Enron Turnaround Firm Backtracks After Billing Problems

Law360, New York (March 28, 2006, 12:00 AM EST) -- A turnaround specialist who guided Enron Corp. through its Chapter 11 bankruptcy proceedings agreed to slash the $25 million he has been pursuing as a “success fee” after the U.S. Justice Department discovered that he had engaged in unacceptable billing practices.

The accounting irregularities were uncovered by the Justice Department’s Trustee Program after the turnaround specialist, Stephen Forbes Cooper L.L.C., and its principal, Stephen Cooper, petitioned a New York bankruptcy court for the hefty fee.

Although the firm – which has already been paid $107 million...
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