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S.E.C. v. BEACON HILL ASSET MANAGEMENT

United States District Court, S.D. New York


August 24, 2005.

S.E.C.
v.
Beacon Hill Asset Management, LLC, et al.

The opinion of the court was delivered by: LEWIS KAPLAN, District Judge

On July 21, 2005, as counsel for Beacon Hill Master, Ltd. (In Official Liquidation) (the "Master Fund"), we filed the Motion and Brief for Payment of Costs, Fees and Expenses of the Joint Official Liquidator No. 5 (the "Motion"). The Motion sought compensation for March and April of 2005, for the JOLs and their retained personnel, including Friedman Kaplan Seiler and Adelman, LLP ("FKSA"), Mr. Berman's current law firm. The Motion sought payment of $315,482.88 for the JOLs and all retained personnel except FKSA (paragraph 6) and separately sought payment of $164,122.91 for FKSA (paragraph 7).

Since, on behalf of their clients, Skaden, Arps, Slate, Meagher & Flom LLP ("Skadden Arps") had previously objected to the payment of Mr. Berman's fees at FKSA and his previous firm, Brown Rudnick Berlach Israels LLP, for the period from July, 2004 through February, 2005, and your Honor had referred those objections to Magistrate Judge Henry B. Pitman, in paragraph 7 of the Motion we requested that the Court either: (i) authorize payment of $164,122.91 to FKSA for March and April 2005 fees and expenses; or (ii) refer consideration of those fees to Magistrate Pitman for consideration together with the other referred fees.

No objections were filed to the Motion and accordingly your Honor entered an order approving the Motion on August 17, 2005, by returning our July 21, 2005, cover letter to the Motion marked "SO ORDERED" and "Granted," together with your signature. A copy of the order is attached for your reference as Exhibit A. We have subsequently been advised by Skadden Arps, that they have no objection to the payment of any fees in the Motion, including those of FKSA. Clearly your August 18, 2005, order authorized payment of March and April fees and expenses of the JOLs and their retained professionals other than FKSA and we will proceed to make those payments immediately.

  Although the request for payment of the fees and expenses of FKSA was framed in the alternative, we interpret your order as authorizing payment of the FKSA fees and expenses for March and April since no objections were filed and because your Honor did not otherwise refer the matter to Magistrate Pitman. If our understanding of the order is not correct, please so advise as we otherwise intend to pay the FKSA fees and expenses for March and April of 2005 sometime after September 7, 2005.

  Thank you for your attention to this matter. Please do not hesitate to contact the undersigned with any questions or concerns.

  SO ORDERED.

20050824

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