What is the Receiver doing to limit costs being incurred by the Receivership Defendants and Relief Defendants?
The Receiver is closely monitoring the costs being incurred by Defendants and Relief Defendants, both individually and through the maintenance of assets in the Estate. For instance, an airplane belonging to Millennium Bank requires monthly maintenance and service in order to remain fully and properly functional and, therefore, marketable. Likewise, Defendants incurred monthly rental fees for leased office spaces in Napa and Raleigh. The Receiver has reached an agreement with each lessor for the Estate to terminate the leases and receive a release from lessors for any claims lessors may have brought for unpaid rents, termination, or re-letting costs, etc. One such agreement has been submitted for the Court’s review and a second soon will be; they are both subject to approval by the Court. The Receiver continues to monitor ongoing costs to the Estate and is taking necessary steps to limit, terminate, or negotiate them.
Related Questions
- Can the Receiver provide me with an accounting of the frozen assets of Defendant La Madrid ("La Madrid") or Relief Defendants Palladium Holding Company ("Palladium") and Donald Lopez ("Lopez")?
- What is the Receiver doing to limit costs being incurred by the Receivership Defendants and Relief Defendants?
- How does the Receiver get paid? How are the costs of administration of the receivership companies estates paid?
