JusticeFriday, 16th May 2008Before:SIR CHARLES GRAY(Sitting as a Judge of the High Court)- - - - - - - - - - - - - - -B E T W E E N : UNITED STATES SECURITIES AND EXCHANGE COMMISSION Claimant- and - GLENN ANTHONY MANTERFIELD Defendant - - - - - - - - - - - - - - -Transcribed by BEVERLEY F. NUNNERY & COOfficial Shorthand Writers and Tape TranscribersQuality House, Quality Court, Chancery Lane, London WC2A 1HPTel: 020 7831 5627 Fax: 020 7831 7737- - - - - - - - - - - - - - -MR. D. Wolfson (instructed by Nabarro LLP) appeared on behalf of the Claimant.MR. J. Fisher QC (instructed by Rahman Ravelli) appeared on behalf of the Defendant.- - - - - - - - - - - - - - -J U D G M E N TSIR CHARLES GRAY: 1 This is an application by the United States Securities and Exchange Commission (``SEC''), which is an arm of the United States Government, to continue a freezing order granted by Openshaw J. on 29th March 2008 against the defendant, Mr. Glenn Anthony Manterfield, who is resident in England. The Issues2 It is common ground that the first issue to be addressed is whether, applying conventional principles, the SEC has made out the case for the grant of a freezing injunction. This issue raises questions which include whether the SEC has established a good arguable case against Mr. Manterfield; whether there is a real risk that Mr. Manterfield will dissipate his assets if the order is not made and whether this is an appropriate case for dispensing with the requirement that the SEC should give the cross undertaking as to damages, which is the usual condition of obtaining a freezing order. If the SEC succeeds on this broad first issue I will next have to consider the second issue, which is whether the English court should nonetheless refuse to make the order on the ground that the SEC is seeking in these proceedings to enforce, directly or indirectly, a penal law of a foreign State, namely the United States. The Background Facts3 There being no dispute between the parties as to the background facts so far as this hearing is concerned, I can take them from the skeleton argument of Mr. David Wolfson, who appears for the SEC on this application. In February 2006 Mr. Manterfield (the defendant) together with Mr. Evan Anderson (a resident of Boston in the United States) set up Lydia Capital LL...See the full content of this document
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