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
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
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