Delphi Lawyer
Another interesting article found tonight, this one related to the bankruptcy of Delphi Corp. The powers that be have approved an hourly rate of $835 for the law firm handling the bankruptcy. Without detail, I don’t know how to justify or criticize that decision. At first light, it seems a bit high, considering the average rate for a lawyer in Michigan is about $150 an hour, per some research over at PayScale.com.
Additionally, the court approved additional severance pay for some of Delphi’s executives in the event they are fired or leave for “good reason.” There was a big discussion right when the bankruptcy was filed because of these severance plans, for better or worse. The whole idea of executive pay is a lengthy discussion, but generally these are the sorts of things that come to light when a company restates earnings, lays off workers, files for bankruptcy, etc.
