Fees Could Top Enron Levels If GM Goes Bust

Law360, New York (December 5, 2008, 12:00 AM EST) -- The costs of bankruptcy for the Big Three Detroit automakers have been the subject of speculation since the companies began making their cases for federal assistance to avoid seeking Chapter 11. One cost that has not been widely considered is the level of professional fees that law firms, financial advisers and other firms would charge to help see General Motors Corp., Chrysler LLC and Ford Motor Co. through Chapter 11.

According to two law professors who specialize in researching attorneys' fees in bankruptcy proceedings, that number...
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