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B-180141 1 (1974-01-18)

handle is hein.gao/gaobabkny0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE ~ / ~ ELEAS WASHINGTON. D.C. 20548 ~~RELEAs~ GENERAL GOVERNMcNI' 4 19 DiVisjON A B-180141 JAN 18 1974 The Honorable Bob Price House of Representatives . Dear Mr. Price: Pursuant to your request dated August 3, 1973, and subsequent meetings with you, we made a review of the fees_ paid by Bankruptcy Judge(Frank R. Murray, Lubbock, Texas, to aucl.QnDrngfjirus, in- cluding the payments to Ernest St. Clair, Inc., Amarillo, Texas, for the 3-year period ended June 30, 1973. Rule 606(c) of the Rules of Bankruptcy Procedures, promulgated by the U.S. Supreme Court, provides that auctioneers are appointed only upon an order of the court fixing the amount or rate of com- pensation. The rate of compensation, as fixed by the U.S. District Court for the Northern District of Texas, is 5 percent of the sales price for commissions plus reasonable expenses limited to 5 percent of the sales price. Documents on file showed that the comissions and fees paid to auctioneers were generally in accordance with the amounts fixed by the Bankruptcy Court. We found that in 24 of the 27 cases awarded during the 3-year period, the auctioneer's fee included a commission of 5 percent of the sale price bf the property sold. In two cases, only expenses were paid and in the third case we were unable to determine the basis of the $50 fee; however, it was well below the 5 percent limitation. In one of the 24 cases, the commission was for find- ing a buyer rather than conducting an auct- In 25 of the 26 cases in which records showed that the auc- tioneer's fee consisted of or included payment for auction expenses, we found that this payment amounted to 5 percent or less of the sale price. In one case, these expenses exceeded 5 percent of the sale price but included the cost of advertising property for which no bids were received.

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