Maxus Energy Says No To $5.2M Fee For Insurance Consultant
August 30, 2021
Types : In the News
On July 30, 2021, our attorneys Edward L. Schnitzer and Marc J. Phillips filed a motion for allowance and payment of an administrative expense claim on behalf of client Arcina Risk Group, LLC in the Maxus Energy Corp. bankruptcy case pending in Delaware. By the motion, Schnitzer and Phillips seek an order requiring Maxus to pay Arcina 15% of all insurance recoveries, which amounts to at least $5.25 million. The basis for the motion is the invaluable post-petition insurance archaeology work that Arcina performed for the Maxus debtors and the Maxus trust which resulted in the Trust recovering over $35 million in insurance recoveries.
On August 27th, the Trust filed its opposition to the motion.
In an interview with Law360, Schnitzer said Maxus’ own Chapter 11 disclosure statement discusses the work Aon is doing in the present tense.
“Our position is they provided a great benefit for the estate and deserve to be compensated for it,” he said.
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