Debtor's Counsel, Be Careful Who You Help

Law360, New York (March 5, 2013, 5:28 PM EST) -- In January 2013, the U.S. Trustee in the In re GSC Group Inc. Chapter 11 bankruptcy cases filed a motion asking that the Bankruptcy Court for the Southern District of New York disallow pending fee requests of the debtor’s financial adviser and counsel, disgorge fees already paid, and vacate the orders approving their retention.

The U.S. Trustee’s basis for seeking such relief — in part, that debtors’ counsel and financial adviser allegedly failed to disclose necessary relationships, including a prohibited fee-sharing arrangement between the financial adviser...
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