US Securities and Exchange Commission v. Davis et al
ORDER Approving Fifth Application For Compensation to Grier Furr & Crisp, PA, Attorneys For the Receiver in re 146 Miscellaneous Filing. Signed by Senior Judge Graham Mullen on 11/13/2017. (jaw)
IN THE UNITED STATES DISTRICT COURT
FOR THE WESTERN DISTRICT OF NORTH CAROLINA
CASE NO. 3:16-CV-285
SECURITIES AND EXCHANGE
RICHARD W. DAVIS, JR.,
ORDER APPROVING FIFTH
APPLICATION FOR COMPENSATION
TO GRIER FURR & CRISP, PA,
ATTORNEYS FOR THE RECEIVER
DCG REAL ASSETS, LLC, et al.,
This matter came before the Court upon the Fifth Application for Compensation to Grier
Furr & Crisp, PA, Attorneys for the Receiver filed on October 31, 2017 (Doc. No. 146) (the “Fee
Application”) by A. Cotten Wright, as the duly-appointed receiver in the above-captioned action
(the “Receiver”), through counsel. The Court finds and concludes as follows:
Notice of the Fee Application was served upon the parties hereto as required by law. No
party in interest filed a timely objection to the Fee Application.
It appears that the Fee Application conforms to the Billing Instructions for Receivers in
Civil Actions Commenced by the U.S. Securities and Exchange Commission.
Grier Furr & Crisp, PA has rendered valuable services to the Receiver during this civil
proceeding, for which Grier Furr & Crisp, PA has received no compensation and the reasonable
value of services as yet uncompensated is at least $17,511.50.
Grier Furr & Crisp, PA is also entitled to reimbursement of actual and necessary expenses
incurred in the administration of the receivership in the amount of $1,752.13.
The Orders appointing the Receiver limit the compensation and expense reimbursement
available to the Receiver’s professionals to thirty percent (30%) of any net recovery. On
November 30, 2016 the Court entered an Order on the Receiver’s First Application for
Compensation for Grier Furr & Crisp, PA (Doc. No. 75) approving fees and expenses totaling
$78,018.46. Because that sum exceeded 30% of the net recovery in this case at the time, it was
not paid in full. The Court entered subsequent Orders approving fees and expenses for Grier Furr
& Crisp on February 27, 2017 (Doc. No. 89), on May 8, 2017 (Doc. No. 108), and on August 10,
2017 (Doc. No. 133), only a portion of which had been paid as of the date of the Fee Application.
Although, the Receiver’s attorneys have not received full payment with respect prior Orders, the
Court approves the Fifth Application for Compensation on the condition that any payment by the
Receiver of the compensation approved hereby shall be limited 30% of the total net amount
recovered by the Receiver over the course of this case prior to deducting administrative expenses.
IT IS, THEREFORE, ORDERED that
1. The Fee Application is APPROVED;
2. Grier Furr & Crisp, PA is AWARDED professional fees in the amount of
$17,511.50 and reimbursement of expenses in the amount of $1,752.13; and
3. The Receiver is AUTHORIZED, upon the Receiver’s recovery of additional funds
and without further order by the Court, to compensate Grier Furr & Crisp, PA for
any approved but unpaid fees and expenses in an amount not in excess of 30% of
such additional funds, such that at no time shall the total compensation paid to the
Receiver’s professionals over the course of this case exceed 30% of the total net
amount recovered by the Receiver over the course of this case prior to deducting
Signed: November 13, 2017
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