Rolled up scroll of US 100 dollar bill on a fishing hook. A concept of deceiving someone in several fields/market/trading i.e. financial, currency, forex, stock, equity, bond, derivatives, shares, etc (William_Potter)
Bingham McCutchen may have dissolved two years ago into Morgan, Lewis & Bockius, but the Boston-based firm is still listed as an unsecured creditor in the bankruptcy this month of defense contractor Fansteel Inc.
The Creston, Iowa-based aerospace parts manufacturer blamed slumping oil prices and a decline in U.S. government spending on operations in Afghanistan for its bankruptcy filing in Des Moines on Sept. 13.
Fansteel, which is being advised in its bankruptcy case by Des Moines-based Bradshaw, Fowler, Proctor & Fairgrave, owes $147,653.94 to Bingham for legal services, according to a list of the company’s 20 largest unsecured creditors. Jeffrey Goetz, a restructuring partner at Bradshaw Fowler advising Fansteel in its Chapter 11 case, said in an email that the “debtor’s prior counsel at Bingham moved over to Venable.”
Venable is separately owed $327,744.75 by Fansteel, making the firm the company’s third-largest unsecured creditor. It was unclear which former Bingham partner had been doing work for Fansteel at Venable, but The American Lawyer reached out to Bingham’s former restructuring co-head Jeffrey Sabin, who joined Venable in December 2014. Sabin did not immediately respond to a request for comment.
Bingham and Venable aren’t the only Big Law creditors owed money by Fansteel. Other firms appearing on a list of the company’s largest unsecured creditors include: Indianapolis-based Bose McKinney & Evans ($169,271.20); Faegre Baker Daniels ($158,214.93); Clausen Miller ($73,043.02); and Minneapolis-based Maslon Edelman Borman & Brand ($66,157.95).
Bradshaw Fowler, which is currently counseling Fansteel, has filed papers with the bankruptcy court in Des Moines showing that it has received an $80,000 retainer for its services in the case.
Outstanding legal bills also resulted in eight other firms being listed as creditors in two other recent Chapter 11 filings of note.
Noble Environmental Power LLC, a wind energy company backed by personal computer billionaire Michael Dell, filed for bankruptcy in Delaware on Sept. 15. The Centerbrook, Connecticut-based debtor owes $52,139.30 to Boies, Schiller & Flexner and $35,693 to Orrick, Herrington & Sutcliffe, according to a list of the company’s 20 largest unsecured creditors.
Morgan Lewis, which absorbed the bulk of now-defunct Bingham, is advising Noble in its Chapter 11 case along with Delaware’s Young Conaway Stargett & Taylor. Papers filed with the bankruptcy court show that Morgan Lewis received $733,592 from Noble prior to the start of its bankruptcy case, while Young Conaway has been paid a $100,000 retainer for its services.
Delivery Agent Inc., an e-commerce company that helps entertainment and sports operations sell their products online, also filed for bankruptcy in Delaware on Sept. 15. Latham & Watkins, which has represented Delivery Agent in litigation, is listed as being owed nearly $1.58 million by the company, according to a list of its 30 largest unsecured creditors.
San Francisco-based Keller Benvenutti and national bankruptcy boutique Pachulski Stang Ziehl & Jones are advising Delivery Agent in its Chapter 11 case. Court records show that the debtor paid $290,052 to Keller Benvenutti in the period prior to its bankruptcy filing, while Pachulski Stang has received a $50,000 retainer for its services as Delaware counsel.