The carcass keeps a-rottin' and the lawyers keep a-feedin'.
While Heller’s former employees still wait to receive one penny of the $6 million they are automatically owed from the bankrupt Heller Ehrman estate, the lawyers on the case get fatter and fatter at the trough.
Judge Dennis Montali has approved another $2.9 million in fees and expenses for work done between August and December, 2009. Lawyers have already been paid $3.55 million, bringing the total cost of the bankruptcy to date to $6.5 million.
The highest earners are Pachulski Stang Ziel & Jones, which represents the estate and took home $800,000 in fees. Next up is Lovitt & Hannan, which is investigating who to sue, and which pocketed $670,000. In third place is Felderstein, Fitzgerald, Willoughby and Pascuzzi, which represents the creditors committee, and which took home $373,955.00
Employees were supposed to get their money by Christmas under an initial settlement. Now, lawyers on all sides are promising them their money by the end of July, 2010.