DOB: Corre Opportunities Fund Stipulation


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IN THE MATTER OF:

CORRE OPPORTUNITIES
FUND, LP




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   STIPULATION AND
   AGREEMENT

   No. ST-13-8128-S

WHEREAS, the Banking Commissioner (the “Commissioner”) is responsible for administering Chapter 672a of the Connecticut General Statutes, the Connecticut Uniform Securities Act (the “Act”) and Sections 36b-31-2 et seq. of the Regulations of Connecticut State Agencies (the “Regulations”) promulgated under the Act;

WHEREAS, Corre Opportunities Fund, LP (the “Fund”) of 1370 Avenue of the Americas, 29th Floor, New York, New York is a pooled investment fund and issuer of securities, specifically Class A limited partnership interests (the “Fund Securities”);

WHEREAS, by letter dated November 21, 2013, legal counsel to the Fund advised the Securities and Business Investments Division (the “Division”) of the Department of Banking that:  1) commencing in September 2009, Fund Securities were sold to seven persons residing in Connecticut; 2) the Connecticut sales were effected in a private offering pursuant to Rule 506 of Regulation D under the Securities Act of 1933; 3) at the time of such sales, no Connecticut filing had been made under Section 36b-21(e) of the Act nor had a related federal filing been made with the Securities and Exchange Commission (the “SEC”); and 4) the Fund subsequently filed Form D with the SEC on October 25, 2013;

WHEREAS, effective July 1, 1997 and following passage of the National Securities Markets Improvement Act of 1996, P.A. 97-220 amended Section 36b-21 of the Act to add a new subsection (e), requiring that persons offering or selling a security that is a covered security under Section 18(b)(4)(D) of the Securities Act of 1933 [i.e. Rule 506 transactions] to “file a notice with the commissioner within fifteen days after the first sale of such a security in this state” and pay an associated fee of $150;

WHEREAS, in a good faith effort to address the filing delinquency, counsel to the Fund included with the Fund’s November 21, 2013 correspondence a curative filing and associated fee pursuant to Section 36b-21(e) of the Act;

WHEREAS, Section 4-177(c) of Chapter 54 of the Connecticut General Statutes permits the resolution of a contested ease by stipulation or agreed settlement;

WHEREAS, the Fund desires to settle the matters described herein and voluntarily enters into this Stipulation and Agreement;

WHEREAS, the Commissioner and the Fund acknowledge that this Stipulation and Agreement is in lieu of any court action or administrative proceeding against the Fund, its partners, officers, employees, agents or representatives adjudicating any issue of fact or law on the specific matters described herein;

WHEREAS, the Fund, through its execution of this Stipulation and Agreement, voluntarily waives any rights it may have to seek judicial review or otherwise challenge or contest the terms and conditions of this Stipulation and Agreement;

NOW THEREFORE, THE PARTIES HERETO DO MUTUALLY AGREE AS FOLLOWS:

1.
No later than the date this Stipulation and Agreement is executed by the Commissioner, Corre Opportunities Fund, LP shall remit to the department via check payable to “Treasurer, State of Connecticut” the sum of one thousand five hundred dollars ($1,500) as an administrative fine;
  
2.
Corre Opportunities Fund, LP shall refrain from offering or selling securities in or from Connecticut absent compliance with Section 36b-16 of the Act, including timely compliance with any applicable filing requirements;
  
3. Execution of this Stipulation and Agreement by the Commissioner is without prejudice to the right of the Commissioner to take enforcement action against Corre Opportunities Fund, LP based upon a violation of this Stipulation and Agreement or the basis for its entry if the Commissioner determines that compliance is not being observed with the terms hereof or if any representation made by or on behalf of Corre Opportunities Fund, LP and reflected herein is subsequently determined to be untrue;
  
4. Nothing in this Stipulation and Agreement shall be construed as limiting the Commissioner’s ability to take enforcement action against Corre Opportunities Fund, LP based upon evidence of which the Division was unaware on the date hereof relating to a violation of the Act or any regulation or order under the Act; and
     
5. This Stipulation and Agreement shall become binding when executed by Corre Opportunities Fund, LP and the Commissioner.

IN WITNESS WHEREOF, the undersigned have executed this Stipulation and Agreement on the dates indicated.


Dated at Hartford, Connecticut       _______/s/_________ 
this 31st day of December 2013.   Howard F. Pitkin 
    Banking Commissioner 


I, Eric Soderlund, state on behalf of Corre Opportunities Fund, LP, that I have read the foregoing Stipulation and Agreement; that I know and fully understand its contents; that I am authorized to execute this Stipulation and Agreement on behalf of Corre Opportunities Fund, LP and that Corre Opportunities Fund, LP agrees freely and without threat or coercion of any kind to comply with the terms and conditions stated herein.

    Corre Opportunities Fund, LP
     
     
By    ______/s/_____________________
  Eric Soderlund, Managing Partner of
Corre Partners Advisors, LLC
    Its General Partner


On this 19th day of December 2013, personally appeared Eric Soderlund, signer of the foregoing Stipulation and Agreement, who, being duly sworn, did acknowledge to me that he was authorized to execute the same on behalf of Corre Opportunities Fund, LP and acknowledged the same to be his free act and deed, before me.


_____/s/_________________________
Notary Public
My Commission Expires:  April 14, 2016




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