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
Receiver submits report.  
Court to approve sale of Lamar Adams home.  
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.  
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.


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?

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