Friday, December 4, 2009

Isn't Bankruptcy Court Annoying?

Stet Tin Report

So I was interested in seeing Judge Stettin's latest filing in bankruptcy court that details the finances at RRA.

You know, it's been a while since I've had a bankruptcy matter but I had completely forgotten how antiquated the CM/ECF system is over there.

It's like you're in a time warp and it's 1997 all over again.

Anyway, on page 5 the good Judge sets forth the salary structure at RRA for 2008 and through October 09, which the Sun-Sentinel also summarizes here:

Rothstein, chairman and CEO, pulled in $35.7 million in 2008 and $10.5 million up to Oct. 31 of this year.

Rosenfeldt, president and 50 percent partner, received more than $6 million in 2008 and $847,599 in the first 10 months of this year.

Russell Adler, vice president and name partner, was paid $888,318 last year and $853,666 through Oct. 31 this year.

Grant Smith, assistant managing shareholder, received $335,210 last year and $331,712 through October.

David Boden, general counsel, received compensation of $637,874 last year and $380,404 this year.

Given the current state of the firm’s books and records, Stettin wrote that it was impossible to establish the firm’s gross income.

Question -- Stu earned $6+ million in 08 as a fifty/fifty partner with Scott, who the same year earned nearly $36 million.

Huh? What did Stu think the revenues of the firm were? What did he think his earnings were based on -- or Scott's for that matter?

Adler, also a named partner but with no equity, took in around $800k both years, which is about all Stu had been earning for 09 thus far.

None of this makes any sense to me at all.

BTW, at 5 p.m. today the bankruptcy court will make an effort to join the 21st Century by migrating to new(er) CM/ECF system hardware.

In other words, Ervin is already getting results!

Actually, since our report yesterday Ervin has created a genuine Twitter account, though his tweets are protected -- just like he'll protect all of us when he becomes our next Bar President.

Glad we could be of service.


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Rumpole said...

Hey- can you send me an email about this new gadget or whatever it is that allows you to imbed documents in the blog post? Very cool.

Anonymous said...

I miss Neil Rogers.

The Constant Complainer said...

I didn't think you touched bankruptcy issues with a ten foot pole, SFL?

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