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Feds: RRA fees have 'heavy impact' - South Florida Business Journal

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South Florida > Heard Along the Coast > 2010 > March > Feds: RRA fees have 'heavy impact'
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Paul Brinkmann
Reporter
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Monday, March 8, 2010, 2:55pm EST | Modified: Tuesday, March 9, 2010, 9:56am
Fees demanded by bankruptcy attorneys are having a “heavy impact” on the money available to victims of Scott W. Rothstein’s Ponzi scheme, federal prosecutors said in a recent court filing. Firms working on the bankruptcy of the defunct Rothstein Rosenfeldt Adler law firm recently asked for court approval of $2.2 million in fees. The two firms representing RRA trustee Herb Stettin are seeking the lion’s share. Miami-based bankruptcy powerhouses Berger Singerman and Genovese Joblove & Battista want $1.5 million. The issue is coming up in a struggle between Stettin and the feds over who should oversee forfeiture and restitution. Rothstein, who is jailed pending his sentencing in May, signed over his assets to the feds, stating he thought that was best for alleged victims and creditors. Stettin’s attorneys have attempted to cite other Ponzi schemes, including those of Bernard Madoff and New York attorney Marc Dreier, as examples of cases where other bankruptcy trustees have overseen the distribution of Ponzi schemers' assets and restitution. But, attorneys for U.S. Attorney Jeffrey Sloman argue that, in the Dreier case, there was a formal, written agreement that spelled out terms of the feds’ arrangement with the bankruptcy estate. “At no time did the district court in Dreier cede its jurisdiction with respect to forfeitable assets, nor the related … proceedings. It should also be noted that the above-referenced ... agreements took a little over a year to negotiate and to have approved by the district court,” the feds write. In the meantime, suspense continues to build over who the feds will arrest next, following a report by The Miami Herald last week that Rothstein’s former staffers face imminent charges.
Categories: Legal Services, Bankruptcies Companies: Berger Singerman, Genovese Joblove & Battista, Rothstein Rosenfeldt Adler People: Scott W. Rothstein, Bernard Madoff, Marc Dreier, Herb Stettin, Jeffrey Sloman
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