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RESOLUTION TRUST CORP. v. ADAMS

October 21, 1994

RESOLUTION TRUST CORPORATION, Petitioner,
v.
JOHN C. ADAMS, W.R. McCAIN, HUTSON E. McCORKLE, D.D.S., PAUL S. MEARS, SR., WILLIAM E. OWENS, SOLOMON F. SCHICK, ROBERT M. VICKERY, and MARK B. BORSERINE, Respondents.



The opinion of the court was delivered by: STANLEY S. HARRIS

 On March 22, 1994, the Court of Appeals issued its opinion in the appeal of this Court's January 15, 1993, Order enforcing the Resolution Trust Corporation's ("RTC") administrative subpoenas duces tecum. RTC v. Walde, 18 F.3d 943, 305 U.S. App. D.C. 183 (D.C. Cir. 1994). On June 7, 1994, the Court of Appeals issued its mandate remanding this case for further proceedings in accordance with its opinion, which instructed this Court "to review the information sought by the RTC and to withhold enforcement as to any information that is not relevant to the lawful purposes of its orders of investigation." Id. at 950; RTC v. Schick and Adams, 18 F.3d 943 (D.C. Cir. Order 1994).

 This matter comes before the Court on the RTC's Amended Petition for Summary Enforcement of the Administrative Subpoenas Duces Tecum ("Amended Petition"), respondents' responses thereto, *fn1" and the RTC's replies. Upon consideration of the entire record, the Court grants the Amended Petition for Summary Enforcement.

 The August 9, 1992, RTC Order of Investigation issued in the investigation of American Pioneer Savings Bank ("American Pioneer") stated that the purposes of the investigation were:

 
. . . to determine whether (1) former directors and officers and others who provided services to, or otherwise dealt with, American Pioneer Savings Bank, or its successors, may be liable as a result of any actions, or failures to act, in connection with or which may have affected American Pioneer Savings Bank, or its successors; (2) pursuit of such litigation would be cost-effective, considering the extent of the potential defendant's ability to pay a judgment in any such litigation; (3) the RTC should seek to avoid a transfer of any interests or an incurrence of any obligations; and (4) the RTC should seek an attachment of assets.

 RTC's Amended Petition, Exhibit 3.

 The relevant subpoenas were issued on August 12, 1992. The RTC seeks documents relating to respondents' personal financial information, *fn2" specifically, documents indicating respondents':

 
a. income, assets, and net worth for the years 1990-1991 (including financial statements, statements of net worth, complete tax returns, bank statements, investment records, and/or trust documents);
 
b. interests in any real property or any personal property valued $ 5,000 or more;
 
c. trusts, if any, and assets of trusts (in which respondents or their relatives have a beneficiary interest or otherwise reactive distributions) having assets, or interests in assets, of $ 5,000 or more;
 
d. interests in any corporation, partnership, joint venture, closely-held corporation or other entity that has assets, or interests in assets, of $ 5,000 or more;
 
e. transfer or other disposition, from January 1, 1985, to the present of certain listed assets.

 See RTC's Amended Petition, Exhibits 6, 13. The RTC and respondents Adams, McCain, McCorkle, Mears, Vickery, and Borserine agree that the subpoenas should be ...


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