W.R. Grace financial adviser billing practices to be examined

By Caroline Salls

Pittsburgh, Nov. 13 - W.R. Grace & Co.'s U.S. Trustee was given the green light to appoint an examiner for the company's Chapter 11 case to investigate potential claims against financial adviser L. Tersigni Consulting, PC for improper billing practices, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

In the motion, U.S. Trustee Kelly Beaudin Stapleton said a preliminary investigation showed that L. Tersigni billed the company for time that it did not work.

Stapleton said it appears that the financial adviser set up a billing system that allowed it to improperly increase its bills not only for its work with W.R. Grace, but also for its work in many other bankruptcy cases.

W.R. Grace, a Columbia, Md.-based specialty chemicals company, filed for bankruptcy on April 2, 2001. Its Chapter 11 case number is 01-01139.

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