Refco Trustee Wants Certain Attorneys' Fees Held Back

Law360, New York (November 29, 2006, 12:00 AM EST) -- The U.S. Trustee overseeing Refco Inc.’s bankruptcy proceedings has objected to a payment application, saying the professionals retained in the case have yet to prove their worth to the company.

As part of the objection, which was filed Tuesday before the U.S. Bankruptcy Court in Manhattan, U.S. Trustee Diana G. Adams recommended a 20% “holdback” of fees for the period between June 1 and Sept. 30. This was equal to the holdbacks she suggested for the previous two interim periods that took place after Refco filed...
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