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Bankruptcy News
U.S. Trustee Program Announces Stipulated Agreement Reducing Stephen Forbes Cooper LLC’s Success Fee Request in Enron Corp. Bankruptcy Case
WASHINGTON, D.C.–The United States Trustee Program announced today that it has reached an agreement with Stephen Forbes Cooper LLC (SFC) to reduce by $12.5 million the success fee SFC requested for its work in the Chapter 11 case of Enron Corp. The stipulated agreement was filed March 24, 2006, in the U.S. Bankruptcy Court for the Southern District of New York.
According to the stipulated agreement, in reviewing SFC’s motion for a $25 million success fee, the U.S. Trustee undertook an investigation that uncovered billing practices and billing irregularities unacceptable to the U.S. Trustee, which the U.S. Trustee maintains were not disclosed to the bankruptcy court. The U.S. Trustee shared concerns about these findings with the bankruptcy court and with SFC.
In April 2002, the bankruptcy court authorized SFC and its principal, Stephen Forbes Cooper, to provide management services to Enron and its affiliated debtor entities on terms and conditions set forth in an employment agreement. Several weeks after Enron’s reorganization plan was confirmed in July 2004, SFC filed a motion seeking payment of a $25 million success fee in accordance with the provisions of the employment agreement. The bankruptcy court held a hearing on SFC’s motion on November 15, 2005, but withheld its ruling on the motion, pending the filing of a response by the U.S. Trustee.
Cliff White, Acting Director of the Executive Office for U.S. Trustees, commended Washington, D.C.-based Assistant U.S. Trustee Richard Byrne and Newark-based Bankruptcy Analyst Linda Logan “for their superlative efforts in investigating this matter and reaching a settlement that should send a strong message that unacceptable billing practices and billing irregularities will not be tolerated in the bankruptcy system.”
Many family finances include a credit card debt
The typical family filing for bankruptcy in 1997 owed more than one and a half times its annual income in short-term, high-interest debt. A family earning $24,000 had an average of $36,000 in credit card and similar debt.
New Bankruptcy Law 2005
Beginning on October 17, 2005, most individual debtors filing for bankruptcy relief were required to complete either Official Bankruptcy Form B22A ... Read more >
Definition:
Bankruptcy proceedings for an individual with the intention of rescheduling the individual's debt (rather than liquidating the individual's assets and debt; an individual files under Chapter 7 to liquidate);
Core proceedings
Definition:
Those proceedings that are inherent in and fundamental to the administration of a bankruptcy case.
Chapter Thirty Three
Definition:
An unofficial term describing a company that has filed for Chapter 11 three times.
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