Tuesday, May 10, 2011

Consultants, Lawyers, Others Made Big Money out of St. Vincent's Demise

From Crains New York Business.

Bankrupt St. Vincent's pays millions in fees

Law firms, investment banks, accountants, real estate brokers and other advisers in the shuttered hospital system's dissection have been paid about $17 million since last year's bankruptcy filing.

By Barbara Benson

Published: May 10, 2011 - 3:09 pm

The profits that eluded Saint Vincent Catholic Medical Centers when the hospital was alive are being realized after its death—by a small army of law firms, investment banks and advisers. Just over a year after it filed for bankruptcy protection, SVCMC has paid out about $17 million in fees to lawyers, accountants, investment bankers and real estate brokers.

Just last week, the judge overseeing the bankruptcy proceedings signed off on the latest round of fees billed by professionals working on the case. The tab: $5,460,793.

Kramer Levin Naftalis & Frankel took in $2,706,986 for its work as bankruptcy counsel for the final quarter of 2010. The law firm voluntarily discounted its fees by 10% in recognition of St. Vincent's charitable mission. The law firm's write-offs came to more than $350,000 for the three-month period, according to court documents.

Other big earners were investment adviser Cain Brothers & Co., which netted $701,000, and law firm Akin Gump Strauss Hauer & Feld, representing the creditors committee, which was awarded fees of $488,024. Garfunkel Wild, which also discounted its fees by at least 10%, took in $409,398. CBIZ Accounting Tax and Advisory of New York and CBIZ Inc. billed $381,621.


Full Story at http://www.crainsnewyork.com/article/20110510/FREE/110519987

1 comment:

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