TO COVER 8-MONTH PERIOD
U.S. District Court for the NMI designated Judge Frances M. Tydingco-Gatewood last Monday approved the payment of $50,851 to the Settlement Fund’s trustee for professional services and expenses incurred during the months of May to December last year.
In addition, Tydingco-Gatewood granted trustee representative Joyce C. H. Tang’s petition for release of $8,106, which represents the 10-percent retainer withheld from its invoices for services rendered and expenses incurred during the months of December 2016 to March 2018.
The judge granted Tang’s request as there was no objection to such invoices and the court being satisfied with the trustee’s work.
The total trustee’s professional services and expenses for that eight-month period in 2016 was $56,381.
The $50,851 represents 90 percent of the trustee’s total $56,381 professional services and expenses.
Tydingco-Gatewood ordered the Settlement Fund to hold in trust to the credit of the trustee the sum of $5,530, which represents 10 percent of the trustee’s total professional fees for that eight-month period.
The trustee may petition for release of this 10 percent retainer on a quarterly basis, subject to the court’s satisfaction of the trustee’s work and any objections.
Tydingco-Gatewood said she has reviewed the invoice and finds the request for compensation and reimbursement of expenses to be reasonable.
Tydingco-Gatewood expressed satisfaction with the work performed by Tang.