IBJNews

Judge approves legal fees in Fair Finance case

Back to TopCommentsE-mailPrintBookmark and Share

A U.S. bankruptcy judge in Ohio has approved payment of $1.7 million in legal fees and expenses to lawyers working on the massive fraud case involving indicted Indianapolis financier Tim Durham.

Chief Judge Marilyn Shea-Stonum signed off on the payout Tuesday morning, according to the Akron Beacon Journal.

The amount paid to lawyers so far nearly accounts for the entire $1.8 million that Fair Finance trustee Brian Bash has recovered so far.  Bash has said he expects to recover $78.5 million more of the estimated $230 million that investors lost to Akron, Ohio-based Fair Finance Co.’s alleged Ponzi scheme.

Bash’s Cleveland law firm, Baker Hostetler, accounts for the largest part of the $1.7 million in professional fees, which were submitted for approval last month.

Durham bought Fair Finance in 2002 and used it to orchestrate the largest Ponzi scheme in state history, Bash alleges. Durham and business partners James Cochran and Rick Snow were arrested March 16 after being indicted on 12 felony counts, including conspiracy to commit wire and securities fraud.

The three have pleaded not guilty.
 

 

ADVERTISEMENT

  • All $$ Collected
    What do you bet that the lawyers will get 99.9% of all the money collected over the course of this long process. What a JOKE! Now who are the criminals?
  • where?
    article seems incomplete. where is he going to get 78 million if he only has 2 after a years work?
  • Surprised?
    And the shareholders get screwed again. As long as the lawyers can make their Sea-Ray payments, who cares?
  • Why not wait?
    Seems like they would wait until the $78.5M is recovered before paying these legal fees.
  • $75m?
    Lampoon is insolvent and the royalties are where? Not being accounted for in the whooping $2m gross revenue last year. NO value there or the only operating place--united trailer

    Trustee is almost as bad as Timmy
  • gosh
    That was predictable, I am surprised they left 100k on the table for the poor Amish folks.

    Post a comment to this story

    COMMENTS POLICY
    We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
     
    You are legally responsible for what you post and your anonymity is not guaranteed.
     
    Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
     
    No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
     
    We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
     

    Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

    Sponsored by
    ADVERTISEMENT

    facebook - twitter on Facebook & Twitter

    Follow on TwitterFollow IBJ on Facebook:
    Follow on TwitterFollow IBJ's Tweets on these topics:
     
    Subscribe to IBJ
    1. Now if he'd just stay there...

    2. Daniel - what about the many US citizens who do NOT follow what the Bible teaches? The Hindus, Jews, Muslims and others who are all American citizens entitled to all rights as Americans?? This issue has NOTHING to do with "What the Bible says..." Keep all Churches separate from State! Pence's ongoing idiocy continues to make Indiana look like a backwards, homophobic state in the eyes of our nation. Can't we move on to bigger issues - like educating our kids?

    3. 1. IBJ should link to the referenced report. We are in the age of electronic media...not sharing information is lazy. Here is a link http://www.in.gov/gov/files/Blue_Ribbon_Panel_Report_July_9_2014.pdf 2. The article should provide more clarity about the make-up of this panel. The commenters are making this item out to be partisan, it does not appear the panel is partisan. Here is a list of the panel which appears to be balanced with different SME to add different perspectives http://www.in.gov/activecalendar/EventList.aspx?view=EventDetails&eventidn=138116?formation_id=189603 3. It suggests a by-pass, I do not see where this report suggests another "loop". 4. Henry, based on your kneejerk reaction, we would be better off if you moved to another state unless your post was meant as sarcasm in which case I say Well Done. 5. The article and report actually indicates need to improve rail and port infrastructure in direct contradiction to Shayla commentary. Specifically, recommendation is to consider passenger rail projects... 6. People have a voice with their elected officials. These are suggestions and do not represent "crony capitalism", etc. The report needs to be analyzed and the legislature can decide on priorities and spending. Don't like it, then vote in a new legislature but quit artificially creating issues where there are none! People need to sift through the politics and provide constructive criticism to the process rather than making uninformed comments in a public forum based on misinformation. IBJ should work harder to correct the record in these forums when blatant errors or misrepresentations are made.

    4. Joe ... Marriage is defined in the Bible ... it is mentioned in the Bible often. Marriage is not mentioned once in the US or Indiana Constitution ...

    5. Daniel - Educate me please: what does the Bible have to do with laws? If the government wasn't in the business of marriage to begin with, then it wouldn't have to "define" marriage at all. Marriage could be left as a personal, religious, or otherwise unregulated action, with no ties to taxes, legal status, etc. Then people could marry whomever they want, and all this silliness would go away. Remember to vote Libertarian in November.

    ADVERTISEMENT