Receiver Fees: Something for Not Much?
The other day, Peter Lattman, at the WSJ Blog, declared himself amazed at the amount of fees lawyers pull out of a bankrupt company, for example in "the Chapter 11 case of Delta Airlines. As debtor counsel, Marshall Huebner and his team at Davis Polk & Wardwell have rung up a healthy bill themselves. A bankruptcy judge yesterday approved Davis Polk's $10.3 million fee application for 4 1/2 months of work on the case."
Not bad, but what about those ponzi cases that we keep reading about, the big ones with over $150 million of coin of the realm to locate? How are those receivers and lawyer doing with Neulan Midkiff, now that he has lost his $1 million dollar home?
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