Miller Buckfire & Co. lost a bid to double its deferred fee to $7.5 million as the investment banker advising the unsecured creditors’ committee in Yellow Corp.'s bankruptcy.
Judge Craig T. Goldblatt of the US Bankruptcy Court for the District of Delaware denied the committee’s request to modify the compensation under new terms during a Thursday hearing, concluding that it didn’t meet the standard for altering prearranged agreements under Section 328(a) of US bankruptcy law.
While the law allows modifications in the event of unforeseeable developments, the court determined that the case’s complexity was anticipated and that the additional work ...