Lazard Loses Bid For $3.25M NWA Success Fee

Law360, New York (February 9, 2009, 12:00 AM EST) -- A bankruptcy judge has denied Lazard Freres & Co. LLC a $3.25 million completion fee for its work for the unsecured creditors committee in Northwest Airlines Corp.'s Chapter 11 proceedings, writing that Lazard had not demonstrated that it played a vital role in the reorganization.

Judge Cecelia G. Morris of the U.S. Bankruptcy Court for the Southern District of New York handed down an opinion on Friday holding that awarding the completion fee would go beyond the level of reasonable compensation owed to Lazard in light...
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