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United States of America v. Hispania Private Equity

December 3, 2012

UNITED STATES OF AMERICA, PLAINTIFF,
v.
HISPANIA PRIVATE EQUITY, L.P. DEFENDANT.



COMPLAINT FOR RECEIVERSHIP AND INJUNCTION

COMES NOW Plaintiff, the United States of America, on behalf of its agency, the United States Small Business Administration, and for its cause of action states as follows:

PARTIES, JURISDICTION AND VENUE

1. This is a civil action brought by the United States on behalf of its agency, the Small Business Administration (hereinafter, "SBA," "Agency" or "Plaintiff"), whose central office is located at 409 Third Street, S.W., Washington, DC 20416.

2. Jurisdiction is conferred on this Court by virtue of the Small Business Investment Act of 1958, as amended (hereinafter, the "Act"), Sections 308(d), 311, and 316; 15 U.S.C. §§687(d), 687c, 687h; the Small Business Act, 15 U.S.C. §634(b)(1); and 28 U.S.C. §1345.

3. Defendant, Hispania Private Equity L.P. (hereinafter "Hispania" or "Licensee"), is a Delaware limited partnership that maintains its principal place of business at 200 W. Madison Street, Suite 970, Chicago, IL 60606. Venue is therefore proper under 15 U.S.C. §§ 687(d), 687h and 28 U.S.C. §1391(b).

4. Hispania's general partner is Hispania Investors, LLC.

5. On or about March 6, 2003, Hispania was licensed by SBA as a Small Business Investment Company ("SBIC") pursuant to Section 301(c) of the Act, 15 U.S.C. §681(c) as SBA License 05/75-0270, solely to do business under the provisions of the Act and the Regulations.

6. In its Licensing Application, at Section 8(a), Hispania certified through its general partner that the Licensee would at all times be operated in full conformity with the Act and the regulations promulgated thereunder at 13 C.F.R. §107.1 et. seq ("the Regulations").

7. Section 308(c) of the Act, 15 U.S.C. §687(c), empowers SBA to prescribe regulations to carry out the provisions of the Act and to govern the operations of SBICs. SBA has duly promulgated such regulations, which are codified at Title 13 of the Code of Federal Regulations, Part 107 (the "Regulations").

8. Section 303 of the Act, 15 U.S.C. §683, authorizes SBA to provide financing to licensed SBICs. Pursuant to Section 303 of the Act, 15 U.S.C. §683, SBA provided funds to Hispania through the purchase and/or guaranty of Participating Securities, a form of Leverage, as those terms are defined under the Regulations.

9. Currently, there remains $29,312,806.00 outstanding in Participating Securities Leverage.

10. The Participating Securities described in paragraphs 8-9, above, are expressly subject to and incorporated by reference in the Regulations, including but not limited to the provision of 13 C.F.R. §§107.1820-1850 and §107.507.

11. Section 308(d) of the Act, 15 U.S.C. §687(d), provides that upon determination and adjudication of noncompliance or violation of the Act or the Regulations, all of the rights, privileges and franchises of a Licensee, such as Hispania, may be forfeited and the company may be declared dissolved.

12. Section 311 of the Act, 15 U.S.C. ยง687c, provides that upon a determination by SBA that if a Licensee, such as Hispania, has engaged in or is about to engage in any acts or practices which constitute or will constitute a violation of the Act or of any Rule or Regulation promulgated pursuant to the Act, or of any order issued under the Act, then SBA may make application for an injunction, and such Court shall have jurisdiction of such action and grant a permanent or temporary injunction, or other relief without bond, upon a showing that such Licensee ...


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