Barclays Capital's job advising Asarco LLC during its restructuring may have ended three years ago when the copper mining company exited chapter 11, but the investment banker can't drive off into the sunset just yet, Dow Jones Daily Bankruptcy Review reported yesterday. Its request for a $2 million success fee has been sent back to bankruptcy court after an appeals court declined to rule on the request. Barclays stepped in to advise Asarco after its previous investment banker and financial adviser, Lehman Brothers, filed its own bankruptcy case in September 2008. A bankruptcy court granted Barclays a $975,000 fee enhancement but declined its request for a $2 million success and $6 million auction fee, which a district court upheld. Barclays appealed, focusing on the $2 million success fee, as did Asarco, which opposed the $975,000 bonus. The case was sent to the U.S. Court of Appeals for the Fifth Circuit, which filed its ruling Tuesday.
