Notes on Joseph Olsen's accounting





How did Olsen calculate his $12,415.13 compensation?



His only description is in Bankruptcy document 44-0  at the bottom of page 6.  Quote:



"Total Disbursements to parties in interest, excluding the Debtor, but including holders of secured

claims are $_ . "  



He never filled in the blank with the correct amount, so we have to calculate this amount ourselves using the table at the bottom of page 6.





This is my calculation:



5% of total amount above $50,000 is $6,678.68 according to Joseph Olsen.



This means that the total amount above $50,000 is 20 x 6,678.68 which equals $133,573.60.



Since this is the amount above $50,000 we get the total disbursements to be $50,000 + $133,573.60 which is $183,573.60



According to this calculation Joseph Olsen is claiming that:



"Total Disbursements to parties in interest, excluding the Debtor, but including holders of secured

claims are $183,573.60."





This number is impossible.  How did he come up with this number?





He explains in bankruptcy document 49-0 at the bottom of page 1.  He writes: 





"Total gross receipts of$ 301,000.00 (see Exhibit 1 ), minus funds paid to the debtor and third parties of $117,426.40 (see Exhibit 2 ), yielded net receipts of $183,573.60 from the liquidation of the property of the estate..."



He identifies $183,573.60 as "net receipts of $183,573.60 from the liquidation of the property of the estate"





He then charges commission on "total net receipts", including payment to the Baudins. 

This does not address the overpayments to creditors such as Balke.