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Bankruptcy Court Approves Contested Fees for UBS Securities
- Client News
- March 8, 2019
Practices
Paul, Weiss client UBS Securities LLC won a victory in the U.S. Bankruptcy Court for the District of Kansas when the court approved its fees for acting as the financial advisor to the debtor in the bankruptcy of the Revocable Trust of John Q. Hammons. The fees were challenged by JD Holdings LLC, a company that had been in litigation with the debtor and that ultimately acquired all of the debtor’s properties. In a 29-page opinion, the court rejected JD Holdings’ objection, ruling that the fees payable to UBS in connection with the sale of more than $1 billion of assets under the debtor’s plan of reorganization had not been granted improvidently, because a restructuring and sale through a negotiated settlement with JD Holdings was not only capable of being anticipated, but was actually anticipated. The court also rejected JD Holdings’ argument that it was entitled to discovery on the issue.
The Paul, Weiss team included bankruptcy counsel Diane Meyers and litigation counsel Robert Kravitz.