Finally, A Receiver's Financial Report!

What's the hurry? With no apparent oversight of the Mantria Receiver it is actually a surprise that he does any work at all, say most, if not all, of the Mantria victims. An embarrassment to the firm of Alvarez & Marsal, the Mantria Receiver, John Paul Anderson,  continues to show little progress in the nearly THREE years he has "managed" the Receivership.  Yes, it will be THREE years next month when John Paul Anderson was appointed by Judge Arguello. I wonder if she thought this Receivership would be needed this long and for another 3-4 years. 

Some of the readers will say Anderson does not do any work, but let's not take it that far, he did bill some hours in the last quarter of last year.  While the financial document is the usual copy and paste from the previous financial reports (at least the reports that are available on public record - some are missing) below are some of the new points of interest for the weary Mantria Ponzi scheme victims.

Highlights/Lowlights

• $7,040 in fees and expenses from Q42012 for John Paul Anderson and Alvarez & Marsal - he worked 22 hours over 3 months on the Mantria Ponzi scheme. Wondering why this is taking so long?
• $1,432.80 for Bryan Cave, Receiver's attorneys
• $320 for Baum & Gustafson, tax accountant
• The Receiver did have some documents sealed....more secrets.
• "the Receiver and his counsel continue to restrict the scope of his work to necessary administrative matters related to the Receivership Estate, the monetizing of personal property, and coordinating the quiet title action for the Tennessee real estate."
• " The December 31, 2012 balance of cash totals approximately $618,212."
• " Currently, the Receiver and his counsel are approaching the IRS to discuss the waiving of the filing of the relevant tax returns."
• " Litigation Consulting: This category includes consultations with the SEC. Most of the time spent in this category relates to the Receiver providing assistance and working on the Gatekeeper litigation involving the professional service firms that were retained by Mantria Corporation. A mediator, Judge Dick Dana, has been retained by the parties in the litigation to settle the Receiver’s and the separate Investors’ class-action litigation claims. As of the date of this report, no settlement has been reached by the parties."

There you have it. No work at all on clawbacks, no equipment or land sales, no work helping the employees work with the Department of Labor on getting wages/expenses/payroll deductions/401ks from company executives, no updates to his website to keep the victims informed, no work on ERISA criminal charges...but the Receivership continues and will do so for at least a few more years (2014 trial + delays + screw-ups = 2016 and beyond) until the money runs out, which will be soon. Don't worry about where the $618k in cash is going, it is going here.
 
There is an attachment to the financial report with an updated balance sheet, more fiction, and it will be post shortly. 

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