Tuesday, February 16, 2010

GM's bankruptcy is great for lawyers

By the time the bankruptcy case is closed, the court will award an estimated $1.17 billion in professional fees and expenses, an assumption based in part on GM's assets and number of employees, according to Lynn LoPucki, a law professor at Harvard and UCLA, who has analyzed large public company bankruptcies for 25 years.

That would make the GM case the most lucrative bankruptcy case ever for lawyers and professional advisers and consultants.

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