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Professional Fees in Corporate Bankruptcies
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Professional Fees in Corporate Bankruptcies: Data, Analysis, and Evaluation

Lynn M. LoPucki and Joseph W. Doherty

Abstract

Bankrupt Enron paid well over a billion dollars in cash to bankruptcy lawyers, financial advisors, and other bankruptcy professionals. The managers of most bankrupt companies pay the professionals with money that would otherwise have gone to creditors, employees, shareholders, or to saving the companies. To prevent excessive payments, the bankruptcy code and rules establish an elaborate system for public reporting and court approval of professional fees. Armed with the ability to choose among courts that want or need to attract the cases, the professionals have largely taken charge of the fee- ... More

Keywords: Enron, bankruptcy, bankruptcy code, public reporting, professional fees, fee-control system, bankruptcy cases, reform

Bibliographic Information

Print publication date: 2011 Print ISBN-13: 9780195337723
Published to Oxford Scholarship Online: May 2011 DOI:10.1093/acprof:oso/9780195337723.001.0001

Authors

Affiliations are at time of print publication.

Lynn M. LoPucki, author
UCLA School of Law
Author Webpage

Joseph W. Doherty, author
UCLA School of Law
Author Webpage

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