WARREN - Officials from the bankrupt First Place Financial Corp. are asking a judge to set up rules for the presumed new owner of First Place Bank to pay the expenses of the attorneys and advisers involved in the case.
Under the Asset Purchase Agreement between Warren-based First Place and Michigan-based Talmer Bancorp., the purchaser agreed to pay all professional fees and expenses incurred from the Oct. 29 bankruptcy filing and the purchase closing date, totaling up to $2.75 million. The fees include attorneys for the debtor, financial advisers and claims and noticing agents.
The purchase agreement was approved Dec. 14 by U.S. Bankruptcy Court Judge Brendan Linehan Shannon.
In a court motion filed last week, First Place Bank attorneys asked the judge to establish procedures for the professionals to receive their compensation. According to federal bankruptcy law, the court may issue any process for compensation, and ''all professionals employed in bankruptcy cases are entitled to submit applications for interim compensation and reimbursement of expenses every 120 days or more often if the court permits."
Talmer is in the process of purchasing the bank. After gaining the judge's blessing, the bank now is seeking federal regulatory approval expected sometime in the coming weeks.
The purchase agreement calls for Talmer to pay $45 million and infuse more than $200 million in capital.
Talmer also promised to cover $60 million of First Place's debt.