The Asarco bankruptcy was a huge success, resulting in full payment to all creditors and the emergence of a going concern. Baker Botts, the debtor's counsel, wants the judge to approve a total of about $142 million in fees and expenses. But Asarco is now owned again by its former parent, which Baker Botts whipped to the tune of a $6 billion fraudulent conveyance judgment in the Chapter 11. And--no surprise--the vanquished opponent doesn't want to pay up.

An appellate court ruled on Thursday that the Federal Aviation Act preempts the state regulation of all airlines. The decision came in a long-running litigation in which major carriers have been accused of conspiring to keep cargo shipping rates artificially high.