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.