Solutia Trustee Slams Final Fees By Lawyers, Others

Law360, New York (April 16, 2008, 12:00 AM EDT) -- The U.S. trustee overseeing the Chapter 11 proceedings of newly reorganized Solutia Inc. has opposed the $185 million in final fees sought by the company's lawyers and advisers, saying the professionals are not entitled to a “blank check.”

The trustee, Diana Adams, scoffed at the applicants' boasts of success in achieving confirmation of Solutia's bankruptcy exit plan, remarking that unsecured creditors and retirees had been promised only partial return on their claims.

“The retirees' future distributions depend in part on the financial health of the debtors,”...
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