Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “Do I need an attorney to file bankruptcy?”
Thought your legal bills were high? Copper-mining company Ascaro LLC has litigated its $5 million legal tab with law firm Baker Botts all the way to the United States Supreme Court. The high court will decide if and how much Ascaro has to pay.
Bankruptcy courts have the final say on how much advisers called in to work out financial restructuring details in a bankruptcy case get paid. Since the money used to pay advisers could be used to pay creditors, anyone—including debtors and creditors—can challenge fee awards.
Baker Botts represented Ascaro in what the Wall Street Journal called a “contentious Chapter 11 case” that ended with a $6 million judgment against Ascaro for improperly transferring a high-value asset to a parent company shortly before it declared bankruptcy. After the judgment, Ascaro agreed to pay its creditors in full.