night box securities and exchange commissio n filed … · • analysis of books and records for...

UNITED STATES DISTRICT COURTSOUTHERN DISTRICT OF FLORID A

FORT LAUDERDALE DIVISIO N

SECURITIES AND EXCHANGE COMMISSIO N

Plaintiff,

V .

MICHAEL LAUER ,LANCER MANAGEMENT GROUP, LLC, andLANCER MANAGEMENT GROUP II, LLC ,

Defendants ,

and

LANCER OFFSHORE, INC .,LANCER PARTNERS, LP,OMNIFUND, LTD . ,LSPV, INC., and LSPV, LLC ,

Relief Defendants .

IN RE :

LANCER PARTNERS, L.P.,

DEBTOR .

NIGHT BOXFILE D

Nov - 1 20

CLARENC EUSDC SDF~CLERK,

F'T -

Case No. 03-80612 CIV-MARRAJointly Administered

Chapter 11 CaseCase Nos . : 04-8021 1-CIV-MARRA

SUMMARY OF EIGHTH APPLICATION FOR COMPENSATION OF FEESAND COSTS OF ACCOUNTANTS FOR RECEIVE R

(Request for Relief in Bankruptcy Case Only )

1 . Name of applicant: Berkowitz Dick Pollack & Brant Certified Public Accountants & Consultants, LL P

2 . Role of applicant : Accountants for Receiver

3 . Name of ce rt ifying professional : Scott M . Bouchner

4 . Date case filed : April 16, 200 3

5 . Date of application for employment : -

6 . Date of order approving employment : -

7 . If debtor's counsel , date of Disclosureof Compensation form : N/A

8 . Date of this application : ?Ts oDor- ~~005

9 . Dates of services covered : April 1, 2005 through September 30, 2005

Case No . : 04-80211-CV-MARR A

10 .

Fees . . .

Total fee requested for this period (from Exhibit 1) $ 186,500 .5 0

11 . Balance remaining in fee retainer account, not yet awarded -

12 . Fees paid or advanced for this period, by other sources -

13 . Net amount of fee requested for this period $ 186,500 .5 0

14 .

Expenses . . .

Total expense reimbursement requested for this period

15 . Balance remaining in expense retainer account, not yet received

16 . Expenses paid or advanced for this period, by other source s

17 . Net amount of expense reimbursements requested for this period $

18 . Gross award requested for this period (#10 + #14) $ 186,500.50

19 . Net award requested for this period (#13 + #17) $ 186,500 .50

20 . If Final Fee Application, amounts of net awards requested in interi mapplications but not previously awarded (total from History of Fees and Expenses ,following pages) :

21 . Total fee and expense award requested (#19 + #20): $ 186,500.50

History of Fees and Expenses

1 . Dates, sources, and amounts of retainers received :

Dates Sources Amounts For Fees or costs

2 . Dates, sources, and amounts of third party payments received :

Dates Sources Amounts For Fees or costs

Case No .: 04-80211 -CV-MAR R A

3. Prior fee and expense awards :

First interim applicatio n

Dates covered by first application : August 11, 2003 through September 30, 200 3

Prior Fee Prior ExpenseAwards Awards

Amount of fees requested: $ 52,300.00

Amount of expenses requested :

Amount of fees awarded: $ 44,455.00

Amount of expenses awarded :

Amount of fee retainer authorized to be used: $ -

Amount of expense retainer authorized to be used :

Fees award, net of retainer: $ -

Expense award, net of retainer :

Date of first award: February 11, 2004

Amount of fees actually paid: $ 44,455.00

Amount of expenses reimbursement actually paid :

Portion of fees requested but not awarded, which applicant wishes $ 7,845 .00to defer to final fee application :

Portion of expenses requested but not awarded, which applicantwishes to defer to final fee application :

$ 2,347.28

Case No . : 04-80211-CV-MARR A

Second interim application

Dates covered by second application : October 1, 2003 through November 30, 200 3

Prior Fee Prior ExpenseAwards Award s







Fees award, net of retainer: $ 47,469.50


Date of second award: April 16, 2004



Portion of fees requested but not awarded, which applicant wishes $ -to defer to final fee application :


Case No . : 04-80211-CV-MARRA

Third interim application

Dates covered by third application : December 1, 2003 through January 31, 200 4










Date of third award: October 8, 2004



Portion of fees requested but not awarded, which applicant wishesto defer to final fee application :


Case No .: 04 - 80211 -CV-MARRA

Fourth Interim application

Dates covered by fourth application : February 1, 2004 through March 31, 2004









Expense award, net of retainer:

Date of fourth award: October 8, 2004



Portion of fees requested but not awarded, which applicant wishesto defer to final fee application :


Case No .: 04 - 80211 -CV-MARRA

Fifth interim application

Dates covered by fifth application : April 1, 2004 through May 31, 2004








Fees award, net of retainer: $ -


Date of fifth award: March 29, 2005



Portion of fees requested but not awarded, which applicant wishes $ -to defer to final fee application :

Portion of expenses requested but not awarded, which applicantwishes to defer to final fee application:

Case No. : 04-80211 -CV-MARR A

Sixth Interim application

Dates covered by fifth application : June 1, 2004 through November 30, 200 4


Amount of fees requested: $ 439,792.0 0

Amount of expenses requested:

Amount of fees awarded: $


Amount of fee retainer authorized to be used: $


Fees award, net of retainer: $


Date of sixth award :

Amount of fees actually paid : $

Amount of expenses reimbursement actually paid: $

Portion of fees requested but not awarded, which applicant wishes $to defer to final fee application :


Case No. : 04-8021 1 -CV-MARR A

Seventh interim application

Dates covered by fifth application : December 1, 2004 through March 31, 200 5




Amount of fees awarded: $


Amount of fee retainer authorized to be used: $


Fees award , net of retainer: $

Expense award , net of retainer:

Date of seventh award :

Amount of fees actually paid : $

Amount of expenses reimbursement actually paid : $

Portion of fees requested but not awarded, which applicant wishes $to defer to final fee application :


UNITED STATES DISTRICT COURTSOUTHERN DISTRICT OF FLORIDA

FORT LAUDERDALE DIVISIO N

SECURITIES AND EXCHANGE COMMISSION

Plaintiff ,

V .

MICHAEL LAUER ,LANCER MANAGEMENT GROUP, LLC, andLANCER MANAGEMENT GROUP II, LLC,

Case No. 03-80612 CIV-MARRADefendants, Jointly Administered

and

LANCER OFFSHORE, INC .,LANCER PARTNERS, LP,OMNIFUND, LTD . ,LSPV, INC ., and LSPV, LLC ,

Relief Defendants .

IN RE :

LANCER PARTNERS, L .P.,

DEBTOR .

Chapter 11 Cas eCase No . : 04-8021 1 -CIV-MARRA

EIGHTH INTERIM APPLICATION FOR COMPENSATIONOF FEES AND COSTS OF ACCOUNTANT FOR RECEIVER

(Request for Relief in Bankruptcy Case Only )

Berkowitz Dick Pollack & Brant, Certified Public Accountants and Consultants, LLP

("BDPB"), accountant to the Receiver - Lancer Partners, Limited Partnership, ("Debtor"),

applies for interim compensation for fees for services rendered and costs incurred in this

Chapter 11 proceeding. This application is filed pursuant to 11 U .S .C. § 330 and

Bankruptcy Rule 2016, and meets all of the requirements set forth in the Guidelines

incorporated in Local Rule 2016-1(B)(1) . The exhibits attached to this application, pursuant

to the Guidelines, are :

Case No.: 04-80211 -CIV-MARRA

Exhibits "1-A" and "1-B" - Summary of Professional and Paraprofessional Time .

Exhibit "2" - Summary of Requested Reimbursement of Expenses .

DESCRIPTION OF SERVICES

The following represents a summary of the fees performed by BDPB in connection with this

case .

1 Case Administration 10 .40 hours $ 2,915.50

Description - Engagement management, preparation of project management andstaffing schedules, engagement team status meetings, preparation of planningdocuments and status reports, meetings and coordination of open issues with counsel,conference calls, and discussion of case matters .

2 Claims Administration / Objections 3 .70 hours $ 874.00

Description - Review and analysis of proofs of claim and supporting documentationsubmitted to the Receiver . Comparison of claims to Lancer Partners' records to assistcounsel to assess the validity of submitted claims .

3 Data Analysis 158 .10 hours $ 33 ,537.00

Description - Tasks in this category involved time on the following projects :

• Analysis of books and records for Lancer Partners .• Creation and updating of a database of transactions entered into by Lancer Partners .• Review and analysis of operational activity of portfolio companies .• Analysis of payments and outflows of cash from Lancer Partners to insiders, portfoliocompanies and third parties .• Compilation of investor information analyzing Partner contributions and distributions .• Analysis of net redeemers, partial redeemers and non-redeemers .• Detailed analysis of trading activity for specific portfolio companies invested in byLancer Partners .• Analysis and review of private transactions entered into by Lancer Partners .• Analysis of inter-fund trading activity between various Lancer funds .

5 Fee / Employment Applications 26.00 hours $ 5,808.00

Description - Preparation of Fee Applications .

6 Litigation Consulting 230.00 hours $ 42,536.50

Description - Litigation assistance in connection with potential actions against Lancer

insiders and service providers . Analysis in connection with potential avoidance actions .

2

Case No . : 04-80211-C I V-MAR R A

7 Tax Issues 438.00 hours $ 95,191 .50

Description - Analysis of allocations of gains and losses to Partners for tax reportingpurposes . Preparation and review of 2003 and 2004 partnership return Form 1065 .Preparation of K-1 forms to be issued to partners . Review of GGK work papers relatedto the allocation of realized investment gains to individual partners . Drafting ofdisclosure statements to be issued to Internal Revenue Service and to individualpartners . Search of concordance and Lancer computer files for correspondence frompartners in the fund. Analysis of accrual for professional fees .

8 Post -petition Accounting 26.50 hours $ 3,894 .00

Description - Preparation and review of monthly Debtor-In-Posession Reports .

9 SEC/Department of Justice Investigation 8 .30 hours $ 1,744 .00

Description - Respond to requests for information made by the United StatesSecurities and Exchange Commission and United States Department of Justice .

Participated in meetings and conference calls with these agencies .

901 .00 hours $ 186 ,500.50

COMPENSATION

The applicant believes that the requested fee, of $186,500 .50 for 901 .00 hours

worked, is reasonable considering the twelve factors enumerated in Johnson v. Georgia

Highway Express, Inc., 488 F .2d 714 (5'h Circuit 1974), made applicable to bankruptcy

proceedings by In re First Colonial Corp. of America, 544 F .2d 1291 (5'h Cir . 1977), as

follows :

1 . The General Nature of the Services Rendered; the Amounts Involved and the

Results Obtained. This case was commenced on with the filing of Voluntary Bankruptcy

Petitions for the Debtor on April 16, 2003. Certain matters and the results obtained with

respect to those matters are as follows :

2 . Time and Labor Required . The time records transcribed as Exhibits "1 - 4"

hereto show that BDPB has devoted not less than 901 .00 hours of actual recorded time to

the performance of accounting services in these proceedings . Those daily time records,

however, do not reflect every hour expended in matters such as telephone calls, routin e

3

Case No .: 04-8021 1 -CIV-MARRA

correspondence, brief conferences and responses to requests for information concerning

the status of these proceedings. Time devoted to such matters often eludes recording, but,

if recorded, would undoubtedly add to the foregoing total . The accountants for the Receiver

recorded the time expended on behalf of the Receiver accurately and there was no

duplication of time . The hours expended accurately reflect the work performed .

3 . Novelty and Difficulty of Services and Skills Requisite to the Accounting . The

issues presented in this case are novel given the state of the Debtor's records, or lack of

records, the difficulty of the records recovery process, the unavailability of the debtor's

accounting personnel, the lack of production of records by the debtor's third party financial

services providers, outside accountants and auditors and the unique way the Debtor

conducted its business affairs . Based on information obtained from interviews of former

employees and providers, the debtor did not employ accountants and did not maintain

books and records normally kept by other similar companies in this industry . The debtor

utilized the services of third party outside accountants and financial services providers to

keep its books and records . Accordingly, BDPB personnel are involved in an extensive

document discovery process in order to recover sufficient information to re-create the books

and records of the debtor . This has required the interview of former employees and

financial services providers, extensive search and discovery procedures of the debtors

computer and hard copy files, the development of numerous document request lists and

follow up procedures, detailed analysis of financial information and developing procedures

for the recreation of the debtors books and records which are needed to ensure proper

accounting and reporting . Additionally, it has been alleged that the debtor has been

involved in price manipulation of securities in its portfolio and that the debtor invested in

illiquid, thinly traded penny stocks . Additionally, it has been discovered that the debtor's

personnel provided information regarding private securities transactions that was entere d

4

Case No. : 04-8021 1 -CIV-MARRA

into the debtors prime brokerage account statements concerning the number of shares

owned and the value of shares owned in its portfolio . Additionally , it has been discovered

that the debtor 's personnel provided information that was entered into the debtors prime

brokerage account statements related to cash transactions possibly conducted through

other financial institutions and that discovery related to backup documentation for such cash

transactions or the identity of other financial institutions is still in process . BDPB personnel

continue to be involved in extensive discove ry and document analysis to determine the

nature and extent of cash transactions and to document the cash transactions . The

experience and capabilities of the professionals involved with this case meet the

requirement of the accounting skills and judgment and experience in the fields of

bankruptcy and related corporate financial and taxation issues and other forensic

accounting and consultation skills required for the successful completion of the objectives of

the Receiver .

4 . The Skill Requisite to Pe rform the Serv ices Properly . BDPB has staffed the

engagement with personnel experienced in bankruptcy accounting reporting and disclosure .

5 . The Preclusion of Other Employment by the Professional Due to Acceptanc e

of this Case . BDPB has not been precluded from any other employment due to the

acceptance of this case .

6 . The Customary Fee . The customary fee for se rvices of the type rendered

herein , BDPB charges commercial clients on one or more of the following criteria :

reasonable fee for se rv ices rendered , hourly charges , or fixed fee . To the extent hourly

charges are relevant , BDPB commands from commercial clients hourly rates ranging from

$65 an hour to $350 per hour depending on the level of professional skill required .

5

Case No . : 04-8021 1 -CIV-MARRA

7 . Whether the Fee is Fixed or Contingent . The fee is contingent inasmuch as

the Receiver relies upon a Court Order approving the fee . BDPB has not entered into any

agreement to fix a fee .

8 . Time Limitations Imposed by the Client or Other Circumstances . BDPB was

directed to commence work by the Receiver on August 11, 2003 to assist the Receiver in :

the investigation of the manner in which the affairs of the debtor were conducted ; the

determination of what happened to investors' capital contributions ; the investigation of

possible preferential transfers and fraudulent conveyances ; the preparation of the Monthly

Financial Reports and the Statement of Financial Affairs and the Schedules required to be

filed with the Petition . While no specific deadlines have been opposed, other than monthly

reports filed with the Court, BDPB is working with haste and care to assist the Receiver .

9 . The Experience, Reputation, and Ability of the Professional . BDPB is an

established accounting firm comprised of thirteen directors and over 100 personnel . Its

professionals and staff working on this case are experienced in matters of this kind .

Richard A. Pollack has testified as an expert witness in similar matters where accounting

fees were awarded on the same basis as those sought in this application .

10 . Undesirability of Case . This case is not undesirable . BDPB is privileged to

have the opportunity to serve the Receiver and appear before the Court in this proceeding .

11 . Nature and Length of Professional Relationship With Client . BDPB's

relationship with the Receiver began on August 11, 2003 .

12 . Awards in Similar Cases . The amount requested by BDPB is reasonable in

terms of awards in cases of similar magnitude and complexity. The compensation which

BDPB requests comports with the mandate of the Bankruptcy Code, which directs that

services be evaluated in light of comparable services performed in non-bankruptcy cases in

the community . Considering the results obtained thus far, this fee request is appropriate .

6

Case No . : 04-8021 1 -CIV-MARRA

Likewise, as with all major accounting firms, BDPB's overhead expenses are substantial .

Much of the fee, which the Court awards BDPB, will merely defray such significant

overhead expenses already incurred and paid during the pendency of this case .

WHEREFORE , the applicant seeks an interim award of fees in the amount of

$186,500 .50. During the Application Period, BDPB has rendered extensive and necessary

services for and on behalf of the receivership estate, as set forth below. Because BDPB is

still in the initial phase of the factual development of this case and disclosure of detailed

time entries would be detrimental to and undermine the Receiver's efforts to recover assets,

the daily time records of BDPB are not attached . At the Court's request, BDPB will

immediately make the time records available to the Court ex parte for an in camera

inspection .

Respectfully submitted,Berkowitz Dick Pollack & BrantCertified Public Accountants and Consultants, LLPAccountants for the Receive r200 South Biscayne Boulevard, Sixth FloorMiami, FL 3313 1Tel: (305) 379-7000 Fax : (305) 379-8200

Scott M . Bouchne r

7

Case rvo . : 04-8021 1 -CIV-MARRA

CERTIFICATION

1 . I have been designated by Berkowitz Dick Pollack & Brant, Certified Publi c

Accountants and Consultants, LLP (the "Applicant") as the professional with

responsibility in this case for compliance with the "Guidelines for Fee

Applications for Professionals in the District of Connecticut in Bankruptcy Cases"

(the "Guidelines") .

2. I have read the Applicant's application for compensation and reimbursement of

expenses (the "Application") . The application complies with the Guidelines, and

the fees and expenses sought fall within the Guidelines, except as specifically

noted in this certification and described in the application .

3. The fees and expenses sought are billed at rates and in accordance with

practices customarily employed by the Applicant and generally accepted by the

Applicant's clients .

4. In seeking reimbursement for the expenditures described on Exhibit 2, the

Applicant is seeking reimbursement only for the actual expenditure and has not

marked up the actual cost to provide a profit or to recover the amortized cost of

investment in staff time or equipment or capital outlay .

5. In seeking reimbursement for any service provided by a third party, the Applicant

is seeking reimbursement only for the amount actually paid by the Applicant to

the third party .

6. The following are the variances with the provisions of the Guidelines, the date of

each court order approving the variance, and the justification for the variance :

N/A

8

Case Ao . : 04-8021 1 -CIV-MARRA

Berkowitz Dick Pollack & Bran tCe rt ified Public Accountants and Consultants, LLPAccountants for Receive r200 South Biscayne BoulevardSixth Floo rMiami, Florida 33131305-379-7000

Scott M- Bouchne r

9

Case No . 03-80612 CIV-MARRA/VITUNAC

CERTIFICATE OF SERVIC E

I HEREBY CERTIFY that a true and correct copy of the foregoing was served by U .S. Mai l

upon the parties listed on the attached Service List this day of November , 2005 , upon all partie s

listed on the attached Service List .

Andrew MZaron

JOINTLY ADMINISTERED CASELANCER/RECEIVERSHIP AND BANKRUPTCY CAS E

CASE NO. 03-80612-MARRA/VITUNAC/CASE NO . 04-CIV-80211-MARRA/VITUNACETC.

SERVICE LIST

Christopher MartinSenior Trial Counse lU .S . Securities & Exchange Commission801 Brickell Avenue - Suite 1800Miami . FI 33131

Michael Lauer . pro seHeidi Caren s7 Dwight LaneGreenwich. C:T 0683 I

Heidi Carens7 Dwight LaneGreenwich . CT 0683 1

Patricia BearvOffice of the U . S . TrusteeOne Century Tower . Suite 1 103265 Church StreetNew Haven . CT 0651 0

Ga.r, N4, GF her

11 1 Russ i~Ll lO M T Pl ,,z, Suite 2000

SuAiil, New work 1,1203

Trisha D . SindlerSpecial Counse lU .S . Securities & Exchange Commission801 Brickell Avenue - Suite 1800Miami . FI 3313 1

Frank Paul TerzoKatz Barron Squitero Faust2699 S . Bayshore DriveEight Floo rMiami, FL 3313 3

Kenneth B . Robinson . Esq .Rice, Pugatch, Robinson & Schiller, P .A .848 Brickell Avenue, Suite 1100Miami, FL 3313 1

B^"ack E ;q

HaiM . 1„`^h c"„

Greenberg Tra I I 2

M . Life Build*n~?200 Park AvenueNe% WOF6 NY 1016 6

Rome. Sabanosh. PCOne State StreetHartIcrd CT 06103 3 102

M . Regina ThomasUnited States Trustee/Department of I ustice51 SW Ist Avenue - Suite 120 4Miami, FL 33130

Gerry LaBush, Esq .711 Third AvenueSuite 1505New York, New York 1001 7

Jimmy Tsakn ic/o Shari A . Brandt . Esq .Richard Spears Kibbe & Orbe, LLPOne World Financial Cente rNew York, NY 1028 1

Mercedes G . HalePiper Rudnick LL P101 E . Kennedy Boulevard, Suite 2000Tampa . FL 33602

Robert M . Dombrnft ; Esq .Jonathan Alter, Esq .Bingham McCutchen LLPOne State Stree tHartford . CT 0610 3

Anthony & Patricia O'Callagahan/Christopher B . O'Callaghan/Diane J . Nelson/John P . HeffernanAttn Timothy F . Broc kSatterlee Stephens Burke & Burke 1 .LP230 Park Avenu eNew York. NY 10169

Thomas D . Goldber gDay . Be rry & Howard LLPOne Canterbury GreenStamford , CT 06901

Ms . Nina Fiskaae nController. Nordea Li% Now ASFolke Bernadottes vei 3 85147 Fyllingsdale n1201 Bergen -NORWA Y

David Blaylock, Esq .Glankler Brown, PLLC1700 One Commerce SquareMemphis , Tennessee 38103Counsel for George R. Pidgeon, Sr.

David Newmanc/o Timothy E . Hoeffner1500 Market stree t38'h FloorPhiladelphia . PA 19102-218 6

Noah J . Schaller . Esq .The Law Offices of David W . Rubin600 Summer Street, Suite 201Stamford, CT 0690 1

Mark S . Gregor yDelphine W . Knight BrownKelley Drye & Warren LLPTwo Stamford Plaza281 Tresser BoulevardStamford. CT 0690 1

Joshua W . CohenCummings & Lockwood700 State Stree tNew Haven . CT 0650 9

Barbara H .Kat zLaw Office of Barbara H . Katz57 Trumbull Stree tNew Haven . CT 0651 0

James M . Nugent . Esq .

Gary S . Klein Joseph P. Moodhe KFO Investors PartnershipSand .,I . I leHflesse v, Gr eo Debevoise and Plimpton James M . Nugen t

970 Su-mm Sty et 919 Third Avenue Harlow. Adams & Friedman . P .C .Stamford C-406905 New York. NY 10022 300 Bic Drive

Millford . CT 06460

Howard L . Siege lBrown Rudnick Berlack Israels LLP Thaddeus E . Delonis, CPA

Timothy W . Wals h

Citvplace 1, 381h Floor 290 Towne Center DrivePeper Rudnick LL P

185 Asylum Avenue Trov . MI 48084 -17741251 Avenue of the Americas

Hartford, CT 060103New York. NY 10020-110 4

Garry M . Graber Leonard H . Hechtc/o Joseph Gallo Esq . 1270 avenue of the Americas W. l odd Boyd . Fsy .

Boyd Mustelier Smith & Parker. P .L .Corsair Advisors . Inc . Suite 214 Second Street . 36'h Floo r100 S E497 Delaware Avenue New York, NY 10020

. .Miami Florida 3313 1

Buffalo, NY 14202.

Kenneth Marcus Carl F Schoe 1 E spp q PR b W E

255 East 49 Street,

"S h l & B k P

earce .o ert ayne sq .

Apartment 8Bc oepp ur .A .e, Robert Wayne Pearce, P .A .

New York NY 100174651 North Federal Highway 1499 W . Palmetto Park Roa d

,Boca Raton , Florida 3343 1-5 133 Boca Raton . FL 33486

E-MAIL SERVICE LIS T

Scott M . Berman, Esq .Jeffrey Grcilsheimer, Esq . Anne F . Beaumont, Esq . Greg 1 . Arnol dHughes I lubbard and Reed, LI .P Friedman, Kaplan .Siiler & Adelman LI .P Brown Rudnick Berlack Israel sOne Battery Park Plaza 1633 Broadway , 46th Floor One Financial Cente rNew York, New York 10004 New York, NY 10019-6708 Boston . MA 0211 1E-mail : greilslie hu>,heshuhhard .com sberman .i tkla % . com/aheaumont ltklaw .corn E-mail : earnoldra brbilaw .co m

Tray is Corder David Cimo Esq . Paul WallaceGenovese Joblove & Battista P A

Brown Rudnick Berlack Israels.. . 9701 S. Bexley Drive

Bank of Tower 36th Floo rOne Financial Center

,CO 80126Li tt leton100 S E 2nd Street ,

Boston . MA 02111.

comE-mail : wallaceclandenver( ms nMiami Fl, 33131 .E-mail : tcorderia brbilaw com

,.E-mail : dcimo4vP_*b-law .co m

Bill McCowen Mr. Hans Jacob Dahie David P . Milian . Esq .Vesta Forsikring AS Kozyak Tropin & Throckmorton, P .A .

Metamora Multi Managers L L C.. .P .O . Box 7070 2525 Ponce de Leo n

E-mail : mccowenbill@tvoyager .net NORWA Y5020 B l G bl 3313 4Cergen - ora esae-mail : hans,jacob .dahleriiwesta .no E-mail : clmilian,a kttlaw .co m

Aaron Podhurst Esq .,Esq .Joel H . Bernstei n1-1,,,,zman ➢ . (],ride .,

P .A . Podhurst Orseck Josefsburg,

,, ,Goodkind Labaton Rudoff & Sucharow LL P

Eaton Meadow Olin & Perwin P A, , , . .100 Park Avenu e

25 West Flagler Street - Suite 80 0( l Fl i 3313 4l

New York . New York 1001 7or d aGab es, Miami, Florida 33130glrslaww .co mE-mail ibernstein .u

1 .,E mail . Nil E-mail : apodhursra podhurst .com.

Carol Felicett aRoberto Martinez Esq . Joseph Matthews Esq .. .

Reid & Riege P C .Colson Hicks Eidson P .A . Colson Hicks Eidson P A

. ..

234 Church Street . 9th Floo r255 Aragon Avenue 2nd Floor 2nd Floo r255 Aragon Avenu e, .

New Haven CT 06510-181 9Coral Gables FL 33134 33134Coral Gables FL

., , _

E-mail: cfelicettaii reidandrie 1 e.co mE-mail : bob ,t :colson .com E-mail : ioseph,eicoIsoil . coi n

David L . Snyder, Esq . Rudolph F . Aragon . Esq . Salvatore A . Barbatano, Esq .Craig B . Leavers, Esq . White & Case Foley & Lardne rNeuberger, Quinn . Gielen, Rubin & Gibber Wachovia Financial Center, Suite 4900 150 W. Jefferso n

One South Street, 27`h Floor 200 South Biscayne Boulevard Suite 100 0Baltimore. MA 21202-3282 Miami . Florida 33131-2352 Detroit, Ml 48226-261 6E-mail : dlsrtenggre.comicbl-c ngerg .com E-mail raragon(i'whitecase .com E-mail : sbarbatano a tolevlaw .co m

Eric A . Henzy . Esq . Donald Workman . Esq .R id a d Ri e P C lF & L d E sHarknesse n eg , . . ne ro ey ar g.One Financial Plaza 3000 K Street, N .W . k '-ill n afalis & Fra kel LL PHartford . CT 06103 Suite 500 9 19 Third Avenu e

E-mail : ehenz v, :reidandrie,,e .com Washington . D .C . New York New York 1002 2

E-mail : dworkman u'folevlaw .co m

Lewis N . Brown Harley S . Tropin . Esq . Christopher Marti nGilbride, Heller & Brown, PA . Kozyak Tropin & Throckmorton, P .A . Senior Trial Counse lOne Biscayne Tower, Suite 1570 2525 Ponce de Leon U .S . Securities & Exchange Commissio nTwo South Biscayne Blvd . Coral Gables 33134 801 BrickelI Avenue - Suite 1800Miami, Florida 33131 E-mail : hst"irkttlaw .com Miami, F) 3313 1E-mail : Ibrown(a ahblaw .com E-mail :sfii!kttlaw .com E-mail martins a sec .go v

Lewis N . Brown . Esq .

Andrew L . Jiranek Es . ,Michael i Dell Dyanne E . Feinberg, Esq .

McKennon Shelton & Henn LI,P,

Gilbride, Heller & Brown, P .A .

401 East Pratt St. . Suite 2315 911) Thi rd ,A . .onu-- One Biscayne Tower. Suite 157 0Two South Biscayne Blvd

Baltimore 21202MdAle. . Vaal New Valli 10022 .

, . Miami, FL 3313 1E-mail : andrew.jiranek(n mshllp .com E mi ^airl- ni'Dlls'7F 1if,-amerD'.'-in

E-mail : Ihrowu i ahblaw .com/dfeinberg~i ghblaw .com

Daniel A . Casey, Esq . Seth M. Schwartz . Esq . John Hochman . Esq .Kirkpatrick & Lockhar

t Miami Center - 20" FloorSkadden . Arps, Slate . Meagher & Flom LLP Schindler Cohen & Hochman LL P

201 S. Biscayne Blvd . Four Times Square 100 Wall Street, 15'h Floo r

Miami, FL 33131 New York . New York 10036 New, York . New York 1000 5E-mail : dcasey!"ri?kl .com E-mail : sschwart(teskadden .com . F-mail : .jhochman ii)schlaw .co m

David Limo Esq . Robert T . Wright . Esq .

Robert Pershes Esq . Genovese Joblove & Battista . P .A . Coffev & Wright, I .L P,Buckingham , Doolittle & Bouroughs LLP Bank of Tower, 36th Floor Grand Bay Plaz a,2500 North Military Trail Suite 480 100 S .F . 2nd Street Penthouse 2 B.Boca Raton , FL 33431 Miami . FL 33131 2665 S . Bayshore Driv e

Miami FL 3313 3E-mail : rpershes.i hdblaw .com F-mail : dcimo(~igjb-law com ,.E-mail : r%% rialit a colTevwriaht .corn

William R . Maguire, Esq .Jeffrey Greilsheimer, Esq . .Jacqueline Wilson Kevin E . Gunthe r

Hughes Hubbard & Reed, LLP British Virgin Islands Financial Services 27 Reid Street, I" Floo rOne Battery Park Plaza Commission P O. Box FIM 305 1New York, NY 10004 Pasea Estate , Road Town Hamilton IIM N XE-mail : ntaguireuhughesbubbard .com Tortola. British Virgin Islands Bermud a

greilshe a hugheshubbard .com e-mail : vilsonj%ulbvitsc .vg e-mail : kevin .gunther(&lom .b m

Mr Dylan Wolff Susan v Dsmers, Es, ,.

Prise Find la & Co Michael Lauer . pro s eManaging Director Norges In estor Value y

7 Dwight Lan eBox 1863 VikaP O. .

P.O- o 1 Greenwich, CT 0683 10124 Oslo - NORWAY Road T-OWR, To e-mail : mhlauer(dhotmail .co me-mail : dwu;norgesinvestor .n o

William S . Fish, Esq . John G Moon Esq Michael Budwick Esq .William H Cham lin Es

. , .Meland . Russin . Hellinger & Budwick . P .A .p. , q . Chadbourne & Parke LLP

Eyler Cooper & Alcorn LLP 3000 First Union Financial Cente r, 30 Rockefeller Plaza185 Asylum St .. CityPlace 35th Floor 200 South Biscayne Boulevar dHartford, CT 06103 New York , NY 10112 Miami . Florida 3313 1e-mail : fishatvlercooper.corn/ e-mail : jmoon @chadbourrle .com c-mail : nihudw ick u(melandrussin .con tchamplinrii tylercooper .co m

64036.000002 MIAMI 236-715vI

04-8021 1 -CIV-MAR R A

Summary of Professional and Paraprofessional TimeTotal per Individual for this Period Only

Exhibit 1-A

NameDirector, Staff

or Pa raprofessionalTota lHours

Averag eHourly Rate Fee

Richard A . Pollack Director 5.50 350.00 1,925.00Scott M. Bouchner Director 94.00 295.00 27,730.00Gary E . Rosenthal Director 4.70 285.00 1,339.50Jeffrey Mutnik Director 28.20 285.00 8,037.00David J . Siegel Staff 97.50 250.00 24,375.00Douglas Campbell Staff 230.30 250.00 57,575.00Joel Glick Staff 61 .50 220.00 13,530.00Greg Lacina Staff 121 .20 145.00 17,574.00Martin Prinsloo Staff 21 .70 145.00 3,146.50Adam Lang Staff 178.60 140.00 25,004.00Scott Schneider Staff 2.50 135.00 337.50Sharon Foote Staff 3.00 135.00 405.00Adam Katz Staff 45.70 110.00 5,027.00Gregory Geibel Paraprofessional 6.60 75.00 495.00

901 .00

Blended Average Hourly Rate : $ 206.99

Total fees : $ 186,500.50

04-80211-C IV-MARRA

Summary of Professional and Paraprofessional Time by Activity Code Categoryfor this Time Period Only

Exhibit 1-B

Name Rate Hours Fee I

Case Administratio nRichard A. Pollack $ 350 .00 0.50 175 .00Scott M . Bouchner $ 295.00 5.90 1,740 .50David J . Siegel $ 250 .00 4.00 1,000 .00

Activity Code Subtotal : 10.40 2,915 .50

Claims Administration / ObjectionsDavid J . Siegel $ 250.00 2.00 500 .00Joel Glick $ 220.00 1 .70 374 .00

Activity Code Subtotal : 3 .70 874 .00

Data Analysi sScott M . Bouchner $ 295.00 26 .20 7,729 .00David J . Siegel $ 250 .00 49 .00 12,250.00Joel Glick $ 220.00 28.00 6,160 .00Adam Lang $ 140.00 39 .90 5,586 .00Martin Prinsloo $ 145 .00 0 .70 101 .50Scott Schneider $ 135 .00 2 .50 337.50Sharon Foote $ 135 .00 3 .00 405 .00Adam Katz $ 110 .00 8 .80 968.00

Activity Code Subtotal : 158 .1 0 33,537.00

Fee / Employment Application sScott M. Bouchner $ 295 .00 4 .60 1,357.00David J . Siegel $ 250 .00 4 .50 1,125.00Joel Glick $ 220 .00 12.00 2,640.00Adam Lang $ 140.00 4.90 686.00

Activity Code Subtotal : 26 .00 5,808.00

Litigation ConsultingRichard A. Pollack 350.00 2.50 875.00Scott M . Bouchner $ 295.00 38.30 11,298.50Gary E . Rosenthal $ 285.00 4.70 1,339.50David J . Siegel $ 250.00 38.00 9,500.00Joel Glick $ 220.00 0.60 132.00Martin Prinsloo $ 145.00 21 .00 3,045.00Adam Lang $ 140.00 87.50 12,250.00Adam Katz $ 110.00 36 .90 4,059.00Gregory Geibel $ 75 .00 0.50 37.50

Activity Code Subtotal : 230.00 42,536.50

04-802 1 1-C IV-MARR A

Summary of Professional and Paraprofessional Time by Activity Code Categoryfor this Time Period Only

Exhibit 1-B

Name Rate Hours Fee 1Tax IssuesRichard A. Pollack $ 350.00 2 .50 875.00Scott M . Bouchner $ 295.00 18 .60 5,487.00Jeffrey Mutnik $ 285.00 28 .20 8,037.00Douglas Campbell $ 250.00 230 .30 57,575.00Joel Glick $ 220.00 10 .40 2,288.00Greg Lacina $ 145.00 121 .20 17,574.00Adam Lang $ 140 .00 20 .70 2,898.00Gregory Geibel $ 75 .00 6.10 457.50

Activity Code Subtotal : 438.00 95,191 .50

Post -petition AccountingJoel Glick $ 220 .00 2.30 506.00Adam Lang $ 140 .00 24.20 3,388.00

Activity Code Subtotal : 26.50 3,894.00

SEC/Department of Justice Investigatio nScott M. Bouchner $ 295.00 0.40 118.00Joel Glick $ 220.00 6.50 1,430.00Adam Lang $ 140.00 1 .40 196.00

Activity Code Subtotal : 8 .30 1,744.00

Total : 901 .00 $ 186 , 500.50

04-8021 1 -CIV-MARRA

Summary of Requested Reimbursement of Expensesfor this Time Period Only

Exhibit 2

Total Expense Reimbursement Requested

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