ASARCO, L.L.C., et al v. Barclays Capital, Inc., No. 11-41010 (5th Cir. 2012)
Annotate this CaseASARCO filed a voluntary Chapter 11 bankruptcy petition in the bankruptcy court. Lehman was retained as ASARCO's financial advisor and investment banker during the bankruptcy proceedings. Lehman subsequently commenced its own bankruptcy proceedings. Barclays then acquired Lehman's investment banking and financial advisory businesses. At issue on appeal was the fee dispute between ASARCO and Barclays. The court held that the bankruptcy court erred in awarding the $975,000 fee enhancement to Barclays. Although the court found no reversible error, the court remanded to the district court with instructions to remand to the bankruptcy court for it to consider whether a Success Fee was appropriate in light of the court's conclusion that the fee enhancement award was made in error.
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