FORT LAUDERDALE DIVISION SECURITIES AND EXCHANGE ... · Description - Preparation of detailed cash...

UNITED STATES DISTRICT COURTSOUTHERN DISTRICT OF FLORIDA

FORT LAUDERDALE DIVISIO N

SECURITIES AND EXCHANGE COMMISSION

Plaintiff,

V.

MICHAEL LAUER ,LANCER MANAGEMENT GROUP, LLC, andLANCER MANAGEMENT GROUP II, LLC,

Case No . 03-80612 CIV-MARRADefendants, Jointly Administered

and

LANCER OFFSHORE, INC .,LANCER PARTNERS, LP,OMNIFUND, LTD . ,LSPV, INC ., and LSPV, LLC ,

Relief Defendants ./

IN RE :

LANCER PARTNERS, L .P .,

DEBTOR .

Chapter 11 CaseCase No . : 04-80211 -CIV-MARRA

SEVENTH INTERIM APPLICATION FOR COMPENSATIONOF FEES AND COSTS OF ACCOUNTANT FOR RECEIVER

(Request for Relief in Bankruptcy Case Only)

Berkowitz Dick Pollack & Brant, Certified Public Accountants and Consultants, LLP

("BDPB"), accountant to the Receiver - Lancer Partners, Limited Partnership, ("Debtor"),

applies for interim compensation for fees for services rendered and costs incurred in this

Chapter 11 proceeding . This application is filed pursuant to 11 U .S.C . § 330 and

Bankruptcy Rule 2016 , and meets all of the requirements set fo rth in the Guidelines

incorporated in Local Rule 2016-1 (B)(1) . The exhibits attached to this application , pursuant

to the Guidelines, are :

Case No . : 04-80211-C I V-MAR R A

Exhibits "1-A" and "1-B" - Summary of Professional and Paraprofessional Time .

Exhibit "2" - Summary of Requested Reimbursement of Expenses .

DESCRIPTION OF SERVICES

The following represents a summary of the fees performed by BDPB in connection with this

case .

1 Accounting / Auditing 125.50 hours $ 29,132.00

Description - Preparation of detailed cash reconciliation for Lancer Partners, LPand Lancer Management Group II to identify flow of investor funds , securitiesactivity and income and expenses . Prepare analysis in conjunction with CreditorCommittee discussions . Tracing payments to and from the Portfolio Companies'books and records .

2 Case Administration 15 .60 hours $ 4,603 .50

Description - Engagement management , preparation of project management andstaffing schedules , engagement team status meetings , preparation of planningdocuments and status repo rts , a ttendance at cou rt proceedings , meetings andcoordination of open issues with counsel , conference calls, and discussion of casema tters . Evaluation of technology needs in connection with development andanalysis of data .

3 Claims Administration / Objections 16 .40 hours $ 4,195.50

Description - Review and analysis of proofs of claim and supporting documentationsubmitted to the Receiver . Creation of claims database to administer claims .Comparison of claims to Lancer Partners' records to assist counsel to assess thevalidity of submitted claims .

2

Case No .: 04-80211 -C IV-MAR RA

4 Data Analysis 284.70 hours $ 55,548.00

Description - Tasks in this category involved time on the following projects :

• Analysis of books and records for Lancer Partners .• Creation and updating of a database of transactions entered into by LancerPartners .• Review and analysis of operational activity of portfolio companies .• Analysis of payments and outflows of cash from Lancer Pa rtners to insiders,portfolio companies and third parties .• Compilation of investor information analyzing Pa rtner contributions anddistributions .• Analysis of net redeemers , pa rt ial redeemers and non-redeemers• Detailed analysis of trading activity for specific portfolio companies invested in byLancer Partners .• Analysis and review of private transactions entered into by Lancer Pa rtners .• Analysis of Inter-fund trading activity between various Lancer hedge funds .

5 Evidentiary Analysis 6.50 hours $ 2,137 .50

Description - Assist Receiver to prepare additional document requests andsubpoenas .

6 Fee / Employment Application s

Description - Preparation of Fee Applications .

56.70 hours $ 12,568 .00

7 Fraudulent Transfers Litigation 88 .00 hours $ 14,752.00

Description - Preparation of schedules for meetings with Creditors Commi ttee;preparation and analysis of contribution and redemption repo rts and preparation ofexhibits for fraudulent transfer complaints .

8 GGK Litigation 26 .90 hours $ 5,579.50

Description - Assist Receiver in preparation of complaint . Review of GGK auditworkpapers for year end December 31, 1997, 1998 and 1999 .

9 Investor/Creditor Communications 25 .30 hours $ 4,947 .00

Description - Correspondence , preparation for and meetings with CreditorCommi ttee regarding cash reconciliations

3

Case No . : 04-8021 1 -C IV-MAR RA

10 Partnership Tax Returns 310.10 hours $ 68,701 .00

Description - Analysis of allocations of gains and losses to Partners for taxreporting purposes . Preparation and review of 2002 pa rtnership return Form 1065 .Preparation of K-1 forms to be issued to 109 pa rtners . Review of GGK workpapers related to the allocation of realized investment gains to individual pa rtners .Drafting of disclosure statements to be issued to Internal Revenue Se rv ice and toindividual partners . Address impact of prior year Wash Sales . Search ofconcordance and Lancer computer files for schedules supporting 2001 partnerallocations .

11 Post-petition Accounting 22.50 hours $ 3,275 .50

Description - Preparation and review of monthly Debtor - In-Posession Repo rts forthe months December 2004, January 2005 and February 2005 .

12 Tax Issues 40 .50 hours $ 10,646.00

Description - Analysis of filing requirements for affiliated entities . Reviewmemorandum regarding penalties and interest for late filings . Preparation ofdocument requests . Review and respond to various State tax notices . Meetingsand conference calls with Receiver 's counsel related to tax issues .

1,018 .70 hours $ 216,085.50

4

Case No . : 04-8021 1-CIV-MARRA

COMPENSATION

The applicant believes that the requested fee, of $216 ,085 .50 for 1,018 .70 hours

worked , is reasonable considering the twelve factors enumerated in Johnson v. Georgia

Highway Express, Inc ., 488 F .2d 714 (5th Circuit 1974), made applicable to bankruptcy

proceedings by In re First Colonial Corp. of America, 544 F . 2d 1291 (5th Cir . 1977), as

follows :

1 . The General Nature of the Services Rendered : the Amounts Involved and the

Results Obtained . This case was commenced on with the filing of Voluntary Bankruptcy

Petitions for the Debtor on April 16 , 2003 . Ce rtain matters and the results obtained with

respect to those ma tters are as follows :

2. Time and Labor Required . The time records transcribed as Exhibits "1 - 4"

hereto show that BDPB has devoted not less than 1 ,018.70 hours of actual recorded time to

the pe rformance of accounting services in these proceedings . Those daily time records,

however, do not reflect eve ry hour expended in ma tters such as telephone calls, routine

correspondence , brief conferences and responses to requests for information concerning

the status of these proceedings . Time devoted to such ma tters often eludes recording, but,

if recorded , would undoubtedly add to the foregoing total . The accountants for the Receiver

recorded the time expended on behalf of the Receiver accurately and there was no

duplication of time . The hours expended accurately reflect the work pe rformed .

3 . Novelty and Difficulty of Services and Skills Requisite to the Accounting . The

issues presented in this case are novel given the state of the Debtor 's records , or lack of

records , the difficulty of the records recove ry process, the unavailability of the debtor's

accounting personnel , the lack of production of records by the debtor 's third pa rty financial

services providers , outside accountants and auditors and the unique way the Debto r

5


conducted its business affairs . Based on information obtained from inte rv iews of former

employees and providers , the debtor did not employ accountants and did not maintain

books and records normally kept by other similar companies in this indust ry . The debtor

utilized the serv ices of third pa rty outside accountants and financial se rv ices providers to

keep its books and records . Accordingly , BDPB personnel are involved in an extensive

document discove ry process in order to recover sufficient information to re-create the books

and records of the debtor . This has required the inte rv iew of former employees and

financial se rv ices providers , extensive search and discove ry procedures of the debtors

computer and hard copy files, the development of numerous document request lists and

follow up procedures , detailed analysis of financial information and developing procedures

for the recreation of the debtors books and records which are needed to ensure proper

accounting and repo rt ing . Additionally , it has been alleged that the debtor has been

involved in price manipulation of securities in its portfolio and that the debtor invested in

illiquid, thinly traded penny stocks . Additionally , it has been discovered that the debtor's

personnel provided information regarding private securities transactions that was entered

into the debtors prime brokerage account statements concerning the number of shares

owned and the value of shares owned in its portfolio . Additionally , it has been discovered

that the debtor 's personnel provided information that was entered into the debtors prime

brokerage account statements related to cash transactions possibly conducted through

other financial institutions and that discove ry related to backup documentation for such cash

transactions or the identity of other financial institutions is still in process . BDPB personnel

are involved in extensive discove ry and document analysis to determine the nature and

extent of cash transactions and to document the cash transactions . The experience and

capabilities of the professionals involved with this case meet the requirement of the

accounting skills and judgment and experience in the fields of bankruptcy and related

6

Case No . : 04-80211 -CIV-MARRA

corporate financial and taxation issues and other forensic accounting and consultation skills

required for the successful completion of the objectives of the Receiver .

4 . The Skill Requisite to Perform the Services Properly . BDPB has staffed the

engagement with personnel experienced in bankruptcy accounting repo rt ing and disclosure .

5 . The Preclusion of Other Employment by the Professional Due to Acceptance

of this Case. BDPB has not been precluded from any other employment due to the

acceptance of this case .

6 . The Customary Fee . The customary fee for services of the type rendered

herein , BDPB charges commercial clients on one or more of the following criteria :

reasonable fee for se rv ices rendered , hourly charges , or fixed fee. To the extent hourly

charges are relevant , BDPB commands from commercial clients hourly rates ranging from

$65 an hour to $350 per hour depending on the level of professional skill required .

7 . Whether the Fee is Fixed or Contingent . The fee is contingent inasmuch as

the Receiver relies upon a Court Order approving the fee . BDPB has not entered into any

agreement to fix a fee .

8 . Time Limitations Imposed by the Client or Other Circumstances . BDPB was

directed to commence work by the Receiver on August 11, 2003 to assist the Receiver in :

the investigation of the manner in which the affairs of the debtor were conducted ; the

determination of what happened to investors ' capital contributions ; the investigation of

possible preferential transfers and fraudulent conveyances ; the preparation of the Monthly

Financial Repo rts and the Statement of Financial Affairs and the Schedules required to be

filed with the Petition . While no specific deadlines have been opposed, other than monthly

repo rts filed with the Cou rt, BDPB is working with haste and care to assist the Receiver .

9. The Experience, Reputation, and Ability of the Professional . BDPB is an

established accounting firm comprised of thi rteen directors and over 100 personnel. Its

7


professionals and staff working on this case are experienced in ma tters of this kind .

Richard A . Pollack has testified as an expe rt witness in similar ma tters where accounting

fees were awarded on the same basis as those sought in this application .

10 . Undesirability of Case . This case is not undesirable . BDPB is privileged to

have the oppo rtunity to serve the Receiver and appear before the Cou rt in this proceeding .

11 . Nature and Length of Professional Relationship With Client. BDPB's

relationship with the Receiver began on August 11, 2003 .

12 . Awards in Similar Cases . The amount requested by BDPB is reasonable in

terms of awards in cases of similar magnitude and complexity . The compensation which

BDPB requests compo rts with the mandate of the Bankruptcy Code, which directs that

services be evaluated in light of comparable se rv ices performed in non -bankruptcy cases in

the community . Considering the results obtained thus far , this fee request is appropriate .

Likewise , as with all major accounting firms , BDPB 's overhead expenses are substantial .

Much of the fee, which the Court awards BDPB, will merely defray such significant

overhead expenses already incurred and paid during the pendency of this case .

8

Case No . : 04-80211-CIV-MARRA

WHEREFORE , the applicant seeks an interim award of fees in the amount of

$216,085.50. During the Application Period, BDPB has rendered extensive and necessary

services for and on behalf of the receivership estate, as set forth below . Because BDPB is

still in the initial phase of the factual development of this case and disclosure of detailed

time entries would be detrimental to and undermine the Receiver's efforts to recover assets,

the daily time records of BDPB are not attached . At the Court's request, BDPB will

immediately make the time records available to the Court ex parte for an in camera

inspection.

Respectfully submitted,Berkowitz Dick Pollack & Bran tCert ified Public Accountants and Consultants, LLPAccountants for the Receiver200 South Biscayne Boulevard , Sixth FloorMiami, FL 3313 1Tel : (305 ) 379-7000 Fax : (305) 379-8200

Scott M. Bouchne r

9

Case No .: 04-80211 -CIV-MARRA

CERTIFICATION

1 . I have been designated by Berkowitz Dick Pollack & Brant, Certified Publi c

Accountants and Consultants, LLP (the "Applicant") as the professional with

responsibility in this case for compliance with the "Guidelines for Fee

Applications for Professionals in the District of Connecticut in Bankruptcy Cases"

(the "Guidelines") .

2. I have read the Applicant's application for compensation and reimbursement of

expenses (the "Application") . The application complies with the Guidelines, and

the fees and expenses sought fall within the Guidelines , except as specifically

noted in this ce rt ification and described in the application .

3. The fees and expenses sought are billed at rates and in accordance with

practices customarily employed by the Applicant and generally accepted by the

Applicant's clients .

4. In seeking reimbursement for the expenditures described on Exhibit 2, the

Applicant is seeking reimbursement only for the actual expenditure and has not

marked up the actual cost to provide a profit or to recover the amortized cost of

investment in staff time or equipment or capital outlay .

5 . In seeking reimbursement for any service provided by a third party, the Applicant

is seeking reimbursement only for the amount actually paid by the Applicant to

the third party .

6. The following are the variances with the provisions of the Guidelines, the date of

each court order approving the variance, and the justification for the variance :

N/A

10

Case No . : 04-80211 -CIV-MARRA

Berkowitz Dick Pollack & Bran tCertified Public Accountants and Consultants, LLPAccountants for Receive r200 South Biscayne BoulevardSixth Floo rMiami, Florida 33131305-379-7000

Scott M. Bouchner

11

Case No . : 04-80211-CIV-MARR A

CERTIFICATE OF SERVIC E

I HEREBY CERTIFY that a true copy of this application, with all exhibits, was

forwarded along with the application for the Counsel for the Receiver this9ay of May,

2005 to all parties on the attached service list .

Berkowitz Dick Pollack & BrantCertified Public Accountants and Consultants, LLPAccountants for Receive r200 South Biscayne BoulevardSixth FloorMiami, Florida 33131305-379-7000

By :Scott M. Bouchner

12

JOINTLY ADMINISTERED CASELANCER/RECEIVERSHIP AND BANKRUPTCY CASE

CASE NO. 03-80612-MARRA/VITUNAC/CASE NO .04-CIV-80211-MARRA/VITUNACETC.

SERVICE LIST

Christopher MartinMichael Lauer pro se Heidi Caren s

Senior Trial Counsel,

Heidi Carens 7 Dwight Lan eU S Securities & Exchange Commissio n. . 7 Dwight Lane Greenwich CT 0683 1801 Brickell Avenue - Suite 1800

,Greenwich, CT 0683 1

Miami, FI 3313 1

Patricia Beaty Nina Fiskaae nM sM. Regina Thomas .Office of the U .S . Trustee Nordea Liv Norge ASController

United States Trustee/Department of Justice,

One Century Tower, Suite 1 103 Folke Bernadottes vei 3 851 SW 1st Avenue - Suite 1204265 Church Street 5147 Fyllingsdalen

New Haven, CT 06510 Miami, FL 331301201 Bergen - NORWA Y

David Blaylock Esq .Gerry LaBush Esq

,, .

Glankler Brown PLL CHodgson Russ 1.1.12 711 Third Avenue

,1700 One Commerce SquareOng M&T Plaft suite 2000 Suite 1505

Tennessee 3810 3Memphi sNew York 1120 3Buffalo New York New York 10017,, ,

Counsel for George R. Pidgeon, Sr.

David NewmanTrisha D Sindler Jimmy Tsakn i.

c/o Timothy E . HoeffnerSpecial Counsel c/o Shari A . Brandt . Esq .

1500 Market stree tU Securities & Exchange CommissionS Richard Spears Kibbe & Orbe, LLP ` h. . Floo r3 8801 Brickell Avenue - Suite 1800 One World Financial Center

PA 19102-218 6Philadelphi aMiami . FI 33131 New York, NY 10281

,

Frank Paul Terzo Noah J . Schafler, Esq .Mercedes G Hal eKatz Barron Squitero Faust . The Law Offices of David W . Rubi nPiper Rudnick LL P

2699 S Bayshore Drive Suite 20 1600 Summer Stree t. Suite 2000101 E . Kennedy Boulevard,

Eight Floor,

Tampa, FL 33602Stamford, CT 0690 1

Miami, FL 3313 3

Kenneth B . Robinson Esq . Mark S . Gregory,Robert M Dombroff Esq

Pugatch Robinson & Schiller P .A .Rice,. .

Delphine W . Knight Brown,, ,EsqJonathan Alter848 Brickell Avenue Suite 1100 , . Kelley Drye & Warren LL P,

Bingham McCutchen LL PFL 3313 1Miami Two Stamford Plaza,

One State Street 281 Tresser BoulevardHartford CT 06103, Stamford, CT 0690 1

David Barrack, Esq . Anthony & Patricia O'Callagahan/Hal M . Hirsch, Esq . Christopher B . O'Callaghan/ Joshua W. CohenGreenberg Traurig, LLP Diane J . Nelson/John P . Heffernan Cummings & LockwoodMet Life Building Attn : Timothy T. Brock 700 State Street200 Park Avenue Satterlee Stephens Burke & Burke LLP New Haven, CT 06509New York, NY 10166 230 Park Avenu e

New York, NY 10169

Thomas D GoldbergEs ..

Brian C Courtney

. Barbara H . Kat z. , Day, Berry & Howard LLP Law Office of Barbara H . KatzOne Canterbury GreenOneState Street 57 Trumbull Street

RaFtAffil, CT 06103 3402 Stamford, CT 06901 New Haven, CT 0651 0

James M . Nugent, Esq .Gary S . Klein Joseph P . Moodhe KFO Investors Partnershi p

Debevoise and Plimpton James M . Nugen t970 SUMFROF 9480t 919 Third Avenue Harlow, Adams & Friedman, P .C .

New York, NY 10022 300 Bic Driv eMillford, CT 06460

Howard L . Siege lBrown Rudnick Berlack Israels LLP Thaddeus E. Delonis, CPACityplace I, 38`' Floor 290 Towne Center Drive185 Asylum Avenue Troy, MI 48084 -1774Hartford, CT 06010 3

Garry M. Graber Leonard H . Hech t

c/o Joseph Galda, Esq . 1270 avenue of the AmericasCorsair Advisors, Inc. Suite 214497 Delaware Avenue New York, NY 10020Buffalo, NY 14202

Timothy W . WalshPeper Rudnick LL P1251 Avenue of the AmericasNew York , NY 10020-1104

E-MAIL SERVICE LIS T

JetTrey Greilsheimer, Esq .Hughes Hubbard and Reed, LL POne Batt e ry Park PlazaNew York, New York 1000 4E-mail : greilshcrePhugheshubbard . coin

Scott M. Berman, Esq .Anne E . Beaumont, Esq .Friedman, Kaplan,Siiler & Adelman LL P1633 Broadway , 46th Floo rNew York, NY 10019-670 8sbermangfklaw.com/abeaumont@fklaw .com

Greg T . Arnol dBrown Rudnick Berlack Israel sOne Financial CenterBoston, MA 0211 1E-mail : garnold(a.',brbilaw .com

Travis Corder David Cimo Esq . Paul WallaceGenovese Joblove & Battista AP

Brown Rudnick Berlack Israels., . 9701 S. Bexley Drive

Bank of Tower 36th FloorOne Financial Center

,Littleton CO 8012 6

100 S.E . 2nd Street,

Boston, MA 02111 E-mail : wallaceclandenver(amsn comMiami FL 33131 .E-mail : tcorder(a brbilaw .com

,E-mail : dcimo(u gib-law.co m

Bill McCowen Mr. Hans Jacob Dahle David P . Milian, Esq .Vesta Forsikring AS Kozyak Tropin & Throckmorton, P .A .Metamora Multi Managers L L C ... P .O . Box 7070 2525 Ponce de Leo n

E-mail : mccowenbill( voyager . net 5020 B NORWAY l G ble 3313 4Cergen - ora a se-mail : hans.jacob .dahle@vesta .no E-mail : dmilian(a>kttlaw.co m

Michael A. Hanzman Esq . Aaron Podhurst Esq, , .Joel H. Be rn stein Esq .

H an zman & Criden P .A . Podhurst Orseck Josefsburg,

, ,, ,Goodkind Labaton Rudoff & Sucharow LL P

Commerce Bank Building Eaton Meadow Olin & Perwin P .A., ,,100 Park Avenu e

220 Alhambra Circle - Suite 400 25 West Flagler Street - Suite 800 New York 1001 7New YorkCoral Gables Florida 33134 Miami Florida 33130

., ,

E-mail ibernstein(alglrslaw .co mE-mail : Milanzman(a)IlanzmanCriden .com E-mail : apodhurst(a,podhurst .com

Carol Felicett aRoberto Martinez Esq . Joseph Matthews Esq ., ,

Reid & Riege P .C .Colson Hicks Eidson P A Colson Hicks Eidson P A

,. . . .

9th Floo r234 Church Stree t255 Aragon Avenue 2nd Floor 255 Aragon Avenue 2nd Floor

,, ,

CT 06510-181 9New HavenCoral Gables FL 33134 Coral Gables FL 33134

,, ,

E-mail : ctelicetta'areidandriege .co mE-mail : bob(a colson.com E-mail : ioseoh(r~?colson .co m

David L . Snyder, Esq . Rudolph F . Aragon, Fsq . Salvatore A . Barbatano. Esq .Craig B . Leavers, Esq . White & Case Foley & LardnerNeuberger, Quinn, Gielen, Rubin & Gibber Wachovia Financial Center, Suite 4900 150 W. Jefferso n

One South Street, 27`h Floor 200 South Biscayne Boulevard Suite 100 0Baltimore, MA 21202-3282 Miami, Florida 33131-2352 Detroit, MI 48226-2616E-mail : dlsrdnggrg .com/cblra:nggrg .com E-mail : raragon@whitecase .com E-mail : sbarbatano(uafoleylaw . co m

Eric A . Henzy, Esq . Donald Workman, Esq .Reid and Riege, P .C . Foley & Lardner Timothy P . Harkness, Esq .One Financial Plaza 3000 K Street, N .W . Kramer Levin Naftalis & Frankel LL PHartford, CT 06103 Suite 500 919 Third Avenu eE-mail : ehenzy(ri),reidandrie c .com Washington, D .C . New York, New York 1002 2

E-mail : dworkmancd,,folevlaw .com E-mail : tharkness(a~kramerlevin .co m

Lewis N . Brown Harley S . Tropin, Esq . Christopher Marti nGilbride, Heller & Brown, PA . Kozyak Tropin & Throckmorton, P .A. Senior Trial Counse lOne Biscayne Tower. Suite 1570 2525 Ponce de Leon U .S . Securities & Exchange CommissionTwo South Biscayne Blvd . Coral Gables 33134 801 Brickell Avenue - Suite 1800Miami, Florida 33131 E-mail : hst (i,kttlaw.com Miami, Fl 3313 1E-mail : lbrown(a?ghblaw .com F-mail : s f(a] ktt l aw . co m E-mail : martinc(r4),sec.gov

Lewis N . Brown, Esq .

Andrew L . Jiranek Michael J . Dell Esq . Dyanne E . Feinberg, Esq .

McKennon Shelton & Henn LLP,

Kramer Levin Naftalis & Frankel LLP Gilbride, Heller & Brown, P .A.

401 East Pratt St. Suite 2315 919 Third Avenue One Biscayne Tower, Suite 157 0,

Baltimore Md 21202 New York, New York 10022 Two South Biscayne Blvd ., .

E-mail : andrew.jiranek@mshllp .com E-mail : mdell@ kramerlevin .com Miami, FL 3313 1E-mail : lbrown @ghblaw . com/dfeinberg@ghblaw .com

Daniel A . Casey, Esq. Seth M. Schwartz, Esq. John Hochman, Esq.Kirkpatri ck & LockhartMiami Center - 20 h Floor Skadden, Arps, Slate, Meagher & Flom LLP Schindler Cohen & Hochman LL P

201 S . Biscayne Blvd. Four Times Square 100 Wall Street, 15`h FloorMiami, FL 33131 New York, New York 10036 New York, New York 10005E-mail : dcasey @kl.com E-mail : sschwart@skadden .com. E-mail: jhochman@schlaw .co m

Robert Pershes, Esq .Buckingham, Doolittle & Bouroughs, LLP2500 North Military Trail, Suite 48 0Boca Raton , FL 3343 1E-mail : rpershes @bdblaw.com

David Cimo Esq .Genovese Joblove & Battista, P .A.Bank of Tower, 36th Floo r100 S . E . 2nd StreetMiami, FL 3313 1E-mail : dcimo@gjb-law .com

Robert T . Wright, Esq .Coffey & Wright, LLPGrand Bay PlazaPenthouse 2 B2665 S . Bayshore DriveMiami, FL 3313 3E-mail : rwright@ coffeywright.com

William R . Maguire, Esq.Jeffrey Greilsheimer, Esq .Hughes Hubbard & Reed, LLPOne Battery Park PlazaNew York, NY 10004E-mail : maguire@hughesbubbard .com

greilshe@hugheshubbard .com

Mr . Dylan WolffManaging Director Norges Investor ValueP .O. Box 1863 Vika0124 Oslo - NORWAYe-mail : dw @norgesinvestor.n o

William S . Fish, Esq .William H . Champlin, Esq .Tyler Cooper & Alcorn, LL P185 Asylum St .. CityPlace 35th FloorHa rt ford , CT 0610 3e-mail : fish @tylercooper.com/champ ) in@ty lercooper . com

Jacqueline WilsonBritish Virgin Islands Financial ServicesCommissio nPasea Estate, Road TownTortola, British Virgin Islandse-mail : wilsonj@bvifsc .vg

Price Findlay & Co .

P .O. MAX 333 1

John G . Moon, Esq .Chadbourne & Parke LLP30 Rockefeller PlazaNew York, NY 1011 2e-mail : jmoon@chadbourne .com

Kevin E . Gunthe r27 Reid Street, I" FloorP .O . Box HM 3051Hamilton HM NXBermudae-mail : kevin [email protected] m

Michael Lauer, pro se7 Dwight LaneGreenwich, CT 0683mblauer,~ihotmail .co m

4036 . 000002 MIAMI 236715v 1

04-80211-CIV-MARRA

Summary of Professional and Paraprofessional TimeTotal per Individual for this Period Only

Exhibit 1-A

NameDirector, Staff

or Pa raprofessionalTota lHours

AverageHourly Rate Fee

Richard A. Pollack Director 23.20 $ 350.00 8,120.00Scott M . Bouchner Director 136 .10 $ 295.00 40,149 .50Jeffrey Mutnik Director 3 .90 $ 285 .00 $ 1,111 .50Gary E . Rosenthal Director 8 .00 $ 285.00 2,280.00David J . Siegel Associate 74 .00 $ 250.00 18, 500 .00Douglas Campbell Associate 232 .50 $ 250.00 58,125 .00Juan Carlos Ferrucho Associate 0 .50 $ 250.00 125.00Cristian Nieto Associate 5 .10 $ 220.00 $ 1,122.00Joel D . Glick Associate 157 .80 $ 220.00 34, 716.00Mitchell E . Cutler Associate 0 .50 $ 220.00 110.00Timothy Burrows Associate 15.90 $ 180.00 2,862.00Anthony Guttierez Associate 0.20 $ 180.00 36.00Ed Duarte Associate 10.10 $ 180.00 1,818.00Deanna B . Novak Associate 1 .00 $ 150.00 150.00Yanoi E. Nunez Associate 2 .30 $ 145.00 333.50Martin Prinsloo Associate 68.50 $ 145.00 9,932.50Gregory Lacina Associate 70.30 $ 145.00 10,193.50Adam J . Lang Associate 73.00 $ 140.00 10, 220.00Scott Schneider Associate 41 .90 $ 135.00 $ 5,656.50Sharon F . Foote Associate 48.50 $ 135.00 6,547.50Adam Katz Associate 22 .80 $ 110.00 $ 2,508.00Ramona Moya Associate 10.70 $ 65.00 695.50Lesma Baez Associate 2 .10 $ 65.00 $ 136.50Nicole McDonald Associate 9.80 $ 65.00 637.00

1,018 .70

Blended Average Hourly Rate : $ 212 .1 2

Total fees : $ 216,085.50

04-80211 -C I V-MAR RA

Summa ry of Professional and Paraprofessional Time by Activity Code Catego ryfor this Time Period Only

Exhibit 1- B

Name Rate Hours Fee 1Accounting / AuditingScott M. Bouchner $ 295.00 27 .50 8,112 .50Joel D. Glick $ 220.00 91 .10 20,042 .00Yanoi E. Nunez $ 145.00 2 .30 333 .50Adam J . Lang $ 140 .00 4 .60 644.00

Activity Code Subtotal : 125 .50 29,132 .00

Case Administratio nRichard A . Pollack $ 350 .00 3 .30 1,155.00Scott M. Bouchner $ 295 .00 8 .30 2,448.50David J . Siegel $ 250 .00 4.00 1,000.00

Activity Code Subtotal : 15.60 4,603.50

Claims Administration / ObjectionsScott M . Bouchner $ 295 .00 9.30 2,743 .50Joel D. Glick $ 220 .00 5.60 1,232.00Deanna B . Novak $ 150.00 1 .00 150 .00Adam J. Lang $ 140.00 0.50 70 .00

Activity Code Subtotal : 16.40 4,195 .50

Data AnalysisScott M . Bouchner $ 295.00 35.90 10, 590.50David J . Siegel $ 250.00 65 .00 16,250.00Cristian Nieto $ 220.00 5 .10 1,122 .00Joel D. Glick $ 220.00 16.10 3,542 .00Ed Duarte $ 180.00 10 .10 1,818.00Timothy Burrows $ 180.00 15 .90 2,862 .00Martin Prinsloo $ 145.00 10 .50 1,522.50Adam J. Lang $ 140.00 21 .00 2,940.00Scott Schneider $ 135.00 41 .90 5,656.50Sharon F . Foote $ 135.00 48 .50 6,547.50Adam Katz $ 110.00 10 .20 1,122.00

Activity Code Subtotal : 284 .70 55,548.00

Evidentia ry AnalysisRichard A . Pollack $ 350.00 4 .00 1,400.00Scott M . Bouchner $ 295.00 2 .50 737.50


Fee / Employment ApplicationsRichard A . Pollack $ 350.00 0 .50 175.00Scott M . Bouchner $ 295.00 28 .00 8,260.00Joel D. Glick $ 220.00 11 .50 2,530.00

04-8021 1 -CIV-MARRA


Exhibit 1- B

I Name Rate Hours Fee

Adam J. Lang $ 140 .00 6.90 966.00Nicole McDonald $ 65 .00 9.80 637.00

Activity Code Subtotal : 56.70 12,568.00

Fraudulent Transfers Litigatio nScott M. Bouchner $ 295 .00 6.10 1,799.50David J . Siegel $ 250 .00 3.00 750.00Joel D. Glick $ 220.00 11 .80 2,596 .00Martin Prinsloo $ 145.00 42.50 6,162 .50Adam J. Lang $ 140.00 24.60 3,444 .00

Activity Code Subtotal : 88.00 14,752 .00GGK LitigationRichard A . Pollack $ 350.00 1 .00 350.00Scott M. Bouchner $ 295.00 5 .30 1,563.50Gary E . Rosenthal $ 285.00 8 .00 2,280.00Adam Katz $ 110.00 12 .60 1,386.00


Investor/Creditor Communication sDavid J . Siegel $ 250.00 1 .50 375.00Joel D. Glick $ 220.00 15 .00 3,300.00Martin Prinsloo $ 145.00 8 .00 1,160.00Adam J. Lang $ 140 .00 0 .80 112 .00


Partnership Tax ReturnsRichard A . Pollack $ 350.00 8 .10 2,835 .00Douglas Campbell $ 250 .00 215.00 53, 750 .00Jeffrey Mutnik $ 285.00 3 .70 1,054 .50Anthony Guttierez $ 180 .00 0.20 36 .00Ramona Moya $ 65.00 10 .70 695 .50Lesma Baez $ 65 .00 2 .10 136 .50Gregory Lacina $ 145.00 70.30 10,193 .50


Post-petition Accountin gJoel D. Glick $ 220.00 1 .10 242 .00Martin Prinsloo $ 145.00 7.50 1,087 .50Adam J. Lang $ 140 .00 13.90 1,946 .00


Tax IssuesRichard A . Pollack $ 350.00 1 .80 630 .00

04-80211-CIV-MARRA


Exhibit 1- B

I Name Rate Hours Fee

Jeffrey Mutnik $ 285 .00 0 .20 57 .00Scott M. Bouchner $ 295.00 13 .20 3,894.00Juan Carlos Ferrucho $ 250.00 0 .50 125.00David J. Siegel $ 250.00 0 .50 125.00Douglas Campbell $ 250.00 17 .50 4,375-00Mitchell E . Cutler $ 220 .00 0.50 110.00Joel D. Glick $ 220.00 5 .60 1,232.00Adam J . Lang $ 140 .00 0 .70 98.00

Activity Code Subtotal : 40.50 10, 646 .00Total : 1,018 .70 $ 216 ,085.50

04-8021 1 -CIV-MARRA

Summary of Requested Reimbursement of Expensesfor this Time Period Only

Exhibit 2

Total Expense Reimbursement Requested $

UNITED STATES DISTRICT COURTSOUTHERN DISTRICT OF FLORID A

FORT LAUDERDALE DIVISIO N

SECURITIES AND EXCHANGE COMMISSION

Plaintiff,

V .

MICHAEL LAUER ,LANCER MANAGEMENT GROUP, LLC, andLANCER MANAGEMENT GROUP II, LLC ,

Defendants, Case No. 03-80612 CIV-MARRAJointly Administere d

and

LANCER OFFSHORE, INC .,LANCER PARTNERS, LP,OMNIFUND, LTD . ,LSPV, INC ., and LSPV, LLC ,

Relief Defendants .

/

IN RE :

LANCER PARTNERS, L .P.,

DEBTOR .Chapter 11 CaseCase Nos . : 04-80211 -CIV-MARR A

SUMMARY OF SEVENTH APPLICATION FOR COMPENSATION OF FEESAND COSTS OF ACCOUNTANTS FOR RECEIVE R

(Request for Relief in Bankruptcy Case Only)

1 . Name of applicant : Berkowitz Dick Pollack & Brant Certified Public Accountants & Consultants, LL P

2 . Role of applicant : Accountants for Receive r

3 . Name of certifying professional : Scott M. Bouchne r

4 . Date case filed : April 16, 2003

5 . Date of application for employment : -

6 . Date of order approving employment : -

7 . If debtor's counsel, date of Disclosureof Compensation form : N/A

8 . Date of this application : May 27, 2005

9 . Dates of services covered : December 1, 2004 through March 31, 2005

Case No . : 04-80211-CV-MARRA

10 .

Fees . . .

Total fee requested for this period (from Exhibit 1) $ 216,085 .5 0

11 . Balance remaining in fee retainer account, not yet awarded -

12. Fees paid or advanced for this period, by other sources -

13. Net amount of fee requested for this period $ 216 ,085 .50

14 .

Expenses . . .

Total expense reimbursement requested for this perio d

15. Balance remaining in expense retainer account, not yet receive d

16. Expenses paid or advanced for this period, by other source s

17 . Net amount of expense reimbursements requested for this period $

18 . Gross award requested for this period (#10 + #14) $ 216 ,086 .6 0

19. Net award requested for this period (#13 + #17) $ 216 ,086 .5 0

20 . If Final Fee Application, amounts of net awards requested in interi mapplications but not previously awarded (total from History of Fees and Expenses ,following pages) :

21 . Total fee and expense award requested (#19 + #20) : S 216 ,085 .60

History of Fees and Expense s

1 . Dates , sources , and amounts of retainers received :

Dates Sources Amounts For Fees or costs

2. Dates , sources , and amounts of third party payments received :

Dates Sources Amounts For Fees or costs

Case No . : 04-80211-CV-MARR A

3 . Prior fee and expense awards :

First interim application

Dates covered by first application : August 11 , 2003 through September 30, 2003

Prior FeeAwards

Prior ExpenseAwards

Amount of fees requested : $ 52,300 .00

Amount of expenses requested : $ 2,347 .2 8

Amount of fees awarded : $ 44,455.00

Amount of expenses awarded : $ 2,347.2 8

Amount of fee retainer authorized to be used : $ -

Amount of expense retainer authorized to be used : $

Fees award , net of retainer : $ -

Expense award , net of retainer :

Date of first award :

Amount of fees actually paid :

February 11, 2004

$ 44,455.0 0

Amount of expenses reimbursement actually paid : $ 2,347.28

Po rtion of fees requested but not awarded , which applicant wishes $ 7 , 845 .0 0to defer to final fee application :

Portion of expenses requested but not awarded , which applicantwishes to defer to final fee application :

Case No .: 04-80211-CV-MARRA

Second interim applicatio n

Dates covered by second application : October 1 , 2003 through November 30, 200 3

Prior Fee Prior ExpenseAwards Awards


Amount of expenses requested :

Amount of fees awarded : $ 47,469 .50

Amount of expenses awarded : $


Amount of expense retainer authorized to be used :

Fees award , net of retainer: $ 47,469 .5 0


Date of second award : April 16, 2004

Amount of fees actually paid : $ 47,469 .5 0

Amount of expenses reimbursement actually paid :

Po rtion of fees requested but not awarded , which applicant wishes $ -to defer to final fee application :

Po rtion of expenses requested but not awarded , which applicantwishes to defer to final fee application :


Third interim applicatio n

Dates covered by third application : December 1, 2003 through January 31, 2004

Prior FeeAwards

Prior Expens eAwards



Amount of fees awarded : $ 63,166.5 0

Amount of expenses awarded :



Fees award , net of retainer : $ 63,166.5 0

Expense award , net of retainer:

Date of third award :


October 8, 2004

$ 63,166.5 0


Po rt ion of fees requested but not awarded , which applicant wishesto defer to final fee application :

Portion of expenses requested but not awarded , which applican twishes to defer to final fee application :


Fourth interim application

Dates covered by fourth application : February 1, 2004 through March 31, 200 4

Prior FeeAwards

Prior ExpenseAward s

Amount of fees requested : $ 80,306.0 0


Amount of fees awarded : $ 80,306.0 0




Fees award, net of retainer: $ 80,306.00

Expense award, net of retainer :

Date of fourth award :


October 8, 200 4

$ 80,306.00


Portion of fees requested but not awarded, which applicant wishe sto defer to final fee application :

Portion of expenses requested but not awarded, which applican twishes to defer to final fee application :

Case No. : 04-80211-CV-MARRA

Fifth interim application

Dates covered by fifth application : April 1, 2004 through May 31, 2004


Amount of fees requested: $ 144,330.00


Amount of fees awarded: $ 144,330.00


Amount of fee retainer authorized to be used: $ -


Fees award, net of retainer: $ -


Date of fi fth award: March 29, 2005

Amount of fees actually paid: $ 144,330.00


Po rt ion of fees requested but not awarded , which applicant wishes $ -to defer to final fee application :

Portion of expenses requested but not awarded, which applicantwishes to defer to final fee application :

Sixth interim application

Dates covered by fifth application: June 1, 2004 through November 30, 2004


Amount of fees requested: $ 439,792.00


Amount of fees awarded: $


Amount of fee retainer authorized to be used: $


Fees award , net of retainer: $


Date of fifth award :

Amount of fees actually paid: $

$

Amount of expenses reimbursement actually paid : $

Po rt ion of fees requested but not awarded , which applicant wishes $to defer to final fee application :

Po rtion of expenses requested but not awarded , which applicantwishes to defer to final fee application :

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