Bienenstock, the founder of
Dewey & LeBoeuf
’s business solutions and governance practice and a former member of the now-defunct firm’s office of the chairman,
decamped for Proskauer in mid-May
with a team of former Dewey colleagues. On Friday, Bienenstock and several members of that lateral group filed their application to serve as counsel to the statutory creditors’ committee of bankrupt derivatives broker MF Global Holdings.
MF Global creditors
initially hired Bienenstock and Dewey
As The Am Law Daily reported in January
, Dewey partners working on MF Global–related matters were billing between $775 and $1,200 per hour, of counsel from the firm were billing between $760 and $900, and Dewey associates were billing between $395 and $675. Bienenstock and Michael Kessler,
both of whom joined Dewey from Weil, Gotshal & Manges
, were each billing $1,000 an hour. (Dewey also disclosed in court records that it was paid $59,720 for advice related to three tax transactions it handled for MF Global last August, about two months before the company
sought Chapter 11 protection on Halloween
One thing that has changed slightly since Bienenstock and company moved to Proskauer is the overall range the firm’s attorneys are billing on the MF Global case. Proskauer partners are billing the bankrupt brokerage’s estate between $675 and $1,050 per hour, of counsel between $640 and $850, and associates at rates ranging from $295 to $750, according to court records.
Other Dewey partners now at Proskauer who are representing MF Global creditors include Mark Fennessy ($995) and Hazel Miller ($950) in London; and Irena Goldstein ($875) and Timothy Karcher ($875) in New York.
Below are some other bankruptcy-related matters being taken up by, and affecting, Am Law 200 firms. As usual, hourly billing rates listed in parentheses, when available:
Allied Systems Holdings
bankruptcy and structured finance partner Carolyn Peterson Richter, bankruptcy partner Jeffrey Kelley, and bankruptcy senior counsel Ezra Cohen, all of whom are in Atlanta, are advising Allied in its Chapter 11 case. Former Troutman partner
serves as general counsel for Allied.
Mark Collins, chair of the corporate restructuring practice at Delaware’s
Richards, Layton & Finger
, is serving as local counsel to the debtor. Neither Richards Layton nor Troutman have yet filed billing statements with the bankruptcy court.
Latham & Watkins
restructuring partner Robert Klyman in Los Angeles is advising Yucaipa, which owns nearly 63 percent of Allied, in the company’s bankruptcy case. Latham also appears on a list of Allied’s 20 largest unsecured creditors, with a claim of $250,052.
restructuring and insolvency partner Robert Richards ($650), environmental partner Jeffrey Fort ($745), IP partner Brian McGinley ($380), and corporate finance partner Matthew Garms ($375) are leading a team from the firm advising Northstar in its Chapter 11 case. Court records show that SNR Denton is charging its bankrupt client reduced hourly rates. The firm has received $693,401 from the debtor since January of this year, according to an affidavit by Richards.
Charlene Davis ($750), a bankruptcy partner at
, is leading a team from the Delaware firm serving as local counsel to Northstar. Court records show that partners at the firm are billing between $500 and $890 per hour, while associates are billing at rates ranging from $310 to $485. Bayard has been paid a $65,000 retainer for its services.
serves as general counsel for Northstar. The company was served a breach of contract notice from a major customer earlier this year, and Northstar’s finances have suffered in the face of expected budget cuts to defense industry spending in the United States,
according to a report by Reuters
Ritz Camera & Image
Corporate restructuring partners Irving Walker and Patrick Reilley from
Cole, Schotz, Meisel, Forman & Leonard
in Wilmington are serving as lead counsel to Ritz in its return to Chapter 11. The firm has not yet submitted billing statements with the bankruptcy court.
According to a list of Ritz’s 30 largest unsecured creditors, the company owes $204,637 to Philadelphia’s
McCann Schaible & Wall
and $96,618 to
Alston & Bird
advised an official committee of unsecured creditors in Ritz’s last trip through bankruptcy.
served as general counsel of Ritz until April of this year, when he became chief operating officer at Marietta, Georgia–based H&W Printing.