12. As described in the Motion by Wyatt, Tarrant & Combs, LLP, to Withdraw From Representation of Debtor filed contemporaneously with this Application an event occurred which caused Applicant to suggest that Debtor obtain replacement counsel. That event was the discovery that a partner in the firm of Wyatt, Tarrant & Combs, LLP, held an equity position in Debtor.
13. The value of the partner’s stock was virtually worthless and his ownership did not necessarily disqualify Wyatt, Tarrant & Combs, LLP, from representation of Debtor. See In re Timbers, Inc., 187 B.R. 240 (Bankr. W.D. Tenn. 1995). Nevertheless, it was determined that the creation of prophylactic measures to wall off that partner was not justified by the representation and a decision was made to advise Debtor to obtain replacement counsel.
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