This is a lawsuit pending in Phoenix, Arizona brought by an insurance company which issued Commercial Crime Policies totaling $10 million. The insurance was supposed to protect investors who gave funds to United States Holdings, an entity controlled by Jeffrey Matz. A number of investors were specifically named as loss payees under the insurance. The insurance company is seeking to rescind the insurance by contending that the insurance was procured by fraud.

In connection with his conviction and sentencing in Pensacola, the Court ordered Jeffrey Matz to transfer all right, title and interest of United States Holdings under the insurance to the Receiver. The Receiver then filed an Answer and Counterclaim pursuant to which he seeks to recover the total amount of the insurance coverage on behalf of defrauded investors.

On September 18, 2001, the Dallas Court issued an Order requiring the Receiver to file a litigation budget with respect to this case. On October 1, 2001, the Receiver filed a litigation budget. On October 2, 2001, the Court issued an Order Setting Hearing and on October 18, 2001, the Court issued an Amended Order Setting Hearing. On November 15, 2001, the Court issued an Order approving the litigation budget.

After a lengthy mediation, a settlement of the case was reached. On August 7, 2003 the Receiver filed a Motion to Approve Compromise and Settlement Agreement and to Allow Payment of Fees. On August 15, 2003 Judge Kaplan issued an Order Setting Hearing pursuant to which the matter was heard at 9:00 a.m. on September 5, 2003. On September 5, 2003 Judge Kaplan issued Findings and Recommendation that the Motion be approved. On September 29, 2003 Judge Lynn issued an Order Accepting Findings and Recommendation. Pursuant to the settlement the Receiver was paid $764,400.00

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