Quote from: armyof1ne on July 24, 2015, 07:34:13 PM

Quote from: pmorici on July 24, 2015, 12:18:50 AM

Quote from: armyof1ne on July 20, 2015, 02:30:04 PM

I'm just gonna ask this, how much are the petitioners going to have to pay in lawyers fees? i know the court only allowed somewhere in the range of $60,000 to be disbursed to them, but they requested something like $1,250,000, is that going to be billed to the petitioners? I would assume some of the bigger names like KOI could eat it and use it as a tax write off, or is it going to be distributed evenly? Just some information i'd like to know.
I know some lawyers have it in a clause they they would eat it and write it off, but i don't think that would apply to many bankruptcy proceedings.
Anyone have this information?

I'm not sure I understand your question. If you are asking who determines how much the lawyers ultimately get paid it's the judge. If you are asking if creditors would some how be responsible for covering any difference between what the judge allows in legal fees and what is available the answer is no. If their isn't enough recovered to pay the lawyers they eat the cost. If the judge decides not to allow their full fee they eat that cost too.

The confirmed plan was decided by the judge, they seem to be eating a very large amount is all.
The creditors are completely different from petitioners, they are the group that actually got the lawyers involved. as far as i understood there was a chance the petitioners would have to pay the unpaid bills, not the creditors.
I mean, $1mil + is alot to eat and use as a write off.

The difference in what you posted and what i asked is you are talking about petitioners are creditors(as a whole) which they are not... ... yes i understand they get a small chunk of what they are owed from the court ruling, but the left over is not the responsibility of the petitioners? that seems a little backwards to me, thats why i was asking if there was a clause or two protecting the petitioners or not.
*hope that clears up any misinterpretation*

I see what you're asking. The answer is no, the petitioners aren't on the hook for any of the lawyer fees that you are asking about. The petitioners paid their lawyer out of their own pocket upfront to file the petition but the cost of the bankruptcy process that ensues after a company is in bankruptcy is not their responsibility. Bankruptcy lawyers know there is a chance that they won't get paid the full amount they claim it is routine part of their business.