Commodity Futures Trading Commission v Watson etal.,

Filing 35

ORDER granting 31 Motion Payment of Costs, Fees and Expenses of the Receiver No. 1. Signed by District Judge Lawrence P. Zatkoff. (MVer)

UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF MICHIGAN
SOUTHERN DIVISION

COMMODITY FUTURES TRADING
COMMISSION,

)
)
)
Plaintiff,
)
)
v.
)
)
ALAN JAMES WATSON,
)
MICHAEL POTTS and
)
CASH FLOW FINANCIAL, LLC,
)
)
Defendants,
)
)
and
)
)
THE JEDBURGH GROUP,
)
)
Relief Defendant.
)
__________________________________________)

Civil Action No.: 11-cv-10949
Hon. Lawrence P. Zatkoff

ORDER FOR PAYMENT OF COSTS, FEES AND EXPENSES
OF THE RECEIVER NO. 1
This cause comes before the Court on the Motion and Brief for Payment of Costs, Fees
and Expenses of the Receiver No. 1 (Doc. #31), filed by the Receiver on May 10, 2011. The
Receiver represents that he has incurred reasonable and necessary expenses of $8,027.18 and
claims a reasonable and necessary fee of $134,777.50 for duties performed in this Receivership
from March 2011 through April 2011, thus requesting payment of $142,804.68 for this time
period. Plaintiff Commodity Futures Trading Commission has stipulated that it has reviewed the
detailed invoices for this time period and consents to their payment.
On March 11, 2011, this Court entered an Order appointing Phillip S. Stenger as
Temporary Receiver for the Defendants’ assets, the assets of any affiliates or subsidiaries of any

Defendant and for certain assets of the Relief Defendant (the “Statutory Restraining Order”).
The terms of the Statutory Restraining Order provide, in pertinent part, that “[t]he Receiver and
his Retained Personnel are entitled to reasonable compensation for the performance of duties
pursuant to this Order and for the cost of actual out-of-pocket expenses incurred by them, from
the assets now held by, or in the possession or control of, or which may be received by the
Defendants.” The gross assets now held by the Receiver total $3,278,051.60.
The Court has reviewed the Receiver’s instant application and finds that the
compensation and expenses requested by the Receiver are reasonable and necessary.
Accordingly, it is now
ORDERED, ADJUDGED and DECREED:
1.

The Receiver’s Motion and Brief for Payment of Costs, Fees and Expenses of the

Receiver No. 1 (Doc. #31) is hereby GRANTED.
2.

The Receiver is hereby authorized to take payment from the Receivership Estate

of $142,804.68. Of this amount, $134,777.50 shall be compensation for the Receiver’s services
from March 2011 through April 2011, and $8,027.18 shall be reimbursement for the expenses
incurred by the Receiver from March 2011 through April 2011.
SO ORDERED on this 26th day of May, 2011.

s/Lawrence P. Zatkoff
Lawrence P. Zatkoff
UNITED STATES DISTRICT COURT JUDGE
Dated: May 26, 2011

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