Federated fees near $90M. (Federated Department Stores Inc., fees for bankruptcy filing)

Daily News Record, June, 1991

FEDERATED FEES NEAR $90M

CINCINNATI (FNS) -- Legal fees for the bankruptcy filing of Federated Department Stores, Inc., and Allied Stores Corp. are approaching $90 million, according to a court trustee.

"We've tried to control the fees," said bankruptcy court trustee Conrad Morgenstern, but he said numerous hours of work by attorneys were involved in the largest retail bankruptcy in United States history.

Morgenstern noted that if it takes $100 million in legal fees to bring a $10 billion company out of bankruptcy, that represents only 1 percent of the company's assets.

"They (lawyers) are entitled to receive what their charges are," he said. His remarks were reported in a published report.