VERY nice DD and thinking. You are 100% right. Re: The most recent BK filing from April 25th, 2012, Posted on Wedsnesday evening...
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 Reply to Titanium - Msg #2264918 - 04/30/2012 10:51
The most recent BK filing from April 25th, 2012, Posted on Wedsnesday evening after market close. Here it is;
http://www.scribd.com/doc/91369488/UWBKQ...
What I find interesting and deffinately note worthy is;
"In connection with the OngoingLitigation, BuckleySandler received three payments for certain fees and expenses fromthe Movant: (a) a payment of $200,000 on January 24, 2011, (b) a payment of $25,000 onSeptember 21, 2011, and (c) a payment of $25,000 on December 29, 2011.Notwithstanding these payments, as of the Movant’s petition date, BuckleySandler hadincurred approximately $410,038.62 in unpaid fees and expenses in connection with theOngoing Litigation. Between the petition date and the date of this Motion,BuckleySandler has incurred an additional approximately $147,775 in unpaid fees andexpenses due to the continuing nature of the Ongoing Litigation"
So UWBK still owes BucklySandler, $557,803.00...?
Yet BucklySandler is willing to atleast temporarly forgo those payments and move forward with the case on ONLY a $100k retainer!
When that retainer is exhauseted they are willing to give UWBK a discount rate of 80% of their standard rates...
Any settlement/judgement money and or assets recovered BucklySandler will recieve 30%!
Any tax monies recovered BucklySandler will recieve 20%!
What I get from this is very telling. UWBK owes BucklySandler a half million bucks, yet Buckly is still willing to fight the battle for $100K retainer for any future costs and temporarly forgo the past half million owed. The only way Buckly gets that Half Million bucks is by either recieving 20% from the $4.4million taxes owed found or 30% from any settlement/judgement assets or monies recieved.
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