A 5th Circuit opinion that one former bankruptcy judge calls "scary" for lawyers requires Dallas-based Winstead to disgorge up to $500,000 in attorney fees the firm received for its work on the restructuring of a restaurant chain that filed for bankruptcy. Former Judge R. Glen Ayers says the opinion is worrisome for debtors' counsel and other lawyers whose fees are subject to court approval in a Chapter 11 case, because it says the doctrine of equitable mootness may not protect them.
September 08, 2008 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A 5th U.S. Circuit Court of Appeals opinion that one former bankruptcy judge calls “scary” for lawyers requires Dallas-based Winstead to disgorge up to $500,000 in attorney fees the firm received for its work on the restructuring of a restaurant chain that filed for bankruptcy.
In an Aug. 28 decision in Wooley v. Faulkner, a three-judge panel of the 5th Circuit concluded that the doctrine of equitable mootness did not apply to attorneys representing clients in a Chapter 11 bankruptcy.
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