Proskauer, Dewey gain approval for $8.8m in MF Global fees

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  • I believe Mr. Bennett was correct in objecting to these and indirectly suggesting
    that a fee examiner be appointed to monitor all the fees and expenses. It is the responsible thing to do in any bankruptcy because the judge nor the us trustee has the time or resources to perform these tasks. The US Bankruptcy courts have billing protocols and so do the US Trustees but without any tools to effectively monitor these fees and expenses in order to determine whether or not all the professionals are in compliance. Every US Bankruptcy Judge and US Trustee should welcome the services of a professional independent fee examination company who sole job is to apply the billing guidelines independently and objectively to all the fee applications. The benefits of this service is twofold first I believe it keeps the fees and expenses under control at the outset of the case and simultaneously points out any and all violations of the billing protocols set forth by each bankruptcy court. It is not too late in this case to effectively audit all fees and expenses upon the submission of the final fee applications. As I have said hundreds of times it's simply the financially and responsible thing to do and the sooner the better.

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