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Showing 2 posts in Substantial Contribution.

The Threshold Necessary for a “Substantial Contribution” Finding under Bankruptcy Code Section 503(b)(3)(D) is “Exceedingly Narrow” in Delaware

In re RS Legacy Corp., No. 15-10197, 2016 WL 1084400 (Bankr. D. Del. Mar. 17, 2016) (BLS)

In this Opinion, Judge Shannon denied an individual’s request for allowance and payment of an administrative expense claim for his substantial contribution to the case under Bankruptcy Code section 503(b)(3)(D) in the amount of $203,105.51, which consists of his counsel’s fees and expenses.  In so holding, the Court followed a well-developed body of case law showing that the threshold necessary for a contribution to be “substantial” is exceedingly narrow and such efforts cannot be self-interested. Read More ›

Bankruptcy Court Awards Substantial Contribution Only to Spansion’s Ad Hoc Committee of Convertible Noteholders

In re Spansion Inc., No. 09-10690 (KJC) (Bankr. D.  Del. May 14, 2014)

In this long-awaited Memorandum Order, the Honorable Kevin J. Carey recognized that the Ad Hoc Committee of Convertible Noteholders (the “Ad Hoc Convert Committee”) assisted the Court in determining the enterprise value of Spansion Inc. and its affiliated debtors (the “Debtors”) and thus, allowed a substantial contribution award for the committee’s directly attributable professional fees and expenses.  In the same Order, the Court held that the Ad Hoc Committee of Equity Security Holders of Spansion Inc. (the “Ad Hoc Equity Committee”) was not entitled to an award of substantial contribution and denied its request for payment of approximately $1.8 million. Read More ›