The Bankruptcy Files: Brazil's Batista a Boon to Big Firms
Ballard Spahr bankruptcy partner Tobey Daluz ($700) and of counsel Matthew Summers ($565) are advising Park Cities Bank in its bankruptcy case. A declaration by Daluz states that Ballard Spahr has received payments totaling $145,230 since being retained by the debtor in September. The firm is holding a $50,000 retainer and Ballard Spahr attorneys are billing between $225 and $950 an hour for their services.
Bracewell & Giuliani—whose name partner Rudolph Giuliani recently sat down to breakfast with The Am Law Daily—is serving as special transactional and regulatory counsel to the debtor through finance partner Sanford Brown ($750), tax partner James Reardon ($725), and corporate partner Justin Long ($630).
A declaration by Long states that Bracewell attorneys are billing between $300 and $755 per hour and that the firm has received a mere $8,957 from the debtor in the year prior to its bankruptcy case. Court records show that Pepper Hamilton and Jackson Walker are advising the Park Cities Financial Group, a Deason-backed entity seeking to take control of the debtor.
Bridgewater, New Jersey–based Savient Pharmaceuticals, a biopharmaceutical company specializing in joint relief treatments for conditions like gout, filed for bankruptcy in Delaware on October 14 as part of a plan to sell itself for $55 million to Sloan Holdings, a subsidiary of Louisville-based US WorldMeds.
Graham Robinson, a corporate and M&A partner in the Boston office of Skadden, Arps, Slate, Meagher & Flom in Wilmington, is leading a team from the firm advising Savient that includes restructuring deputy practice leader Kenneth Ziman, restructuring partners Anthony Clark, Dominic McCahill, and David Turetsky, banking partner Steven Messina, tax partner Katherine Bristor, executive compensation partner Erica Schohn, and finance partner Richard Aftanas.
Robinson joined Skadden a year ago from Wilmer Cutler Pickering Hale and Dorr, where he headed the firm’s corporate practice and previously handled work for Savient. Skadden poached McCahill in January 2012 from the London office of Weil, Gotshal & Manges. Court records show that Skadden has received retainers totaling $1.5 million from the debtor, which has paid the firm nearly $7 million over the past year.
Skadden is using a bundled rate structure for Savient that sees partners billing between $840 and $1,220 per hour, counsel between $845 and $930, and associates at hourly rates ranging from $365 to $795. David Hurst, a restructuring partner with Cole, Schotz, Meisel, Forman & Leonard, is serving as conflicts counsel to Savient. The mid-Atlantic firm has not yet filed billing statements with the bankruptcy court.
Philip Yachmetz serves as general counsel, copresident, and chief business officer for Savient, which this year hired former Skadden associate Mathew Bazley as an assistant general counsel. Savient lists assets of nearly $74 million against liabilities of $260.4 million in its Chapter 11 filing.