A Michigan judge has dealt a blow to several professionals working on the Collins & Aikman Corp. bankruptcy case by indicating that a fee examiner may be appointed to investigate millions of dollars in fees racked up by the liquidating auto parts maker.
Siding with hedge fund Third Avenue Management LLC, secured creditor JPMorgan Chase Bank NA and the case’s U.S. Trustee, Judge Steven Rhodes of the U.S Bankruptcy Court for the Eastern District of Michigan in Detroit indicated in a written decision that the appointment of a fee examiner was warranted to determine whether what currently is more than $88 million in fees and expenses requested by more than 20 firms should be reduced.
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