The team of lawyers and accountants that worked on the Triad America case aren't just twiddling their thumbs while waiting for Judge John A. Allen to rule on their fee requests.
They are putting together more fee requests.While waiting for Allen to rule on a $1.8 million fee request submitted to U.S. Bankruptcy Court in June, lawyers and accountants have compiled and submitted a new $1.3 million request.
A January fee request of $1.4 million has been approved by Allen, but only $508,000 has been paid.
The fee requests to date total $4,519,567 - approximately 14 percent of the $32 million payment Adnan and Essam Khashoggi made last month to Triad's various creditors.
The money has been requested by Triad Trustee R. Todd Neilson, members of the creditors committee and nine law, accounting and appraisal firms. Neilson and four of the firms are from Salt Lake City.
The firm of Van Cott, Bagley, Cornwall and McCarthy submitted the bulk of the requests, seeking a total of $1,789,766. Of that, the firm identifies $143,946 as expenses.
If Allen approves the fees, they will probably be paid, said Thomas Billings, a bankruptcy attorney with Van Cott, Bagley, Cornwall and McCarthy. The fees are considered administrative expenses. In cases where there is sufficient money, administrative expenses are usually paid in full before unsecured creditors are paid, he said.
Creditors, both secured and unsecured, have submitted more than $1 billion in claims against Triad America and its various bankrupt subsidiaries.