Securities & Exchang v. Dowdell, et al

Filing 983

ORDER ADOPTING 982 REPORT AND RECOMMENDATIONS ; granting and granting in part 981 Motion to amend Reserve Amount as more fully set forth in said order. Signed by Senior Judge Norman K. Moon on 7/18/19. (hnw)

07/18/2019

IN THE UNITED STATES DISTRICT COURT
FOR THE WESTERN DISTRICT OF VIRGINIA
CHARLOTTESVILLE DIVISION
SECURITIES AND EXCHANGE
COMMISSION,

CASE NO. 3:01-cv-00116
Plaintiff,

v.

ORDER

TERRY L. DOWDELL, ET AL.
Defendants.

JUDGE NORMAN K. MOON

This matter is before the Court on Receiver Roy M. Terry, Jr.’s Motion to Amend Reserve
Amount and to Authorize Payment of Professionals Fees and Expenses (dkt. 981) and the Report
and Recommendation of United States Magistrate Judge Robert S. Ballou (dkt. 982). The matter
was referred to Judge Ballou pursuant to 28 U.S.C. §§ 636(b)(1) and (b)(3) for proposed findings
of fact and a recommended disposition of the Receiver’s Motion.
The Receiver’s Motion (dkt. 981) contains two related motions: (1) a motion to increase
the Reserve amount; and (2) a motion to approve payment of professional fees in amounts greater
than $5000.00. After a review of the record in this case, and no objections having been filed to
the Report and Recommendation within fourteen days of its service upon the parties, I will adopt
the Report. Accordingly, it is hereby ORDERED that:
1. The Report and Recommendation (dkt. 982) is hereby ADOPTED in its entirety;
2. The Receiver’s Motion to Amend Reserve Amount (dkt. 981) is GRANTED and the
Reserve amount is INCREASED to $59,819.62;
3. The Motion to Approve Payment of Professional Fees and Expenses to Sands Anderson
PC in the amount of $35,346.59 is GRANTED in part in the amount of $35,225.59,

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and because Sands Anderson PC has been paid $5,000.00 of the approved amount,
Sands Anderson PC is AWARDED $30,225.59;
4. The Motion to Approve Payment of Professional Fees and Expenses to Keiter, the
Receiver’s CPA firm, (dkt. 981), in the amount of $6,698.03 is GRANTED and
because Keiter has been paid $5,000.00 of the approved amount, Keiter is AWARDED
$1,698.03;
5. The Receiver is AUTHORIZED to pay the amounts awarded in this Order; and
6. The Receiver is AUTHORIZED to pay from the Reserve any reasonable professional
fees and expenses performed for the conclusion of the receivership; however, the
Receiver shall SEEK court approval for any professional fees and expenses to be paid
greater than five thousand dollars ($5,000.00).
IT IS SO ORDERED.
The Clerk of the Court is directed to send a copy of this Order to counsel of record.
18th
Entered this _____ day of July, 2019.

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