Gazette Daily News Podcast: December 4, 2023

– Legal fees accumulate in Mercy bankruptcy

– Government Notes: North Liberty’s Centennial Park project wins $500,000 grant

– Curious Iowa: How are gas prices determined?

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Episode Transcript

You are listening to the Monday December 4th edition of the Daily News podcast. I'm Bailey Cichon filling in for Steven Schmidt.

If you're giving us a listen from Cedar Rapids, Iowa, today will be a high of 37 degrees and a low of 28. The weather will be cloudy all day. Tomorrow it looks like it will be partly cloudy with similar temperatures reaching a high of 38 and a low of 21.

Now, let's take a look at the latest headlines from The Gazette.

Legal fees are accumulating in the mercy Iowa City bankruptcy while concerns grow surrounding the millions its lawyers want paid while creditors are left in limbo.

Mary R. Jensen is the acting US bankruptcy trustee serving federal judicial districts for Iowa, Minnesota and the Dakotas. Jensen argued in a second objection to a fee request from the law firm of McDermott Will & Emery that the amount of fees billed are unreasonable. 14 of mercy's attorneys charged over $1000 an hour.

Jensen said, quote, “The hourly rates charged by McDermott raises the issue of reasonableness for time charges when they are being paid at a rate that reportedly reflects their experience and expertise, that expertise should translate into matters, being handled efficiently and effectively, not requiring frequent in interoffice, conferencing and review and revisions of the same pleadings and each other's work product by multiple professionals for many of the matters in the case.”

So far, the law firm has accumulated $6.2 million in fees against the bankrupt hospital. For more details on the objection read Vanessa Miller's story in today's copy of The Gazette or find the story link in this episode's description.

North Liberty Centennial Park has received a $500,000 grant from the Washington County Riverboat Foundation.This will aid in the decade-long plan to transform the park into a key gathering place.

The first phase of the four-phase project is set to break ground this summer. The project includes the Centennial Center and the connected amphitheater which will provide space for public and private events. Nonprofits can use the new event space with discounted or waived event fees.

Later phases will add wheelchair accessible playground units, a splash pad and additional restrooms.

The park development will fuel an estimated $1.6 million of economic activity each year for the full story and more details go to the episode description for a link.

Finally, the latest edition of Curious Iowa answers a Gazette reader's question about how gas prices are determined. The reader, Bob Campagna, worked as a delivery driver. Throughout his career he noticed that gas was typically cheaper in Cedar Rapids than it was in Mount Vernon. I found out how gas prices are determined and why prices vary. You can read that story on the front page of today's edition of The Gazette or find the link to the story in the episode description.

Curious Iowa aims to answer your "I wonder why that is..." questions about our state, its people and our culture. You can submit questions at thegazette.com/curious. Thank you for listening to The Daily News podcast. I'm Bailey Cichon.

Comments: bailey.cichon@thegazette.com