A law firm representing investvoyager creditors has billed the committee $5.1 million for work done between March and May, thesamreynolds reports.
This latest bill brings the total compensation charged to the group to $16.4 million, above the $11.2 million that was budgeted as part of the restructuring process. So far, the creditors have paid out $8.9 million of this billed compensation.
Some of the largest areas of billings from McDermott attorneys for the period include $1 million billed for 970.9 hours of work on plan and disclosure settlement, which involves discussing sale options with the Debtors and meeting potential buyers and examining objections presented by other stakeholders.potential sale of the company’s assets to FTXAll of this comes on top of a $1.
The 2022 market downturn led to many bankruptcies, which have been profitable for law firms, with firms like FTX and Celsius spending over $200 million and $50 million, respectively, on legal fees.as more and more of it is spent on legal fees.
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