Judge: Curtis A. Kin, Case: 21STCV13141, Date: 2024-12-17 Tentative Ruling

24STCP02299  Luchia Tsegaberhan
The Petition will be granted.  A copy of the signed decree will be available in Room 112 of the clerk’s office seven days after the date of the hearing.

Case Number: 21STCV13141    Hearing Date: December 17, 2024    Dept: 86

MOTION FOR APPROVAL OF RECEIVER’S TWELFTH INTERIM REQUEST FOR FEES

Date:               12/17/24 (1:30 PM)

Case:                           Sound Equity High Income Debt Fund, LLC v. Top Flight Investments LLC et al. (21STCV13141)

TENTATIVE RULING:     

Receiver Pacific Crest Realty Advisors, LLC’s UNOPPOSED Motion for Approval of Receiver’s Twelfth Interim Request for Fees is GRANTED.

Receiver Pacific Crest Realty Advisors, LLC moves for approval of its interim fees incurred in the performance of its duties. Pursuant to the Order Appointing Equity Receiver and Preliminary Injunction entered on 3/17/22, Receiver is authorized to prepare “periodic interim statements reflecting the Receiver’s fees and administration of the Receivership Estate.” (3/17/22 Receiver Order ¶ 11.) Receiver is obligated to submit its fees and expenses to the Court for approval and confirmation by way of a noticed interim request for fees, a stipulation among the parties, or the Receiver’s final account and report. (Ibid.)

Receiver seeks approval of $13,546.00 incurred in July 2024. “Interim fees are subject to final review and approval by the court. The court retains jurisdiction to award a greater or lesser amount as the full, fair, and final value of the services rendered.” (Cal. Rule of Court 3.1183(a).) “Unless good cause is shown, objections to a receiver’s interim report and accounting must be made within 10 days of notice of the report and accounting, must be specific, and must be delivered to the receiver and all parties entitled to service of the interim report and accounting.” (Id. Rule 3.1183(b).) No objections were received.

A review of the invoice received in support of the motion reveals that Receiver paid vendor invoices; tended to security cameras; prepared monthly financial statements and accounting; handled lien disputes; worked with counsel with respect to litigation related to the property located at 3500 W Manchester Blvd #421; and tended to motion to terminate lease and related eviction process for property located at 816-818 North Mansfield, as well as tended to rehabilitation of Mansfield property for sale. (Constantinescu Decl. Ex. C; 3/17/22 Receiver Order ¶ 3(b) [“The Receiver is granted the following powers and duties…[t]o operate, manage, maintain, preserve, market, and sell the Property….”].) Receiver billed $295 per hour for Sidney Constantinescu, $160 per hour for accounting tasks, and $50 per hour for administrative tasks—rates which are permitted in the March 17, 2022 order appointing Receiver. (3/17/22 Receiver Order ¶ 2(d).) Having reviewed the supporting declaration and invoice, the Court finds that the fees claimed by Receiver are reasonably related to the administration of the Receivership Estate.

The motion is GRANTED. The Court signs the proposed order lodged on 10/24/24.