Professional Fees in Corporate Bankruptcies

Professional Fees in Corporate Bankruptcies : Data, Analysis, and Evaluation

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Description

Bankrupt Enron paid well over a billion dollars in cash to bankruptcy lawyers, financial advisors, and other bankruptcy professionals. The managers of most bankrupt companies pay the professionals with money that would otherwise have gone to creditors, employees, shareholders, or to saving the companies. To prevent excessive payments, the bankruptcy code and rules establish an elaborate system for public reporting and court approval of professional fees. Armed with the ability to choose among courts that want or need to attract the cases, the professionals have largely taken charge of the fee-control system and rendered it toothless. The professionals ignore many of the governing rules and the courts do nothing about it. Effective methods for assessing and controlling fees do exist, but it is not in the interests of the courts or the professionals to apply them. Professional Fees in Corporate Bankruptcies: Data, Analysis, and Evaluation, by Lynn M. LoPucki and Joseph W. Doherty is based on a study of thousands of documents from the court files in over a hundred of the largest bankruptcy cases. It employs statistical analysis and documents its findings, and provides an unprecedented window on the worlds of bankruptcy professionals, professional fees, and their scientific study. Through that window, readers see both a disturbing picture of a legal system in crisis and a hopeful one with opportunities for desperately needed reform. The authors have nevertheless written it for readers with technical backgrounds in neither bankruptcy nor statistics. This book will be of interest not only to scholars studying professional fees, but also to bankruptcy professionals, judges, policymakers, and anyone interested in the functioning of law-based systems.show more

Product details

  • Hardback | 336 pages
  • 157.48 x 236.22 x 25.4mm | 566.99g
  • Oxford University Press Inc
  • New York, United States
  • English
  • New.
  • 0195337727
  • 9780195337723

Review quote

Lynn LoPucki and Joseph Doherty have thus picked the perfect time to release their book, which consolidates and updates almost a decade's worth of research on the topic of professional compensation in chapter 11. A dull reading it is not. * Stephen J. Lubben, Banking & Finance Law Review *show more

About Lynn M. LoPucki

Lynn M. LoPucki is the Security Pacific Bank Professor of Law at the UCLA School of Law. Joseph W. Doherty is the Director of the Empirical Research Group (ERG) at the UCLA School of Law.show more

Table of contents

Part I: Cost Assessment ; Chapter 1. Cost Measurement ; Chapter 2. The Empirical Study ; Chapter 3. Aggregate Costs ; Chapter 4. Cost Calculators ; Chapter 5. Component Costs: Description ; Chapter 6. Component Costs: Analysis ; Part II. Cost Control ; Chapter 7. The Need for Cost Control ; Chapter 8. The Cost of Cost Control ; Chapter 9. Fee Objections ; Chapter 10. Fee Cuts ; Chapter 11. Cost Control Failure ; Chapter 12. Toward Effective Cost Control Methods ; Appendicies ; A. The Sample Cases ; B. Variables Used ; C. Glossary ; Indexshow more

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