NetBank Supervisor's Deal With Holland & Knight OK'd

Law360, New York (December 14, 2009, 5:28 PM EST) -- A bankruptcy judge has approved a settlement between NetBank Inc.'s liquidating supervisor and former debtor-in-possession counsel Holland & Knight LLP over roughly $350,000 in allegedly avoidable transfers that NetBank made to H&K early in the online bank's Chapter 11 proceedings.

In an order issued Wednesday, Judge Jerry Funk of the U.S. Bankruptcy Court for the Middle District of Florida approved the settlement, which requires H&K to pay NetBank $132,500 — about a third of the total amount in dispute — to release the law firm from...
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