Madoff Trustee, Law Firm Submit $22.1 Million Bill

[bobthedrummer]

Source: AP via CNBC

Bernard Madoff's bankruptcy trustee and the law firm employing him submitted a $22.1 million legal bill covering five months of work.

Baker & Hostetler LLP is seeking $22.28 million of fees as counsel to court-appointed trustee Irving Picard for the five months ended September 30, 2009, according to a filing on Monday with the U.S. bankruptcy court in Manhattan.

Read more: http://www.cnbc.com/id/34109099

[ixion]

1. toss them in there with Madoff

sounds like that's where they belong.

[classysassy]

2. Baker

is that the notorious jim baker, the fixer,the bush bastard.

[mbperrin]

5. No, he's with Baker Botts LLP

http://www.bakerbotts.com/lawyers/detail.aspx?id=a1789334-3f27-48d5-b844-211455e4beff

[Bonhomme Richard]

3. LOL, and Madoff pleaded guilty. How much could.........

it have been if he fought the charges.

[AngryAmish]

4. This has nothing to do with the criminal case

MAdoff's firm went bankrupt. The Bankruptcy Court then appoints a Trustee to liquidate (or sell) and recover funds for shareholders and investors.

The trustee hires a law firm (Baker et al.) to help him. THe law firm finds the money, sues people to get it back (clawback) and all the other things they do to get their hands on the money. Hundreds of lawyers and support staff working around the clock on a case this big. $22 mil is not too high when compared to the money they recover (in the billions).

I'm sure a real BK lawyer could explain this better than I can.

[nykym]

6. so at 10 cents to the dollar

that would be 2,210, 000.00 still a lot of dough but what others may be getting.

[katkat]

7. percent

It says he's recovered $1.7 billion (hope someone is auditing him) and overall charged $35 million. That's a 2.5% finder's fee, assuming he really has the $1.7 billion at hand.

2.5% doesn't sound outrageous, I;d fork that out to get money back, but let's not pretend his firm actually did $35 million worth of work.

Edited; Okay, I reconsidered, it is outrageous.