BFI Transcript 1

COMMONWEALTH OF VIRGINIA, ex rel. vs . SECURITY TRUST MORTGAGE, LLC
Proceedings on 09/11/2013 Page 50
1 situation . And since we're in a different
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2 situation, it is appropriate for Security, because
3 of the attribution to it by the actions of its
4 principal, be measured by the way things are now, if
5 you will, rather than the way things were .
6 And if that isn't the appropriate
7 standard, then the moment any member or senior
8 enough to cause attribution to the entity does
9 something wrong, then the entity is done for without
10 chance for any actions . And I do not believe that's
11 consistent with either normal judicial procedure or
12 the procedures of the State Corporation Commission .
13 We don't have a one strike and you're out
14 rule with regard to the licensure process or regard
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15 to the revocation process . It's the facts and
16 circumstances together that come into play .
17 obviously, if the strike is bad enough, well, yes .
18 On the other hand, if the strike isn't bad
19 enough, then the answer would be no . And therefore,
20 1 think it is appropriate that the -- since the
21 decision is being made today with respect to the
22 revocation of the license of Security that the
23 situation as it is today be viewed by the fact
24 finder as the mechanism for making that
25 determination .
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Huseby, Inc.
www.huseby.com
4860 Cox Road, Suite 200, Glen Allen, VA 23060 (804) 755-4200