Tag Archives: ASARCO

A Big Haircut for Indenture Trustee Counsel Fees

In Nortel Network’s (“Nortel”) chapter 11 case, In re: Nortel Networks Inc., et al., United States Bankruptcy Court for the District of Delaware, Case No. 09-10138(KG), Bankruptcy Judge Kevin Gross recently reduced the Indenture Trustee’s counsel fees by $913,936.00 in response to heavily litigated objections to the fees by noteholders, Solus Alternative Asset Management LP … Continue Reading

Delaware Judges Double Down on the Boomerang Ruling Solidifying it as the Law of Delaware

In February, we told you about Judge Walrath’s recent opinion in In re Boomerang Tube, Inc., which rejected a variety of different arguments, including a contractual work-around, that sought to circumvent the Supreme Court’s decision in Baker Botts LLP v. ASARCO, LLC.  In ASARCO, the Supreme Court held that professionals representing debtors and creditors’ committees … Continue Reading

More Bad News for Bankruptcy Professionals – Baker Botts v ASARCO is Back Like a Boomerang

Last June, the Supreme Court issued a ruling in Baker Botts LLP v. ASARCO, LLC, which dramatically altered expectations that had previously been fairly widely accepted in many areas – the right of professionals representing debtors and creditors committees to be reimbursed by the estate for fees incurred in defending objections to their fees.  In ASARCO, the Supreme … Continue Reading