kwillia
n/a
UFB... $1 million a month in fees... really?
Alabama's Jefferson County wants a federal judge to take a second look at a June 29 ruling favoring Wall Street creditors in order to clarify how the cash-strapped local government can pay $1 million a month in fees to its bankruptcy lawyers.
The county, which last November initiated the biggest U.S. municipal bankruptcy, said Judge Thomas Bennett's ruling clearly barred setting aside county revenues in reserve funds for estimated professional fees but did not forbid using the revenues for paying lawyers for completed work.
The county's bankruptcy lawyers said in a written filing on Friday that they may eventually appeal the judge's 43-page ruling and requested immediate guidance so accurate payments can be made to JPMorgan Chase and other creditors holding $3.2 billion of debt tied to Jefferson County's sewer system.
Bankrupt Alabama county asks for second look at lawyer fees - Yahoo! News Canada
Alabama's Jefferson County wants a federal judge to take a second look at a June 29 ruling favoring Wall Street creditors in order to clarify how the cash-strapped local government can pay $1 million a month in fees to its bankruptcy lawyers.
The county, which last November initiated the biggest U.S. municipal bankruptcy, said Judge Thomas Bennett's ruling clearly barred setting aside county revenues in reserve funds for estimated professional fees but did not forbid using the revenues for paying lawyers for completed work.
The county's bankruptcy lawyers said in a written filing on Friday that they may eventually appeal the judge's 43-page ruling and requested immediate guidance so accurate payments can be made to JPMorgan Chase and other creditors holding $3.2 billion of debt tied to Jefferson County's sewer system.
Bankrupt Alabama county asks for second look at lawyer fees - Yahoo! News Canada