To be honest, I really haven't looked at it closely enough to know. But, when she initially quit and that $500K number was bandied about, I looked into it superficially. That's when I realized that Legal Defense Funds in AK are just about the same as anywhere else, and in some instances less regulated than other states.
Simply put, the individual funds aren't required to report fund inflow totals nor outflows of any kind. I get the feeling from your question that you're leaning towards believing that the $500K is somewhat of a red herring. It's the direction I'm leaning as well, but I haven't made up my mind, yet.
I’m not sure red herring is the right word because I do believe she’s being billed that much, mostly for campaign and Troopergate rather than the less intense ethics stuff. What concerns me is the total lack of information about what’s been raised and spent to date. The fund committed, under their disclosure provisions when set up in April, that they would release to the public a full accounting of contributions every 30 days. Clearly they haven’t done that and it raises red flags. How long can her fund pitch for a debt that’s already been paid off?