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March 28, 2006
Bid high, then settle
Stephen Cooper, the fellow who oversaw Enron's liquidation for a couple of years, has backed off his request for a $25 million "success" fee (earlier post here) -- on top of his $1.3 million annual salary and tens of millions already paid to his company for its services in the Enron case -- after the U.S. Trustee examining his request pointed out some "billing issues" to the Bankruptcy Judge overseeing the Enron chapter 11 case. Mr. Cooper now is requesting "only" a $12.5 million success fee in the Enron case, where creditors holding unsecured claims will probably receive somewhere between a 15% - 25% dividend on their claims.
Something tells me that Lynn LoPucki is not pleased.
Posted by Tom at March 28, 2006 07:44 AM
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� Bounteous bankruptcies: Delta, Enron, cont'd from Overlawyered
Peter Lattman (Jun. 6) notes a judge's approval of $10.5 million in legal fees for 4 1/2 months' work in the Delta Air Lines bankruptcy (see Apr. 1). "According to the AP, the overall fees... [Read More]
Tracked on June 7, 2006 12:25 PM
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