Monday, May 20, 2019

Court Approves Continency Fee Arrangement for Lamar Adams Receiver.

The Receiver in the Lamar Adams case will get to eat some of what she kills.  U.S. District Judge Carlton Reeves approved reimbursing SEC-appointed Receiver Alysson Mills on a contingency-fee basis. The new fee arrangement will apply to most of her recovery lawsuits in the Lamar Adams case.  

The SEC is trying to claw back illegal profits earned by Lamar Adams and  promoters of a $164 million Ponzi scheme based on phony timber investments.   Receiver Alysson Mills represents the SEC. She will recover assets, distribute them among the victims, and provide progress reports to the court.  Mills sued  to recover over $16 million in commissions from several "promoters". The promoters allegedly helped Adams sell his phony timber investments to unsuspecting investors.

Ms. Mills expressed concern in her motion that her fees will diminish the estate.   Judge Reeves decreed:

The Court grants the Receiver’s request to work on a contingency fee basis in the following matters: Mills v. Butler Snow, et al., No. 3:18-cv-866; Mills v. BankPlus, et al., No. 3:19- cv-196; and any future lawsuit filed by the Receiver on behalf of the Receivership Estate.

The contingency fee arrangement will proceed as follows: Fishman Haygood, LLP will advance all costs and expenses on behalf of the Receivership Estate. In the event of recovery, the Receiver and her counsel will be compensated with 33% of the gross recovery and the Receivership Estate will reimburse costs and expenses out of its proceeds. In the event there is no recovery, the Receiver will bear the entire risk and the Receivership Estate will not be responsible for any costs, expenses, or legal fees.
Interesting.  Stay tuned.




 Related Posts
SOLD! 
Receiver submits report.  
Court to approve sale of Lamar Adams home.  
SOLD! 
Baker Boyz purge contempt.  
Tim-berrr! Receiver sues Patridge & Mom, Accuses Bankplus of RICO 
Baker Boyz Found in Contempt 
Baker Donelson swings ax again at SEC lawsuit.  
Baker Donelson tries to clear cut Receiver's lawsuit.  
More lawsuits coming in Lamar Adams case.  
Wife's Tree Falls in Lamar Adams Case
Butler Snow Asks Judge to Dismiss SEC Complaint in Lamar Adams Case.  
Jailbird 
Ole Miss Repays Money in Lamar Adams Case 
Receiver sues Butler Snow & Baker Donelson
 Lamar Adams swindled over $164 million from victims in Ponzi scheme.  
Billings Battles Receiver 
Receiver goes after millions in commissions in timber Ponzi scheme.  
Receiver records $2 million.  
Lamar Adams Sentencing Postponed 
 Federal Home Cooking in Lamar Adams Case? 
Tree Falls Against Pinnacle in Lamar Adams Case 
WSJ Blasts Judge Reeves in Lamar Adams Case 
Judge to SEC & SOS: Not so Fast 
McHenry sues Lamar Adams, claims he was duped.  
A look into how the timber scheme worked.
SEC opposes Delbert's opposition.  
 SEC wants receiver in Ponzi scheme case, Delbert opposes.
Victim sues Timber Trolls 
Lamar Adams pleads guilty.  
SEC: Ponzi scheme began in 2004. 
Flashback Friday
Clearcutting the timber. 
Wicker wobbed in Ponzi scheme.
Pinnacle Trust issues statement on Ponzi scheme
Lamar Adams waives indictment.
Feds: Lamar Adams took over $100 million in Ponzi scheme.
TIM-BERRR!!!

17 comments:

Anonymous said...

Now that she/they have skin in the game, whoa nellie.....they're smelling blood.

Anonymous said...

Yep 10:31am, There is blood in the water and I predict that before this feeding frenzy is over several people are going to get their asses ripped.


Anonymous said...

People don't work on commission if they are inept. She knows she's got them and a ton of assets and she's fixing to get PAID.

One question though. Can the victims negotiate the terms of her? Say they wanted to give her 15-25% versus 33%? Do they have someone on their side looking out for their best interest?

Anonymous said...

Investigate Pinnacle Trust.

Anonymous said...

On a related note - Mississippi's Attorney General has operated on sort of a contingency fee arrangement for years, going at least back to the early days of Mike Moore.

Fees, gifts, future payouts, monetary deals (call it what you wish) have been directly related to the amount of reward gained by the AGs' buds when 'called in' to prosecute high-dollar cases.

Just imagine the 'contingency fees' General Hood would have owed to him had he been willing to call in his buds to prosecute 'family'.

Anonymous said...

How stupid of me, I thought all of this was predetermined when this firm was given the job by the bid process. So much for " let us recover all we can with the lowest bidder." Now it is "lets get all we can for the lawyers." And the judge apparently approved it.

Anonymous said...

@12:48pm A crime was in fact committed, involving many victims. A very large crime at that, and involving some big name "players" who masquerade as legitimate. The judge just gave her the juice to put the hurt on them where it hurts most, financially. For once, I'm pulling for "the lawyers" to clean their houses out. And everyone on this board knows who.

Anonymous said...

There is nothing more motivating than unlimited earning potential...I think this is a great idea

Anonymous said...

This is Tobacco Junior. We are not looking for money for ourselves, just helping the citizens.

1.2 Billion later.......

Anonymous said...

The attorneys get rich, and the victims will get screwed, again. But this time by the court appointed one.

Anonymous said...

She needs to look at the gifts he made in family and elsewhere. Lots of money to recoup to reimburse those he robbed.

Anonymous said...

This is a good deal. With big time defendants lawyered up and signaling a long fight the receiver could easily bill a ton that may not be successfully recovered. This also cuts the legs out from the big defendants who might have thought that they could drown the receiver in work so that the litigation was not economically feasible. The receiver might end up making more money than through billing, maybe less. Or maybe zero. People don’t often talk about the times lawyers get zeroed or barely compensated in continence cases but it happens. Contingency fees can pay well but they can also pay zero (or result in a loss when fronted expenses are not recovered). Most of the lawyer haters on this board would never have the guts to take that risk.

Ophelia said...

I am not a lawyer, so I am unfamiliar with the term “continence” and “continency fee.” It sounds more medical; getting paid not to wet your knickers when you sneeze, perhaps? My more learned friends suggest that perhaps someone, in their haste to get their words published, omitted that crucial little letter “g.” What a difference a consonant makes...

Anonymous said...

Ophelia!!!! The grammar/spelling Nazi.

Ophelia said...

Das ist richtig, Herr Kartoffelkopf aus 1:36!

Anonymous said...

Put Ophelia on Wheel Of Fortune

Lindsey said...

I believe the receiver sued UPS a couple days after the order...methinks that complaint was drafted when the motion to convert fee to a a contingency fee was drafted. Anyone want that bet?


Recent Comments

Search Jackson Jambalaya

Subscribe to JJ's Youtube channel

Archives

Trollfest '09

Trollfest '07 was such a success that Jackson Jambalaya will once again host Trollfest '09. Catch this great event which will leave NE Jackson & Fondren in flames. Othor Cain and his band, The Black Power Structure headline the night while Sonjay Poontang returns for an encore performance. Former Frank Melton bodyguard Marcus Wright makes his premier appearance at Trollfest singing "I'm a Sweet Transvestite" from "The Rocky Horror Picture Show." Kamikaze will sing his new hit, “How I sold out to da Man.” Robbie Bell again performs: “Mamas, don't let your babies grow up to be Bells” and “Any friend of Ed Peters is a friend of mine”. After the show, Ms. Bell will autograph copies of her mug shot photos. In a salute to “Dancing with the Stars”, Ms. Bell and Hinds County District Attorney Robert Smith will dance the Wango Tango.

Wrestling returns, except this time it will be a Battle Royal with Othor Cain, Ben Allen, Kim Wade, Haley Fisackerly, Alan Lange, and “Big Cat” Donna Ladd all in the ring at the same time. The Battle Royal will be in a steel cage, no time limit, no referee, and the losers must leave town. Marshand Crisler will be the honorary referee (as it gives him a title without actually having to do anything).


Meet KIM Waaaaaade at the Entergy Tent. For five pesos, Kim will sell you a chance to win a deed to a crack house on Ridgeway Street stuffed in the Howard Industries pinata. Don't worry if the pinata is beaten to shreds, as Mr. Wade has Jose, Emmanuel, and Carlos, all illegal immigrants, available as replacements for the it. Upon leaving the Entergy tent, fig leaves will be available in case Entergy literally takes everything you have as part of its Trollfest ticket price adjustment charge.

Donna Ladd of The Jackson Free Press will give several classes on learning how to write. Smearing, writing without factchecking, and reporting only one side of a story will be covered. A donation to pay their taxes will be accepted and she will be signing copies of their former federal tax liens. Ms. Ladd will give a dramatic reading of her two award-winning essays (They received The Jackson Free Press "Best Of" awards.) "Why everything is always about me" and "Why I cover murders better than anyone else in Jackson".

In the spirit of helping those who are less fortunate, Trollfest '09 adopts a cause for which a portion of the proceeds and donations will be donated: Keeping Frank Melton in his home. The “Keep Frank Melton From Being Homeless” booth will sell chances for five dollars to pin the tail on the jackass. John Reeves has graciously volunteered to be the jackass for this honorable excursion into saving Frank's ass. What's an ass between two friends after all? If Mr. Reeves is unable to um, perform, Speaker Billy McCoy has also volunteered as when the word “jackass” was mentioned he immediately ran as fast as he could to sign up.


In order to help clean up the legal profession, Adam Kilgore of the Mississippi Bar will be giving away free, round-trip plane tickets to the North Pole where they keep their bar complaint forms (which are NOT available online). If you don't want to go to the North Pole, you can enjoy Brant Brantley's (of the Mississippi Commission on Judicial Performance) free guided tours of the quicksand field over by High Street where all complaints against judges disappear. If for some reason you are unable to control yourself, never fear; Judge Houston Patton will operate his jail where no lawyers are needed or allowed as you just sit there for minutes... hours.... months...years until he decides he is tired of you sitting in his jail. Do not think Judge Patton is a bad judge however as he plans to serve free Mad Dog 20/20 to all inmates.

Trollfest '09 is a pet-friendly event as well. Feel free to bring your dog with you and do not worry if your pet gets hungry, as employees of the Jackson Zoo will be on hand to provide some of their animals as food when it gets to be feeding time for your little loved one.

Relax at the Fox News Tent. Since there are only three blonde reporters in Jackson (being blonde is a requirement for working at Fox News), Megan and Kathryn from WAPT and Wendy from WLBT will be on loan to Fox. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both and a torn-up Obama yard sign will entitle you to free drinks served by Megan, Wendy, and Kathryn. Get your tickets now. Since this is an event for trolls, no ID is required. Just bring the hate. Bring the family, Trollfest '09 is for EVERYONE!!!

This is definitely a Beaver production.


Note: Security provided by INS.

Trollfest '07

Jackson Jambalaya is the home of Trollfest '07. Catch this great event which promises to leave NE Jackson & Fondren in flames. Sonjay Poontang and his band headline the night with a special steel cage, no time limit "loser must leave town" bout between Alan Lange and "Big Cat"Donna Ladd following afterwards. Kamikaze will perform his new song F*** Bush, he's still a _____. Did I mention there was no referee? Dr. Heddy Matthias and Lori Gregory will face off in the undercard dueling with dangling participles and other um, devices. Robbie Bell will perform Her two latest songs: My Best Friends are in the Media and Mama's, Don't Let Your Babies Grow up to be George Bell. Sid Salter of The Clarion-Ledger will host "Pin the Tail on the Trial Lawyer", sponsored by State Farm.

There will be a hugging booth where in exchange for your young son, Frank Melton will give you a loooong hug. Trollfest will have a dunking booth where Muhammed the terrorist will curse you to Allah as you try to hit a target that will drop him into a vat of pig grease. However, in the true spirit of Separate But Equal, Don Imus and someone from NE Jackson will also sit in the dunking booth for an equal amount of time. Tom Head will give a reading for two hours on why he can't figure out who the hell he is. Cliff Cargill will give lessons with his .80 caliber desert eagle, using Frank Melton photos as targets. Tackleberry will be on hand for an autograph session. KIM Waaaaaade will be passing out free titles and deeds to crackhouses formerly owned by The Wood Street Players.

If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!

This is definitely a Beaver production.

Note: Security provided by INS
.