The court-appointed examiner in the Stanford case says the court-appointed receiver is racking up so many fees and finding so little in recoverable assets that soon there will be nothing left.
Receiver Ralph Janvey and the hundreds of attorneys, accountants and others who have been brought in to track down the sprawling Stanford Group’s assets have asked the court fo $27.5 million in fees for the first 14 weeks of the case, not including June and July. So far they say they’ve recovered about $81 million.
John Little, an examiner appointed to be an advocate for Stanford investors in the case, said in a court filing this week the receiver has not adequately explained why it needs so many professionals, has provided inadequate break-downs of the fees and generally doesn’t appear to be doing all it can to preserve the assets of the estate.
The receiver has estimated it will have fees of about $1.1 million per month after the initial $27.5 million, a rate that “simple math suggests the substantial possibility that the whole of the Receivership Estate could end up, not in the hands of the victimized investors, but in the pockets of the Receiver and the firms he has retained,” Little wrote.
In another filing the Securities and Exchange Commission asked Janvey to drop lawsuits against about 600 investors trying to “claw back” almost $1 billion in principal and interest they received from certificates of deposit at Stanford International Bank, and want any fees related to that effort dropped from the filings with the court.
As AmLaw Daily says Janvey has “billed like a old pro. “
Examiner Says Receiver Will Use All the Money
Source: http://blogs.chron.com/stanford/2009/08/_it_does_not_appear_there_will.html
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