Public and Private Batlle for the remains of IMA
On February 27th, the SEC brought their own action against Kirk S Wright but did not include all the defendants in the two civil cases. William Perkins was again appointed the receiver for the Federal case.
Why are Laird and Baker complaining? Surely the SEC and the Receiver are up to recovering the missing funds?
Laird and Baker complain that during the first two weeks, the Receiver and its Counsel racked up fees of $90,000 while finding only a $100,000 worth of assets. Laird and Baker believe that their interests cannot be adequately protected by the SEC, whom they claim let this scam alone for almost nine years and then were late to the party. Somewhere between $115 and $185 million are said to be missing and Laird and Baker ask "Where was the SEC during this time?"
The presiding Judge has declined to hear the motion on its merits, for the time being. The Receiver has been order to make reports to the Court every 45 days and its fees and costs may be challenged by any interested party. The full order can be downloaded here.
