The bankruptcy trustee for three Mocksville, N.C., tobacco companies is defending the pending compensation for him and other officials in response to an objection from an association of state attorneys general, the Winston-Salem Journal reported on Friday. The fate of Renegade Holdings Inc., Renegade Tobacco Co. and Alternative Brands Inc. could be determined at a Jan. 8 hearing in front of Hon. William Stocks, whose ruling has the potential to force the liquidation of the companies as soon as early next year or allow the companies to emerge from chapter 11 protection with an approved reorganization plan that could be presented at the hearing. The National Association of Attorneys General requested on Dec. 5 the holding back of at least 10 percent of the fees and expenses due for the third quarter until the judge decides whether to approve the plan. Trustee Peter Tourtellot is to be paid $105,972, while Northen Blue LLP of Chapel Hill, which serves as special counsel for the case, is to be paid $66,009. The companies already have paid $1.77 million in professional fees since they went into bankruptcy in January 2009.
