bankruptcy law

The last day of LightSquared’s two-week confirmation hearing is Monday, and hedge fund manager Philip Falcone of Harbinger Capital Partners, which owns 85% equity in the company, is slated to testify.

In liquidation, Lehman Brothers Holdings Inc. is overdelivering, The Wall Street Journal reports.

China’s Wanxiang Group won court approval Tuesday to take over failed luxury hybrid-car maker Fisker Automotive Inc. after successfully outbidding Hong Kong billionaire Richard Li in an auction. Read the Daily Bankruptcy Review article via The Wall Street Journal.

The U.S. Bankruptcy Court in Manhattan is losing two veteran judges to retirement next year.

Judge James Peck, who presided over the historic Lehman Brothers Chapter 11, will retire at the end of next month, and Kodak Judge Allan L. Gropper will step down next fall, according to a press release issued by the bankruptcy court clerk for the Southern District of New York.

“They will be missed,” said Chief Bankruptcy Judge Cecelia G. Morris in the release. “Their influence will continue through their well-reasoned written opinions.”

A federal judge says corporate bankruptcy lawyers and advisers should err on the side of transparency when seeking court approval for the “handsome” fees they charge their clients.

A kerfuffle over professional fees in the bankruptcy case of investment firm GSC Group Inc. prompted last week’s strongly-worded ruling from Judge Shelley C. Chapman of the U.S. Bankruptcy Court in Manhattan.