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Canada Law Firms Fail to Win Bigger Atlas Case Fees
Firm News |
2009/10/02 16:13
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pThree Canadian law firms failed to persuade an appeals court to double the C$6.3 million ($5.9 million) fees awarded by a trial judge after settling a group lawsuit against Atlas Cold Storage Income Trust.
/ppSutts Strosberg LLP, Koskie Minsky LLP and Groia amp; Co. had sought C$12 million in fees, which they said they were entitled to because they had a contingency agreement with shareholders who sued Atlas, an operator of refrigerated warehouses, in 2004 for overstating its earnings in 2001 and 2002. /ppAtlas agreed to settle the class-action suit by paying C$40 million, which paid shareholders as much as C$4.50 for each share they held. Ontario Superior Court Judge Joan Lax in a Feb. 12 ruling concluded that the lawyers couldn’t justify payment for 7,400 hours billed for a three-day pleading motion, preparation for a certification motion that was never argued and three days of mediation.
/p |
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Moody, Famiglietti Andronico, LLP Names Partners
Firm News |
2009/09/15 09:26
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TEWKSBURY, Mass.--(Business Wire)--
Moody, Famiglietti amp; Andronico, LLP, a proactive CPA and consulting firm, today
announced it has named as partners Pamela L. Sintros, CPA andJames H. Guarino,
CPA/PFS, CFP, MST.
Both Pamela and Jim demonstrate tremendous commitment to client success with
professionalism, keen insight and responsiveness, said Carl J. Famiglietti,
Managing Partner at MFA. We are confident that they will add immense value to
our leadership team with their talent, passion and experience.
Prior to joining MFA, Ms. Sintros spent a combined twelve years in the Assurance
and Business Advisory Services Practice of both Arthur Anderson, LLP and BDO
Seidman, LLP. Pam has extensive experience in the high technology, life
sciences, telecommunications, service and manufacturing industries. MFA clients
rely on Pam for her expertise in the areas of revenue recognition, stock-based
compensation, equity transactions and business combinations.
Prior to MFA, Mr. Guarino spent 19 years with the national CPA firm McGladrey,
where he served as Tax Director and headed up the firm`s wealth management
practice. At MFA, Jim provides strategic tax consulting, financial and business
planning guidance to individuals, family offices and closely held businesses.
Jim`s diverse knowledge as a tax and wealth management advisor has also enabled
him to serve as Personal CFO for a number of MFA`s high net worth clients,
orchestrating their various business, estate and tax planning transactions and
coordinating with their other advisors. |
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Kirkland Ellis Lays Off Associates in New York, D.C.
Firm News |
2009/09/08 09:14
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According to The Wall Street Journal, Kirkland amp; Ellis earlier today laid off more than 20 associates in its New York office, according to a person familiar with the matter. Associate layoffs also hit the firm’s Washington, D.C. office.
The layoffs came at the end of the firm’s annual associate-review process. Associates deemed to have not been on track to make either equity partner or non-equity partner were asked to leave, the person familiar with the matter said. The numbers of associates asked to leave were higher than last year’s, partly due to the economy and partly due to a lack of attrition experienced by the firm throughout the year.
Kirkland is one of a handful of firms that has weathered the downturn in the economy without making dramatic salary cuts or deferring start-dates. The firm hasn’t instituted layoffs since this time last year. The firm recently made several dozen associates non-equity partners, and gave offers to a significant majority of this year’s summer-associate class. |
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Baker Botts Hits $100 Million Mark In Asarco Bankruptcy
Firm News |
2009/08/31 09:09
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According to The American Lawyer, as Tucson, Ariz.-based mining company Asarco nears the end of its four-year bankruptcy odyssey, lead debtors counsel Baker Botts submitted its 12th application for fees on Friday.
The filing put the firm past the $100 million mark in billable hours since Asarco filed for bankruptcy in August 2005 after getting hit with a series of asbestos and environmental pollution suits.
It pales in comparison to the $100 million in fees that Weil, Gotshal amp; Mangesspan style=text-decoration: underline/spana href=http://www.weil.com/ target=new class=linelink/a has racked up in just a year's worth of bankruptcy work for Lehman Brothers, but Baker Botts may have more work ahead.
This is probably the middle of the end, and the end should certainly be in sight, Baker Botts bankruptcy and insolvency Chair Jack Kinzie says. The final closing argument on the confirmation hearing was today and we expect a ruling from the judge on Monday. |
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Lawyers And Firms Stake Claims In Masry Vititoe Bankruptcy
Firm News |
2009/08/28 10:33
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According to The National Law Journal, at least four lawyers and law firms are among the top creditors of Masry amp; Vititoe, the personal injury law firm of Erin Brokovich fame that filed for Chapter 11 bankruptcy protection on Aug. 14.
The firm, based in Westlake Village, Calif., said in bankruptcy court papers that it has spent $3 million defending lawsuits filed by the family and estate of former name partner Edward Masry, who died in 2005.
Not only did a number of litigants come forward alleging that Mr. Masry had promised them certain assets and cash from the firm, additionally, his own estate and heirs instituted claims which have caused the firm to spend its resources, in time and staff, defending such claims, the firm said in an Aug. 24 motion seeking cash collateral in order to keep operating. |
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Cadwalder, Katten, Dewey Jump Into Coyotes Fray with NHL
Firm News |
2009/08/27 09:16
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According to the American Lawyer, it's complicated, it's happening all the way in Phoenix, and it involves the least popular of the nation's Big Four pro sports leagues, but the Phoenix Coyotes bankruptcy case is shaping up to be the year's landmark sports law case. The big question hovering over the entire proceeding: Who ultimately has the authority to decide who can own a team and where that team plays--a professional sports league or a bankruptcy court judge?
The National Hockey League, represented by Skadden, Arps, Slate, Meagher amp; Flom, believes such power rests with the league, and it has taken the highly unusual step of submitting its own bid to purchase the Coyotes over a rival bidder who might relocate the franchise to Canada. Though the exact amount of the NHL's bid is undisclosed, it is widely assumed to be far less than the current high bidder--Jim Balsillie, a Canadian businessman and hockey fanatic who has long desired to buy a U.S.-based NHL team and move it to Hamilton, Ontario, about an hour north of Toronto. Balsillie, who owns the company behind the Blackberry, has bid $212.5 million for the Coyotes, an amount that would likely produce the best deal for the Coyotes' creditors. Phoenix-based Lewis amp; Roca is serving as Balsillie's bankruptcy counsel, but the firm recently retained Dewey amp; LeBeouf sports law heavyweight Jeffrey Kessler to depose high-ranking NHL officials, court records show. |
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