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Bankruptcy Cases? They're Expensive

By Eric Richardson
Published: Tuesday, May 03, 2011, at 12:23PM
Concerto Mikey Wally

Concerto's 30-story tower is seen behind the low-rise portion of the project, which sold out as condos last year.

The fall of housing prices and bank collapses may have made life tough for condo developers over the last few years, but lawyers seem to have done just fine.

After drawn out bankruptcy litigation, developer Sonny Astani in February settled with the company that had taken over his loan, turning over the 271-unit Concerto condo project.

In the following weeks, the law firms that had represented the bankrupt project and the committee of unsecured creditors filed their bills.

The total? $3,297,993, plus expenses.

The biggest bill was turned in by the project's general bankruptcy counsel, SulmeyerKupetz, who turned in 3,533.3 billed hours totaling just over $1.8 million. The bill from Parker, Milliken, Clark, O'Hara & Samuelian, the project's special litigation counsel, also just topped the $1 million mark.

Just up the street, the bankruptcy case for Roosevelt Lofts has passed the two-year mark, as developer Milbank tries to keep the building away from its lender, Bank of America.


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