How are the Receiver and his legal and accounting professionals paid?
On November 17, 2006 the Court issued its Order Appointing Receiver. Paragraph 18 of that Order provides as follows: The Receiver shall file on at least a quarterly basis an application for approval of the disbursements for professional fees and expenses to himself or others. The Receiver may pay up to 90% of the professional fees and 100% of the expenses on a monthly basis, provided statements are made on a monthly basis to the Commission, no objections thereto have been presented and applications have been made as required. Any and all costs incurred by the Receiver shall be paid from the Receivership Assets. This means that all fees and expenses are ultimately subject to Court approval and will be paid out funds collected by the Receiver.
