fees

Rudy Giuliani targets Donald Trump for ‘unpaid legal fees’ in new bankruptcy filing

Donald Trump’s former lawyer Rudy Giuliani has listed a claim against the one-term president over unpaid legal fees in a new bankruptcy filing.

The ex-New York City mayor includes a “possible claim for unpaid legal fees against Donald J Trump.” in the 26 January filing, which states that the amount is “undetermined.”

Mr Giuliani filed for bankruptcy last month, days after a federal judge ordered him to “immediately” pay more than $148m to a pair of Georgia election workers a jury determined he defamed.

Mr Giuliani represented Mr Trump in a string of unsuccessful lawsuits contesting the results of the 2020 election that he lost to Joe Biden.

Mr Trump’s legal fees owed to Mr Giuliani have previously been reported. The New York Times wrote in August 2023 that “Mr Trump has never explicitly told Mr Giuliani why he is effectively stiffing him, but the former president has pointed out that he lost the cases related to the election.”

Rudy Giuliani speaks to members of the media on 21 January 2024 in Manchester, New Hampshire (Getty Images)

Rudy Giuliani speaks to members of the media on 21 January 2024 in Manchester, New Hampshire (Getty Images)

The newspaper reported that the former president told his aides that he didn’t want Mr Giuliani to receive “a dime” unless he

… Read the rest
January 30, 2024 by ATTORNEY

FTX bankruptcy will be ‘very expensive’ but there’s a reason: Auditor

Fees charged by the lawyers and the restructuring team working on the bankrupt crypto exchange FTX have topped $200 million in just over seven months, but an independent auditor argues it makes sense, given the mammoth task.

On June 20 the court-appointed fee examiner, Katherine Stadler, filed a 47-page report on the fees charged by the law firms in the roughly three months following FTX’s Nov. 11 bankruptcy and concluded they were not “wholly unreasonable in the moment.”

She remarked on the “largely unregulated financial system” in which FTX operates, adding the case was “remarkable” for the exchange’s “global scope, the complete absence of corporate records, and the non-existence of even the most basic corporate governance.”

Stadler confirmed the team working on FTX had “requested more than $200 million in fees” since its November bankruptcy, adding:

“Notwithstanding the relative scope of the known asset pool, these proceedings appear on

… Read the rest
June 21, 2023 by ATTORNEY

Bankruptcy lawyers stand to benefit greatly from crypto turmoil – report

Lawyer is explaining about the wrongdoing laws regarding fraud to the client at the office.

wutwhanfoto/iStock via Getty Images

The cryptocurrency ecosystem has experienced a major downturn in the past year, sending the value of even the most prominent digital tokens plunging and triggering a slew of high-profile bankruptcies. On the flip side, law firms that council those struggling companies were said to have been raking in huge fees.

Bankruptcy lawyers, meanwhile, stand to gain from crypto exchange FTX’s recent Chapter 11 bankruptcy, which sent fresh shockwaves through the cryptoverse. Other noteworthy bankruptcies from earlier in 2022 included crypto hedge fund Three Arrows Capital and crypto lenders BlockFi, Voyager Digital (OTCPK:VYGVQ) and Celsius Network.

Generally, large law firms can collect over $100M in legal fees during a prolonged bankruptcy, Reuters reported Friday, citing experts.

For bankruptcy cases involving crypto-related firms, law firm Kirkland & Ellis is counseling BlockFi after it filed for Chapter 11 bankruptcy protection on Monday, and also represents Celsius and Voyager Digital (OTCPK:VYGVQ). The fees that Kirkland commands are some of the biggest rates in the industry, charging up to $1,995 per hour for work on the Celsius and Voyager cases, Reuters noted, citing court filings.

Previously, (Nov. 11) FTX’s Bankman-Fried resigned as CEO as crypto exchange starts Chapter 11 bankruptcy.

… Read the rest
December 8, 2022 by ATTORNEY
April 2024
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
2930