Stanford receiver seeks $20 million in fees: filing
HOUSTON (Reuters) - The court-appointed attorney overseeing the operations and assets of Texas financier Allen Stanford's businesses asked a federal judge on Friday to approve $20 million in fees and expenses for firms that have worked for him, according to court records.
"The tasks and challenges presented by this large receivership are numerous, complex, difficult, and in some respects unprecedented, Ralph Janvey, the receiver, said in a 51-page filing with federal court in Dallas.
Stanford, two of his top aides and three of his companies are accused of an $8.5 billion fraud by the U.S. Securities and Exchange Commission.
Janvey, who took over on February 17 in a bid to secure the firm's assets for investors, said his task has been complicated by the fact Allen Stanford's now shuttered financial empire was far flung and complex.
The billionaire controlled about 140 entities that were chartered and operated in locations spanning 15 U.S. states and 13 countries in Europe, the Caribbean, Canada and Latin America, the court papers said.
"Despite considerable obstacles, the receiver has made significant progress in a very short period of time and none of that progress would have been possible without the professionals' work," the filing said.
For example the filing says about $369 million in cash has been located.
Fee and expense requests include more than $576,000 for Janvey's firm, Krage & Janvey LLP; about $5.9 million for law firm Baker Botts LLP; more than $6.6 million for forensic accounting firm FTI; and more than $164,000 in fees and expenses for public relations firm Pierpont Communications Inc, the court papers said.
The firms are working at a reduced rate and fees are expected to be lower in the future, the court papers said.
Still, the SEC, Stanford and a court appointed examiner oppose the receiver's motion, according to the filing.
In other court papers on Friday, lawyers for Allen Stanford argued he will not be able to meet a May 15 deadline to file his 2007 tax return because the receiver is in control of all his books and records and funds.
The Internal Revenue Service is suing Allen Stanford for $227 million in back taxes.
(Reporting by Anna Driver in Houston; Editing by Andre Grenon)
