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Counsel Concerns
Legal Services After Bankruptcy Post-Petition Filed
The U.S. Bankruptcy Appellate Panel for the Tenth Circuit decided that a law firm that represented a debtor in litigation over the production and distribution of a motion picture wasn't entitled to attorney fees for work done on the film litigation after the debtor/client filed for bankruptcy but before the bankruptcy plan was confirmed. In Re Lacy, 335 B.R. 729 (2006). Stinky Love Inc. (SLI) had sued Nesbit Lee Lacy regarding contracts and investments in the movie 'Love Stinks.' The law firm of Bennett & Fairshter LLP (BF) served as Lacy's counsel in the dispute. Lacy filed for bankruptcy after a losing an initial ruling in the film litigation. SLI subsequently won a judgment against Lacy that was affirmed by the California Court of Appeal. SLI and Lacy then agreed to a stipulation of $6.26 million as SLI's unsecured claim. BF didn't file an application to have the bankruptcy court approve its postpetition legal work as an administrative expense.
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