Searching over 5,500,000 cases.


searching
Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.

Securities and Exchange Commission v. Schooler

United States District Court, S.D. California

November 12, 2019

SECURITIES AND EXCHANGE COMMISSION, Plaintiff,
v.
LOUIS V. SCHOOLER and FIRST FINANCIAL PLANNING CORPORATION d/b/a WESTERN FINANCIAL PLANNING CORPORATION, Defendants.

          ORDER GRANTING: (1) RECEIVER'S TWENTY-SEVENTH INTERIM FEE APPLICATION; AND [ECF No. 1731] (2) ALLEN MATKINS' TWENTY-SEVENTH INTERIM FEE APPLICATION [ECF No. 1732]

          HON. GONZALO P. CURIEL, UNITED STATES DISTRICT JUDGE

         Before the Court are fee applications filed by the court-appointed receiver Thomas C. Hebrank (the “Receiver”) and counsel to the Receiver, Allen Matkins Leck Gamble Mallory & Natsis LLP. ECF Nos. 1731, 1732. Plaintiff filed a statement of non-opposition. ECF No. 1740. The Court finds these motions suitable for disposition without oral argument pursuant to Civil Local Rule 7.1(d)(1).

         I. BACKGROUND

         A. Receiver

         In the Twenty-Seventh Interim Fee Application, the Receiver asserts that he incurred $41, 130.00 in fees and $158.03 in costs for the application period covering January 1, 2019 through March 31, 2019 (“Twenty-Seventh Application Period”). ECF No. 1731 at 1. The breakdown of the fees amassed is as follows:

Jenelynn Jocson

Category

Total

General Receivership

$ 569.25

Asset Investigation & Recovery

$0.00

Reporting

$ 6, 585.75

Operations & Asset Sales

$33, 311.25

Claims & Distributions

$663.75

Legal Matters & Pending Litigation

$0.00

Total

$41, 130.00

         Id. at 2-4. Receiver now seeks payment of 100% of fees incurred, amounting to $41, 130.00, and 100% of the costs, which account for postage and copies. ECF No. 1731, Ex. C.

         B. Allen Matkins

         In the Twenty-Seventh Interim Fee Application, Allen Matkins asserts that it incurred $23, 123.05 in fees and $234.63 in costs during the Twenty-Sixth Application Period. ECF No. 1732 at 2. The breakdown of the fees amassed is as follows:

Category

Total

General Receivership

$4, 864.50

Reporting

$1, 397.25

Operations & Asset Sales

$8, 680.55

Claims & Distributions

$2, 535.75

Third Party Recoveries

$1, 656.00

Employment/Fees

$465.75

Total

$19, 599.80

         Id. Receiver now seeks payment of 100% of fees incurred, amounting to $19, 599.80, and 100% of the costs, which were incurred for shipping, messenger service fees, and document searches. ECF No. 1732, Ex. A at 14-15.

         II. LEGAL STANDARD

         “[I]f a receiver reasonably and diligently discharges his duties, he is entitled to fair compensation for his efforts.” Sec. & Exch. Comm'n v. Elliott, 953 F.2d 1560, 1577 (11th Cir. 1992). “The court appointing [a] receiver has full power to fix the compensation of such receiver and the compensation of the receiver's attorney or attorneys.” Drilling & Exploration Corp. v. Webster, 69 F.2d 416, 418 (9th Cir. 1934). A receiver's fees must be reasonable. See In re San Vicente Med. Partners Ltd., 962 F.2d 1402, 1409 (9th Cir. 1992).

         As set forth in the Court's prior fee orders, see, e.g., ECF No. 1167, the Court will assess the reasonableness of the requested fees using the factors enumerated in Sec. & Exch. Comm'n v. Fifth Avenue Coach Lines, 364 F.Supp. 1220, 1222 (S.D.N.Y. 1973) and In re Alpha Telcom, Inc., 2006 WL 3085616, at *2-3 (D. Or. Oct. 27, 2006). Those factors include: (1) the complexity of the receiver's tasks; (2) the fair value of the receiver's time, labor, and skill measured by conservative business standards; (3) the quality of the work performed, including the results obtained and the benefit to the receivership estate; (4) the burden the receivership estate may safely be able to bear; and (5) the Commission's opposition or acquiescence. See Fifth Avenue Coach Lines, 364 F.Supp. at 1222; Alpha Telecom, 2006 WL 3085616, at *2-3.

         III. DISCUSSION

         A. Complexity of Tasks

         1. Receiver

         The Court finds that the tasks performed by the Receiver during the Twenty-Seventh Application Period were moderately complex. The Receiver undertook the following tasks during the relevant period:

- handling general administrative matters, including reviewing mail, email, and other correspondence directed to ...

Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.