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GM Bankruptcy Court Today: Are Automaker's Advisers Making Too Much in Fees?

General Motors is back in federal bankruptcy court today for a hearing on a series of contested matters. At issue are payments GM is seeking to make to its financial advisors, Evercore Partners, a boutique investment bank, and AlixPartners, a turnaround consultancy. The U.S. trustee, a Justice Department agency charged with overseeing the case, says the fees the firms are seeking - $40 million on top of the $85 million already paid - are "staggering" and "unreasonable." The trustee is one of five entities objecting to the pay request. Also on the agenda are separate requests by tort claimants, asbestos personal injury claimants and GM retirees for special status in the court proceedings, which, if successful, means the bankrupt company would cover their legal fees. Judge Robert Gerber earlier this week denied a similar request made by a group of bondholders, who are objecting to the sale of GM's best assets to a "new GM," in which the U.S. government would have a 61 percent stake. Also today, the automaker is seeking permission to obtain and use $33 billion of government funds. The judge has previously approved a request to release $15 billion of those funds to GM. Follow today's events inside the courtroom on Twitter below. --Tomoeh Murakami Tse

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    By Sara Goo  |  June 25, 2009; 8:50 AM ET
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