Opinion ID: 745895
Heading Depth: 2
Heading Rank: 3

Heading: Payment of Attorney's Fees

Text: 15 Whether and under what conditions Feder & Mills is entitled to payment from the Carve-out Fund depends on (1) the supervisory power of the bankruptcy court, and (2) interpretation of any contracts between the bank and the professionals or of any third-party beneficiary rights under contracts between others. 16 After review, we conclude that (1) the Carve-Out Fund was valid and did not require the professionals to execute a release as a condition of payment from the Fund; (2) because the Settlement Agreement never took effect, no contract bound the professionals to satisfy any particular form of release demanded by the Bank; and (3) the bankruptcy court did not have the power to impose the New Release as a condition to payment of an approved fee for work done by counsel and approved by the bankruptcy court. 17 We find no error in the district court order. We express no opinion on the rights and duties of the bank, the trustee, and the professionals in connection with any other claims that may exist or be presented in this still far-from-complete bankruptcy. We note that another interlocutory appeal is proceeding through the appeal process, and nothing decided in this case is intended to preclude questions that may arise in future proceedings in this bankruptcy. 18 AFFIRMED.