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Terraform’s lawyers return $48 million amid legal fee controversy
This decision comes despite objections from creditors, the U.S. Securities and Exchange Commission (SEC), and the U.S. Justice Department regarding the bankruptcy proceedings initiated by Terraform in January 2024. Concerns were raised last month over Terraform’s allocation of up to $166 million in retainer payments to its legal team since 2023, a move criticized for diverting essential funds away from creditors. This big outlay represented a potential risk to the assets available for creditor repayment amidst the ongoing bankruptcy case. In a balancing act of judicial oversight and corporate necessity, Judge ... (full story)