A recent decision by the U.S. Court of Appeals for the Ninth Circuit has the potential to impact markedly the special fee arrangements granted to investment bankers and financial advisers in chapter 11 cases. In In re The Circle K Corp., 272 F.3d 1150 (9th Cir. 2001), the Ninth Circuit held that unless the Bankruptcy Court expressly and unambiguously approves the retention of an investment banker pursuant to �328 of the U.S. Bankruptcy Code, 11 U.S.C. ��101 et seq., the court retains the discretion to determine at a later date whether the fee arrangement involved is reasonable and should be honored in its entirety.
Most Retained Under the Code
