Billionaires Paul Singer and Donald Sussman took a run this week at the quiet, powerful fee committee that has blessed hundreds of millions of dollars of spending in Energy Future Holdings Corp.’s bankruptcy, according to a WSJ Pro Bankruptcy commentary. With hundreds of millions more in legal and adviser bills expected to arrive before the big bankruptcy wraps up, Singer’s Elliott Management Corp. and Sussman’s Paloma Partners Management Co. said that it is time for the fee-review panel to open up its books to some fresh eyes. The result was a mixed victory, according to the commentary. Judge Christopher Sontchi agreed that creditors need an active, paid representative on the committee. He disagreed that Elliott and Paloma — the most significant creditors left standing in Energy Future’s long-running case — should get to choose and pay that representative.
