Advisers, lawyers and consultants have billed General Motors Co.'s bankruptcy estate more than $90 million in fees and expenses since last summer, a figure that will grow as unwanted assets such as real estate, equipment and factories are liquidated.
The estate has retained so many advisers and high-priced experts that it has hired a consultant to monitor their fees and expenses -- and two consultants to help the consultant -- according to federal court records.
An analysis of U.S. Bankruptcy Court records shows how $1.17 billion in government financing is being spent. And while several GM creditors lost billions when the automaker filed for bankruptcy last year, high-priced lawyers and professionals are getting millions in fees.
Tuesday, February 16, 2010
Lawyers, consultants eat up bankruptcy resources for old GM
The Detroit News reports:
