Bill on Bankruptcy: Lawyers Must Disclose What Clients Pay
June 19 (Bloomberg) — Lawyers may object to disclosing how much they actually collect per hour from non-bankrupt clients, as Bloomberg Law’s Lee Pacchia and Bloomberg News bankruptcy columnist Bill Rochelle explain on their video discussing new fee guidelines promulgated by the U.S. Trustee Program.
The Bankruptcy Judge of the Week is Kathy A. Surratt-States from St. Louis whose efforts at resuscitating Patriot Coal Corp. may be undone by the United Mine Workers union. Rochelle describes the new Chapter 11 filings for Exide Technologies, National Envelope, and Orchard Supply Hardware Stores Corp., commenting on which will survive and which might not.
The video ends with discussion of a case to be argued late this year in the U.S. Supreme Court and a decision from the Court of Appeals in Atlanta casting doubt on the ability of creditors to negotiate collectively with a troubled company in advance of bankruptcy.