Just when we thought the Heller Ehrman estate was broke, we find out it’s soon going to be more broke.
The estate’s main law firm is raising its rates, about 8 percent. Pachulski Stang Ziehl & Jones partners John Fiero and Kenneth Brown are going to make $675 and $695 per hour, respectively, up from $625 and $650 per hour, according to a bankruptcy court filing. Pachulski of counsel Miriam Khatiblou will earn $495 per hour, up from $425. Associate Teddy Kapur will earn $425 per hour, up from $395.
By comparison, Thomas Willoughby at Felderstein Fitzgerald Willoughby & Pascuzzi which represents the creditors committee, makes $400 per hour. His partner Steven Felderstein makes $525 per hour.
The court has already awarded Pachulski $674,000 in fees for the work it did from December through April.
The estate has about $8 million in cash, according to the latest operating report filed in late May. It still counts $64 million in uncollected accounts receivable among its assets. The fee requests for the first three months of the bankruptcy totaled $1.8 million.
— Amanda Royal
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