Also from that board:
Actually, all he gets is the right to continue his attempts. He's failed miserably at it for, what, 6 years?
This is the entry in the case's docket:
ORDER: For the foregoing reasons, it is hereby ordered that: Tifford shall be permitted and is hereby authorized to continue his collection efforts even after the Receivership is closed. He will be entitled to his reasonable costs and his 40% contingency fee on any moneys collected, on the terms and conditions set forth in this Order. Tifford will be responsible for all costs necessary to collect the judgments. It will be within Tifford's discretion to determine when collection efforts are no longer expected to achieve sufficient success to justify further action. If Tifford is successful in collecting funds, he shall first be permitted to pay his fees and costs of the collection efforts, subject to the approval of the Court. If there are funds left over after those payments, those funds shall be allocated and paid as set forth herein. Whenever Tifford collects funds totaling $100,000 or more, and at such time as Tifford determines that there is no cost-effective benefit to the estate from pursuing further collection efforts and that the collection effort should be abandoned, he shall petition the Court to re-open the matter to make a report of funds collected. Such petition shall be on notice to the SEC, and shall contain an accounting of the funds acquired, and of the fees and expenses claimed by Mr. Tifford, as well as a proposal for disbursement of the funds over and above such fees and expenses. Upon review by the Court, the funds shall be disbursed to Tifford and the various beneficiaries as directed by the Court. Tifford will be entitled to his prevailing hourly rate for the time expended on the distributions outlined above. (Signed by Judge Gerard E. Lynch on 8/14/2009) (jpo) (Entered: 08/17/2009)
