• 23 Jun 2009 at 3:15 PM

Trustee In GM Bankruptcy Clamps Down On Fee Bonanza

GM.jpgAmong the bills that GM may need to pay with their additional $30 billion infusion are massive fees due to two of the only big winners in the GM debacle, Evercore Partners and turnaround consultants AlixPartners. For their impressive work overseeing the automaker’s complete collapse, Evercore and AlixPartners are seeking fees totalling a cool $130 million, which includes a combined $30.9 million in success fees. But the US Trustee overseeing the bankruptcy thinks the “staggering” and “excessive” fees aren’t well deserved and is worried about one of AlixPartners’ fees in particular. As a token of its appreciation, GM agreed to pay the firm a “discretionary fee” that has “no boundaries in amount and scope” and no clear method of calculation.
Trustee Objects to Fees for G.M. Advisers [Dealbook]

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Comments (15)

  1. Posted by guest | June 23, 2009 at 3:26 PM

    I say we get Jeff Macke to investigate this one! He’s probably got some free time on his hands…

  2. Posted by guest | June 23, 2009 at 3:31 PM

    great story

  3. Posted by guest | June 23, 2009 at 3:31 PM

    Roger Altman bills with a heavy pen.

  4. Posted by guest | June 23, 2009 at 3:32 PM

    i’m going to see what i can do about getting Greg here nominated for one of those Pulitzers… you really are a national treasure

  5. Posted by guest | June 23, 2009 at 3:37 PM

    Law firms are not too big to fail

  6. Posted by guest | June 23, 2009 at 3:39 PM

    Law firms are not too big to fail

  7. Posted by guest | June 23, 2009 at 3:44 PM

    but are they paying themselves fees? Goldman Saxs tried to pay themselves fees and I had none of it and neither will my constituents. NONE OF IT!
    -M. Waters

  8. Posted by guest | June 23, 2009 at 3:45 PM

    @12 – I hate greg’s mom. Why can’t she leave us alone?

  9. Posted by guest | June 23, 2009 at 3:49 PM

    This is really good writing. I am enjoying it very much. Definitely getting better!

  10. Posted by guest | June 23, 2009 at 3:52 PM

    Bankruptcy
    Lands
    Again
    Near
    Uncle
    Sam

  11. Posted by guest | June 23, 2009 at 3:53 PM

    muhahaha…Jay Alix and Evercore are grinning on this one.

  12. Posted by guest | June 23, 2009 at 3:53 PM

    I think we have pushed Greg to the edge…. maybe we should leave him alone. I mean, he’s probably a good guy. He’s like the world of finance’s answer to Joe Buck

  13. Posted by guest | June 23, 2009 at 3:54 PM

    @13 and the comments board is his Artie Lange

  14. Posted by guest | June 23, 2009 at 4:02 PM

    Obama does not stand with Alix.

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