Trust Wants Portrait Corp.'s Adviser's Fees Slashed

Law360, New York (October 16, 2007, 12:00 AM EDT) -- The Portrait Liquidating Trust has filed a scathing objection to Berenson & Co. LLC's application for $2.8 million in fees for its work in Portrait Corp. of America Inc.'s Chapter 11 case, arguing that Berenson, which served as the debtors' financial advisers and investment bankers, doesn't deserve a seven-figure transaction fee.

The liquidating trust filed its objection on Monday in the U.S. Bankruptcy Court for the Southern District of New York.

Both the liquidating trust and the U.S. trustee overseeing Portrait Corp.'s Chapter 11 proceedings also...
To view the full article, register now.