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Commission approves roughly $12,700 in legal fees tied to PR Bingham/PR Madison bankruptcy; members ask for cap confirmation
Summary
The commission approved payment of legal invoices related to the Chapter 11 proceedings for PR Bingham and PR Madison, and asked staff to confirm the mayor’s authorized cap and to report back after a Sept. 24 bankruptcy deadline.
The Anderson Redevelopment Commission approved payment of legal invoices linked to the Chapter 11 bankruptcy of PR Bingham and PR Madison and requested additional information about fee limits and next steps.
Commissioners approved payment of three invoices totaling $12,762.50 for bankruptcy-related legal services performed by counsel working with the city to assess the redevelopment commission’s interests in the sale process. One invoice on the pay application was for $6,897.50 for work by an attorney identified during the meeting as Whitney Mosby, a bankruptcy specialist used by the city’s retained counsel.
Staff explained the invoices reflect specialized chapter 11 work in federal court and that more work is possible depending on whether the buyer identified in the court-approved sale secures financing. The bankruptcy judge had given the buyer until Sept. 24 to replace an equity partner or find alternate financing; staff said that outcome will determine whether the approved $5 million sale proceeds or whether the matter will return to a new sale process.
Commissioners asked staff to confirm the cap the mayor set for legal fees in this matter and asked for an update after Sept. 24. One commissioner moved to approve the invoices; the motion passed 5-0.
