Order Approving Chapter 11 Trustees Employment of Susman Godfrey LLP as Special Litigation Counsel to the Trustee (4/22/11)
Joel I. Sher, Chapter 11 Trustee (the “Trustee”) for (i) TMST, Inc. f/k/a Thornburg Mortgage, Inc., (ii) TMST Acquisition Subsidiary, Inc. f/k/a Thornburg Acquisition Subsidiary, Inc., (iii) TMST Home Loans, Inc. f/k/a Thornburg Mortgage Home Loans, Inc. , and (iv) TMST Hedging Strategies, Inc. f/k/a Thornburg Mortgage Hedging Strategies, Inc (collectively, the “Debtors”), hereby moves this Court for entry of an order authorizing the Trustee to retain and employ Susman Godfrey LLP (“Susman Godfrey”) as his special litigation counsel in litigation to be brought by the Trustee against Barclays Capital, Inc. (“Barclays”).
As more fully set forth in the Retention Agreement the Trustee will engage Susman Godfrey on a contingency fee basis as follows: twenty percent (20%) of the gross sum recovered by a settlement up to and including September 30, 2011; thirty-three and one third percent (33-1/3%) of the gross sum recovered by a settlement that is agreed upon, or other resolution that occurs, on or before the 60th day preceding any trial or arbitration setting that is then in place; and forty percent (40%) of the gross sum recovered by settlement or otherwise after that date, plus reimbursement of reasonable out-of-pocket expenses and disbursements incurred in connection with the litigation. Notwithstanding the foregoing, such contingency fee shall not exceed $7,500,000.
Source: PACER [Docket 1316]
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