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Tuesday, April 18, 2000

Liberty House
costs top $9 mil

Star-Bulletin staff


The Liberty House bankruptcy so far has cost $9.06 million in legal and professional fees, a cost that continues to grow as the 2-year-old case drags on.

Liberty House U.S. Bankruptcy Judge Lloyd King yesterday approved the latest round of fee applications totaling $435,147 for the period Oct. 1 through Jan. 31.

Lawyers, accountants, consultants and other professionals connected with the complex bankruptcy submit quarterly requests for reimbursement for their expenses.

The judge, who controls the company's assets during the Chapter 11 reorganization effort, must approve all expenditures.

According to John Candon, court-appointed fee administrator in the case, a total of $8,176,516 in fees has been granted since Liberty House filed for bankruptcy on March 19, 1998.

Some $883,370 in fees connected with the bankruptcy were incurred before the filing, however, bringing the total to more than $9 million.

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