Tx.jayson retweetledi
📌 $MMAT / $MMTLP / $NBH
➡️ Relates to the scheduled hearing for June 16, 2026. Just posted.⬅️
Case: Meta Materials Inc.
Case No.: 24-50792-gs
Doc No.: 2710
⚖️Document Title: ORDER on Motion to Intervene, Stay Proceedings, Disqualify Counsel and Trustee, and Reset Bankruptcy Administration Under Neutral Authority
📆Entered: APRIL 21, 2026
⚠️ Not Legal Advice - The actual filing is attached.
🚨 KEY WORD: ORDER
Judge Spraker issued an ORDER DENYING all relief requested by DANIELLE SPEARS in her motion seeking to intervene, stay proceedings, remove the Trustee, disqualify Trustee counsel and special counsel, appoint a special master, vacate protective orders, and reset administration of the bankruptcy case.
⸻
What SPEARS Asked For
SPEARS requested, among other things:
🔹 Removal of Trustee Christina Lovato
🔹 Disqualification of special counsel Christian Attar/Wes Christian
🔹 Appointment of a Special Master to take over investigative materials
🔹 Cancellation of protective orders governing subpoenaed data
🔹 Disclosure of confidential subpoena materials
🔹 A stay of proceedings involving the Debtor’s securities
🔹 Recognition of MMTLP holders as shareholders of the Debtor
🔹 Sanctions against the Trustee and counsel
🔹 A “reset” of the bankruptcy administration under supposedly neutral authority 👀
⸻
What the Court Said
❌ No Special Master
The Court stated that special masters are not available in bankruptcy cases and emphasized:
“The trustee is the independent neutral.”
Therefore, all requests for a special master or substitute fiduciary were denied.
❌ No Removal of Trustee Lovato
The Court found SPEARS failed to present specific facts showing incompetence, misconduct, conflicts, or other legal grounds required to remove a Chapter 7 trustee.
❌ No Disqualification of Counsel
The Court rejected the request to disqualify Christian Attar/Wes Christian and incorporated its prior analysis from the Traudt disqualification motion.
❌ No Access to Confidential Discovery
The Court held that subpoenaed materials obtained from parties such as NASDAQ and Schwab are for the Trustee’s review and administration of the estate.
The Court specifically stated that neither SPEARS nor other interested parties are entitled to review that information.
❌ No Stay of Proceedings
The Court found no basis to halt the Trustee’s investigation or administration of the bankruptcy estate.
⸻
How This Relates to the June 16, 2026 Hearing 📅
This ORDER is highly relevant because the upcoming June 16, 2026 hearing involves additional motions filed by SPEARS (and related matters involving Traudt).
Judge Spraker has already made several important findings:
✅ The Trustee is the proper independent fiduciary.
✅ The Court will not allow investors to take over or direct the Trustee’s investigation.
✅ Confidential subpoena data remains under the Trustee’s control.
✅ Requests to remove the Trustee or disqualify counsel have already been rejected.
✅ Similar arguments previously raised by Traudt and SPEARS have been denied.
As a result, this ORDER provides a strong indication of how the Court has viewed prior efforts to replace the Trustee, potentially disrupt the investigation, or gain direct access to subpoenaed materials.
⸻
Bottom Line
🚫 SPEARS’ motion was DENIED in its entirety.
🔍 The Court reaffirmed that Trustee Lovato—not shareholders, SPEARS, Traudt, or a special master—controls the investigation and administration of the bankruptcy estate.
📅 The June 16, 2026 hearing will occur against the backdrop of this ORDER and other rulings where the Court has consistently reinforced the Trustee’s authority while rejecting attempts to redirect or take over the investigation.
⚠️ Not Legal Advice.
dropbox.com/scl/fi/0vy5opy…
English
