Posted on: January 19, 2016
Following up on our previous post, “New Gulf to Engulf ASARCO? Baker Botts seeks to hack the Supreme Court’s ASARCO ruling ”, it seems that Baker Botts and the U.S. Trustee have agreed to defer consideration of Baker Botts’ “Fee Premium” to a later, unspecified date. Pursuant to a revised proposed order from Baker Botts, the court has approved Baker Botts as debtors’ counsel and ordered that “consideration, authorization and approval of the provisions authorizing the Fee Premium, if any, are subject in all respects to further order of the Court after notice and hearing…”, all rights reserved, yada yada. From the bench, the Court noted that the issue of fees for fighting about fees under ASARCO is currently being considered by other courts in the district, and since the issue could arise in practically every chapter 11 case, the Court intends to rule consistently across all cases. We will let you know when the fracas comes to fruition.