Local Rule RULE 6005-1: APPRAISERS, BROKERS, AND INVESTMENT BANKERS
Bankr. D. Mass. — General rule
RULE 6005-1. APPRAISERS, BROKERS, AND INVESTMENT BANKERS
(a) Any application to employ an appraiser may be employed after allowance by the Court of a motion to employ andpursuant to MLBR 2014-1 shall be paid atset forth the proposed amount or rate of compensation, including, but not limited to, an hourly rate to be set from time to time by the Court or at aor flat rate approved by the Court.fee.
(b) A motionAny application to approve a broker or investment banker, pursuant to MLBR 2014-1, shall also include a recitation of all of the terms and conditions of the broker's or investment banker's engagement, including:
(1) the rate of any commission on the sale of estate assets;
(2) any agreement respecting compensation made by the broker or investment banker with any other party or parties;
(3) whether, in the event thatif the compensation of the broker or investment banker is based on a commission and such broker or investment banker locates a proposed buyer who is the successful bidder after subsequent competitive bidding with another proposed buyer, the broker's or investment banker's commission from the sale proceeds would be based on the original bid or the final bid; and
(4) whether, in the event thatif the compensation of the broker or investment banker is based on a commission and such broker or investment banker locates a proposed buyer who is not the successful bidder after subsequent competitive bidding with another proposed buyer, the broker or investment banker may receive a commission limited to the amount of the original bid.
(c) No party or firm may act as an appraiser, and as a broker, and as an auctioneer, in any combination, in the same case.
(d) Any agreement establishing the terms of a broker's or investment banker's engagement shall be filed as an exhibit to any application and shall provide the information required in subsection (b) of this Rule.
(e) Notwithstanding an agreement to the contrary, no commission is earned unless the proposed sale of estate assets is completed.