Monday, March 28, 2011

Adorno Yoss Requiem -- Slinging the Animal Poop.

The intrepid one proves once again why she is the best in the business with this devastating post-mortem of the demise of Adorno Yoss:
The final decision apparently was forced on the firm by its bank, Wells Fargo, with which firm leaders were in negotiations the week of March 7. Former partners said the firm owed the bank $8 million. The week ended with a closing announcement, after attempts by Yoss to secure a merger over the last two months failed.

In a Worker Adjustment and Retraining Notification Act notice filed with the state March 17, Yoss placed its employee count at 91, under the 100 threshold that would trigger severance pay with less than 60 days' notice. Plantation-based DJSP, a foreclosure processing company that recently dissolved, listed 96 employees at the time of dissolution and was hit with a class action suit by employees who claim they weren't given adequate notice or pay under federal law. Five former employees said the Yoss firm does not plan to pay any severance.
Nice way to say goodbye to your long-term employees, huh?

But I wouldn't rush to sue these guys, I'm not too sure they're collectable:
Some of the biggest losers may be former partners who are owed capital contributions of $30,000 to $100,000 each, Genovese and others said.

Linden, now a partner at GrayRobinson, said he has no expectation of getting his capital contribution back.
"If the firm is closing its doors and you are an owner, you're the last one to get paid," he said. "By the time the secured lender is paid, plus the costs of administering the wind-up, I do not anticipate a distribution. I'm not a pie-in-the-sky kind of guy, I'm a realist. I'm moving on. I don't look backwards about stuff like that."

Former West Palm Beach managing partner John Koenig said a group of former partners is considering suing Adorno and Yoss individually for breach of contract.

Former partner Sylvia Krainen already has requested mediation on her claim for her capital contribution, according to former Atlanta managing partner Tracey Blackwell and others. Krainen did not return calls for comment.
Oy veh, what a mess.

Question: how did Hank handle all this strife suffered by his employees and ex-partners?
In 2006, Adorno left Miami for Atlanta, where the firm opened an office in 2004. He bought a $4.2 million house on Tuxedo Lane, sharing the block with the founder of Home Depot and the Atlanta Falcons, and a $2 million Blue Ridge Mountain estate in North Carolina's exclusive Linville Ridge, where Dick Cheney is a neighbor.

If you are forced to live right next to Dick Cheney you are most definitely in one of the nine circles of hell -- although, to be fair, this one has a Robert Trent-designed golf course.


Anonymous said...

Not a big fan of what happened with the firm, but in truth, Adorno made those people a lot of money for a long time - it ended badly, but come on - the guy made it rain there.

Anonymous said...

The workers who stayed knew what was happening, give me a break.

Anonymous said...

Somebich somewhere is taking it in the poop shoot. maybe its Hankie Poo.

Dulcie said...

I saw so much worthwhile material here!

Anonymous said...

Gosh, there's a lot of helpful information above!
do not forget 6 | also 4 | do not forget 1 do not forget 3 | check 1 | do not forget 3 superb site | check link