"The rates CWT charges for the services rendered by its professionals and paraprofessionals in these Chapter 11 cases are less than the rates CWT charges for professional and paraprofessional services rendered in comparable nonbankruptcy-related matters," the law firm said.That may be so, but if the new charges are approved by the federal bankrutcy court judge the total charges will reach $45 million so far, and many of the expenses are still to come as the exit from bankrutcy nears closer.
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Cadwalader's overall tab from February through May was $6.1 million in fees and $409,000 in expenses, court records show. That included $741,200 in fees for Bruce Zirinsky, chairman of Cadwalader's financial restructuring practice and the lead attorney in the case. Cadwalader previously billed Northwest $6.4 million in fees and $432,138 in expenses.
In court papers, Cadwalader described its fees as reasonable. In fact, it said, the firm agreed with Northwest to provide a "discount" during the course of the company's bankruptcy.
Adams, the U.S. trustee monitoring the case, didn't quarrel with Cadwalader's rates in a general objection she filed to the fee requests.
Instead, she said she was seeking more information about $83,000 in expenses that Cadwalader listed without much specificity -- in such categories as "other professionals," "litigation support vendors" and "managing attorney's charge."
Detroit Free Press
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