TMST, Inc., 8% Senior Notes (TMA.GB)

[Enterprising Investor]

Order Approving in Part Application to Employ (3/27/15)

Based on the foregoing, the Court concludes that the Trustee has carried his burden to demonstrate that the retention of Susman Godfrey and Shapiro Sher to act as co-counsel to the Trustee in the Adversary Proceeding, on the proposed terms, is appropriate, with one exception.

As to the Committee points out in its objection the proposed retention terms contemplate creation of a lien in favor of Susman Godfrey. The Committee objects to the lien. Such a lien is not, in this Court’s experience, customary. There has been no evidence presented nor explanation given as to why it is reasonable in these circumstances. The Court will not approve the fee structure proposed to the extent that it creates a lien in favor of counsel. The Committee’s objection is sustained to the extent of its opposition to the lien, and overruled as to the remainder of the objection. The Trustee’s application otherwise is APPROVED.

http://dm.epiq11.com/TMI/Document/GetDocument/2574893

Source: Epiq Systems [Docket 2191]