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	<title>
	Comments on: &#8220;Golden receivers&#8221;	</title>
	<atom:link href="https://www.overlawyered.com/2009/08/golden-receivers/feed/" rel="self" type="application/rss+xml" />
	<link>https://www.overlawyered.com/2009/08/golden-receivers/</link>
	<description>Chronicling the high cost of our legal system</description>
	<lastBuildDate>Mon, 17 Aug 2009 04:21:48 +0000</lastBuildDate>
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		<title>
		By: Golden receivers, cont&#8217;d		</title>
		<link>https://www.overlawyered.com/2009/08/golden-receivers/comment-page-1/#comment-67308</link>

		<dc:creator><![CDATA[Golden receivers, cont&#8217;d]]></dc:creator>
		<pubDate>Mon, 17 Aug 2009 04:21:48 +0000</pubDate>
		<guid isPermaLink="false">http://overlawyered.com/?p=13100#comment-67308</guid>

					<description><![CDATA[[...] Critics including the Securities and Exchange Commission dispute whether receivers really deserve $27 million for their work through May in cleaning up after the collapse of Texas businessman R. Allen Stanford&#8217;s empire. [AP/USA Today; earlier] [...]]]></description>
			<content:encoded><![CDATA[<p>[&#8230;] Critics including the Securities and Exchange Commission dispute whether receivers really deserve $27 million for their work through May in cleaning up after the collapse of Texas businessman R. Allen Stanford&#8217;s empire. [AP/USA Today; earlier] [&#8230;]</p>
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		<title>
		By: Doug		</title>
		<link>https://www.overlawyered.com/2009/08/golden-receivers/comment-page-1/#comment-64437</link>

		<dc:creator><![CDATA[Doug]]></dc:creator>
		<pubDate>Mon, 10 Aug 2009 22:16:57 +0000</pubDate>
		<guid isPermaLink="false">http://overlawyered.com/?p=13100#comment-64437</guid>

					<description><![CDATA[PhilG: I apologize.  I reread and understand your thoughts.  There are plenty of greedy lawyers out there.]]></description>
			<content:encoded><![CDATA[<p>PhilG: I apologize.  I reread and understand your thoughts.  There are plenty of greedy lawyers out there.</p>
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		<title>
		By: John Burgess		</title>
		<link>https://www.overlawyered.com/2009/08/golden-receivers/comment-page-1/#comment-64384</link>

		<dc:creator><![CDATA[John Burgess]]></dc:creator>
		<pubDate>Mon, 10 Aug 2009 20:21:12 +0000</pubDate>
		<guid isPermaLink="false">http://overlawyered.com/?p=13100#comment-64384</guid>

					<description><![CDATA[&lt;a href=&quot;http://www.thefreedictionary.com/permeate&quot; rel=&quot;nofollow&quot;&gt;Permeate&lt;/a&gt;

Whether something is spread throughout law (or maybe just lawyering) is a question of both fact and perception. The facts may argue that it is limited in its pervasiveness; the perception is that it is near unto total.]]></description>
			<content:encoded><![CDATA[<p><a href="http://www.thefreedictionary.com/permeate" rel="nofollow">Permeate</a></p>
<p>Whether something is spread throughout law (or maybe just lawyering) is a question of both fact and perception. The facts may argue that it is limited in its pervasiveness; the perception is that it is near unto total.</p>
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		<title>
		By: PhilG		</title>
		<link>https://www.overlawyered.com/2009/08/golden-receivers/comment-page-1/#comment-64336</link>

		<dc:creator><![CDATA[PhilG]]></dc:creator>
		<pubDate>Mon, 10 Aug 2009 18:14:22 +0000</pubDate>
		<guid isPermaLink="false">http://overlawyered.com/?p=13100#comment-64336</guid>

					<description><![CDATA[Sorry Doug; if you read again what I said above, you will see that I referred to &quot;the abuse by some lawyers&quot; with the emphasis on &quot;some&quot;.  What I meant by abuse permeating the  practice of law is that abuse of the legal system for the inordinate financial gain of some lawyers at their clients&#039; expense is found in every legal specialty, so that reform of the legal system really needs to go well beyond just reform of the tort system.  And this abuse by lawyers acting as receivers is just another example of that.]]></description>
			<content:encoded><![CDATA[<p>Sorry Doug; if you read again what I said above, you will see that I referred to &#8220;the abuse by some lawyers&#8221; with the emphasis on &#8220;some&#8221;.  What I meant by abuse permeating the  practice of law is that abuse of the legal system for the inordinate financial gain of some lawyers at their clients&#8217; expense is found in every legal specialty, so that reform of the legal system really needs to go well beyond just reform of the tort system.  And this abuse by lawyers acting as receivers is just another example of that.</p>
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		<item>
		<title>
		By: Doug		</title>
		<link>https://www.overlawyered.com/2009/08/golden-receivers/comment-page-1/#comment-64320</link>

		<dc:creator><![CDATA[Doug]]></dc:creator>
		<pubDate>Mon, 10 Aug 2009 17:29:58 +0000</pubDate>
		<guid isPermaLink="false">http://overlawyered.com/?p=13100#comment-64320</guid>

					<description><![CDATA[I take issue with the wording &quot;and permeates the practice of law.&quot;  It sounds, perhaps unintentionally, that all lawyers abuse the system to their own favor.  It was not clear to me if only some lawyers or it is all lawyers.  I now of many lawyers that toil away day after day with little or no compensation and without recognition.]]></description>
			<content:encoded><![CDATA[<p>I take issue with the wording &#8220;and permeates the practice of law.&#8221;  It sounds, perhaps unintentionally, that all lawyers abuse the system to their own favor.  It was not clear to me if only some lawyers or it is all lawyers.  I now of many lawyers that toil away day after day with little or no compensation and without recognition.</p>
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		<title>
		By: VMS		</title>
		<link>https://www.overlawyered.com/2009/08/golden-receivers/comment-page-1/#comment-64319</link>

		<dc:creator><![CDATA[VMS]]></dc:creator>
		<pubDate>Mon, 10 Aug 2009 17:29:08 +0000</pubDate>
		<guid isPermaLink="false">http://overlawyered.com/?p=13100#comment-64319</guid>

					<description><![CDATA[This is disgusting! Legalized theft.  The receivers and trustees should receive the statutory schedule of comissions for an executor (or trustee) handling an estate or a trust created by will. 
For executors:
(a) For receiving and paying out  all  sums  of  money  not  exceeding
  $100,000 at the rate of 5 percent.
    (b)  For  receiving  and  paying out any additional sums not exceeding
  $200,000 at the rate of 4 percent.
    (c) For receiving and paying out any  additional  sums  not  exceeding
  $700,000 at the rate of 3 percent.
    (d)  For  receiving  and  paying out any additional sums not exceeding
  $4,000,000 at the rate of 2 1/2 percent.
    (e) For receiving and paying out all sums above $5,000,000 at the rate
  of 2 percent.

For Trustees:
    1. On the settlement of the account of any trustee under the will of a
  person dying after August 31, 1956, or  under  a  lifetime  inter  trust
  established  after  August  31,  1956,  the  court must allow to him his
  reasonable and necessary expenses actually paid by him and if he  be  an
  attorney  of  this  state  and  shall  have  rendered  legal services in
  connection with his official duties, such  compensation  for  his  legal
  services  as  shall appear to the court to be just and reasonable and in
  addition thereto it must allow  to  the  trustee  for  his  services  as
  trustee  a  commission  from  principal for paying out all sums of money
  constituting principal at the rate of 1 per cent.
    2. In addition to the commission allowed by  subdivision  1  hereof  a
  trustee shall be entitled to annual commissions at the following rates:
    (a)  $10.50 per $1,000 or major fraction thereof on the first $400,000
  of principal.
    (b) $4.50 per $1,000 or major fraction thereof on the next $600,000 of
  principal.
    (c) $3.00 per $1,000 or  major  fraction  thereof  on  all  additional
  principal.

The NY Surrogate&#039;s Court Procedure Act commission schedule is very fair. It gives the Executor or Trustee just compensation without fleecing the estate. It should be adopted for the Ponzi scheme restitution trustees with a proviso that should the retitution poll be HUGE, the trustee should get paid comensurate with the work involved since I cannot see the non-clerical work for a $6,000,000,000 restitution pool being significantly greater than for a $6,000,000 restitution pool.]]></description>
			<content:encoded><![CDATA[<p>This is disgusting! Legalized theft.  The receivers and trustees should receive the statutory schedule of comissions for an executor (or trustee) handling an estate or a trust created by will.<br />
For executors:<br />
(a) For receiving and paying out  all  sums  of  money  not  exceeding<br />
  $100,000 at the rate of 5 percent.<br />
    (b)  For  receiving  and  paying out any additional sums not exceeding<br />
  $200,000 at the rate of 4 percent.<br />
    (c) For receiving and paying out any  additional  sums  not  exceeding<br />
  $700,000 at the rate of 3 percent.<br />
    (d)  For  receiving  and  paying out any additional sums not exceeding<br />
  $4,000,000 at the rate of 2 1/2 percent.<br />
    (e) For receiving and paying out all sums above $5,000,000 at the rate<br />
  of 2 percent.</p>
<p>For Trustees:<br />
    1. On the settlement of the account of any trustee under the will of a<br />
  person dying after August 31, 1956, or  under  a  lifetime  inter  trust<br />
  established  after  August  31,  1956,  the  court must allow to him his<br />
  reasonable and necessary expenses actually paid by him and if he  be  an<br />
  attorney  of  this  state  and  shall  have  rendered  legal services in<br />
  connection with his official duties, such  compensation  for  his  legal<br />
  services  as  shall appear to the court to be just and reasonable and in<br />
  addition thereto it must allow  to  the  trustee  for  his  services  as<br />
  trustee  a  commission  from  principal for paying out all sums of money<br />
  constituting principal at the rate of 1 per cent.<br />
    2. In addition to the commission allowed by  subdivision  1  hereof  a<br />
  trustee shall be entitled to annual commissions at the following rates:<br />
    (a)  $10.50 per $1,000 or major fraction thereof on the first $400,000<br />
  of principal.<br />
    (b) $4.50 per $1,000 or major fraction thereof on the next $600,000 of<br />
  principal.<br />
    (c) $3.00 per $1,000 or  major  fraction  thereof  on  all  additional<br />
  principal.</p>
<p>The NY Surrogate&#8217;s Court Procedure Act commission schedule is very fair. It gives the Executor or Trustee just compensation without fleecing the estate. It should be adopted for the Ponzi scheme restitution trustees with a proviso that should the retitution poll be HUGE, the trustee should get paid comensurate with the work involved since I cannot see the non-clerical work for a $6,000,000,000 restitution pool being significantly greater than for a $6,000,000 restitution pool.</p>
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		<item>
		<title>
		By: PhilG		</title>
		<link>https://www.overlawyered.com/2009/08/golden-receivers/comment-page-1/#comment-64314</link>

		<dc:creator><![CDATA[PhilG]]></dc:creator>
		<pubDate>Mon, 10 Aug 2009 17:10:17 +0000</pubDate>
		<guid isPermaLink="false">http://overlawyered.com/?p=13100#comment-64314</guid>

					<description><![CDATA[While the items in Overlawyered are primarily on abuse of the tort system, this shows once again that abuse by some lawyers to line their own pockets goes well beyond the tort system and permeates the practice of law.  So reform of the legal system needs to go much further than just tort reform.  It is sad that the victims of Ponzi schemes are being victimized twice, once by the Ponzi schemers themselves, then a second time by the lawyers appointed as receivers.]]></description>
			<content:encoded><![CDATA[<p>While the items in Overlawyered are primarily on abuse of the tort system, this shows once again that abuse by some lawyers to line their own pockets goes well beyond the tort system and permeates the practice of law.  So reform of the legal system needs to go much further than just tort reform.  It is sad that the victims of Ponzi schemes are being victimized twice, once by the Ponzi schemers themselves, then a second time by the lawyers appointed as receivers.</p>
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