Britney's legal woos just got a whole lot worse. All those times she skipped out on scheduled depositions to go hang out with Adnan are creeping up on her and K-Fed's lawyer Mark Vincent Kaplan will be getting the last laugh. Kaplan filed a motion asking that Britney Spears be held liable for $500,000 in court and legal fees. Here's the breakdown: $100,000 of fees Kaplan will accumulate between now and the end of the custody trial, set for April (08) but he wants another $400,000 in fees dating back to July of 2007. That... lire la suite
Britney's legal woos just got a whole lot worse. All those times she skipped out on scheduled depositions to go hang out with Adnan are creeping up on her and K-Fed's lawyer Mark Vincent Kaplan will be getting the last laugh. Kaplan filed a motion asking that Britney Spears be held liable for $500,000 in court and legal fees. Here's the breakdown: $100,000 of fees Kaplan will accumulate between now and the end of the custody trial, set for April (08) but he wants another $400,000 in fees dating back to July of 2007. That's a lot of cheddar yo! In other Britney news, the pop wreck was spotted out and about last night in her new SLK 350 Mercedes Benz. Her new car must be lacking a navigation system because she got lost in the Hollywood Hills and asked a pap (in her British accent) to hop in the car and help her get home. Some things never change!
Well, someone has decided to wake up! Britney Spears conservators are reportedly really pissed at the legal fees Britney has been asked to pay for her custody battle with Kevin Federline. Apparently, Brit's peeps will go do court on Monday to fight for the lawyers fees which are ridiculously high. The conservators are gonna try to convince the judge that this is a simple custody case and these inflated fees are not necessary. Mark Vincent Kaplan has asked Brit-Brit to pay his lawyers fees which have totalled up to $500,000 within a 5-month period. This case is anything but simple! It could have been simple if Britney's life didn't get all sorts of complicated. We've seen it all from Britney this past year.
Posted at March 7th, 2008 2:07 pm by Free Britney Filed under: Britney Spears, Jamie Spears
Posted at March 11th, 2008 6:44 am by Free Britney Filed under: Britney Spears, Jamie Spears, Kevin Federline, Mark Vincent Kaplan
Britney Spears’ custody battle could cost her over $700,000. The troubled singer’s lengthy court process with ex-husband Kevin Federline to establish access rights to their sons, Sean Preston, two, and 23-month-old Jayden James, led to two law firms billing her a combined total of $466,000, court documents have revealed. This entry was posted on Tuesday, August 19th, 2008 at 8:02 pm and is filed under Britney Spears. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
“C’mon—you have $500M and I am raising $1.5M and you want me to take the first $25K to pay your legal expenses for doing the deal? That’s like your dad giving you your allowance and then asking you to buy him a hot dog. When we were raising money for Flixster I thought that must be a trick—like if I agreed to that term they would pull the term sheet at the last second and say I failed the secret fiscal responsibility test.” Summary: Venture capitalists don’t want to pay their legal fees for financings. Don’t fight this term—that’s a “big move on a little issue.” Instead, cap your contribution to the investor’s legal bill. And watch the legal bills in small financings: don’t spend a large portion of the investment on lawyers or give up a lot of equity for the privilege of paying your investor’s legal bill. Venture capitalists don’t want to pay their legal fees for financings. We explain why in the appendix below. So startups often pay their investor’s legal fee. An investor gives you money, you use some of the money to pay his lawyer, and the investor buys a little bit of your company with his legal bill! Pay your investor’s legal bill. Although paying your investor’s legal fee may fall outside the bounds of common sense, don’t try to remove this term. It’s an industry norm. Also consider your investor’s perspective. In every other financing, their investee paid the fund’s legal fee. Are you really going to ask your investor to go to his partnership and say, “Hey, this deal is going to cost us $50K in cash money.” Cap your contribution to the investor’s legal bill. When you pay your investor’s legal bill, you’re paying their lawyers to negotiate against you. You’re paying their lawyers to make your deal worse. You may have to pay your investor’s legal bill but you certainly don’t need to keep paying their lawyers until they run out of things to say. Put a cap on your contribution. Without a cap, their lawyers will just keep arguing and collecting fees. With a cap, they’ll stop arguing once they hit the limit. Propose a cap between $10K-$20K and let them make the case for a higher limit. Some investments require more legal work and some require less: in one rare case, we saw a top-tier investor do a large Series A financings ($10M) with no external counsel at all. Many caps include the fees for both sides, i.e. the company shall pay no more than $X for the sum of the investor’s and company’s legal fees. It makes more sense to cap only your investor’s legal fee... but hey! this is venture capital, not math camp. Watch the legal bills in small financings. Don’t spend $20K on lawyers if you’re raising $50K. Not only are you spending a lot of the investment on lawyers, but you’re giving up a significant chunk of equity for the privilege of paying your investor’s legal bill. Investors recognize this issue and usually pay their own legal bills in debt financings. If the investor’s expected legal bill is a large percentage of the investment, you could increase the investment to cover the bill and increase your pre-money to cancel out the dilution from the extra money. This makes sense but it’s also a “big move on a little issue.” Instead, calculate your effective pre-money and do an apples-to-apples comparison to your alternatives. For example, if you raise $50K on a $50K pre-money and spend $10K of the investment on your investor’s legal fee, your effective pre-money is only $40K since your investor bought half the company and you got $40K. In general, Appendix: Why investors don’t want to pay their legal bills. Many people think investors don’t want to pay their legal bills because the money would come out of the investors’ own pockets. The argument goes like this: VCs pay their salaries from the fund’s management fee and if they had to spend the management fee on legal bills, they would have to reduce their salaries. But investors already pay various expenses such as ongoing legal fees or accounting fees without touching their management fee. And there are good reasons why investors and their limited partners may not want to pay legal fees out of the management fee: (1) legal fees are a variable expense so it’s hard to include them in a budget that justifies the management fee to limited partners, and (2) limited partners don’t want investors to feel like they’re taking money out of their own pockets to do legal diligence. We don’t know how or why this became the norm, but there are several advantages and few disadvantages for the investor whose investee pays the legal bills. Paying the investor’s legal bill: · Lets the investor buy a little piece of the company with his legal bill.
Rep. Jerry Lewis (R-CA) has been under federal investigation “for his ties to defense contractor and convicted criminal Brent Wilkes and lobbyist buddy Bill Lowery” since the spring of 2006. Beginning in June 2006, Lewis has been paying heavy sums in legal fees to deal with the probe. TPMmuckraker reports today that a $62,000 payment [...]
Spears’ lawyer fights K-Fed’s legal fees (AP) AP - Britney Spears’ new lawyer has a tip for Kevin Federline: If you’re going to ask for your legal bills to be pai - Britney Spears’ new lawyer has a tip for Kevin Federline: If you’re going to ask for your legal bills to be paid, don’t leave a $2,000 tip for the waiter on a $365 check. This entry was posted on Tuesday, March 11th, 2008 at 8:02 am and is filed under Britney Spears. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
Spears’ lawyer fights K-Fed’s legal fees Britney Spears’ new lawyer has a tip for Kevin Federline: If you’re going to ask for your legal bills to be paid, don’t leave a $2,000 tip for the waiter on a $365 check. This entry was posted on Wednesday, March 12th, 2008 at 4:02 am and is filed under Britney Spears. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
Before the year was out, a federal court judge would rule that the law was unconstitutional. And then came the legal bills, which amounted to more than one million taxpayer dollars. Nearly three years after passage, the video game legislation is still a source of concern. The Associated Press reports that Auditor General William Holland is questioning why the Illinois Public Health Department was billed for 14% of the legal fees in the case. Apparently, the Blagojevich administration can’t explain: Blagojevich spokeswoman Abby Ottenhoff says six agencies were tapped to pay the special assistant attorney general assigned to the case in which a judge ruled the law unconstitutional. Because it lost on constitutional grounds, Illinois was on the hook for $510,000 in legal costs incurred by the video game industry. The state also paid private attorneys to defend against the industry lawsuit.