Jefferson County's bankruptcy exit bill around $25 million, more - ABC 33/40 - Birmingham News, Weather, Sports

Jefferson County's bankruptcy exit bill over $25 million and counting

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Jefferson County has spent over $25 million during its battle to exit bankruptcy and more expenses are expected in the coming years. (abc3340.com) Jefferson County has spent over $25 million during its battle to exit bankruptcy and more expenses are expected in the coming years. (abc3340.com)

Jefferson County's battle to exit its historic, $4.23 billion bankruptcy has come at a cost and officials expect there to be more expenses in the coming years.

According to a court affidavit, the county has doled out around $25 million to 18 different companies since November 2011 in its quest to exit bankruptcy. A majority of the monies paid went to law firms who have helped guide the county through the complex bankruptcy procedures. Other businesses and professionals hired to assist include consulting and public relation groups, as well as financial analysts and advisors.

Three law firms -- Klee, Tuchin, Bogdanoff & Stern LLP ($8,539,886.24), Bradley Arant Boult Cummings LLP ($10,311,902.19) and Balch & Bingham LLP ($2,722,559.24) -- recorded the bulk of the expenses and fees, having collected $21,574,347.67 collectively from the county over the past two years.

Here is a list of companies hired by the county and total amount of money paid to each:

Company Service Total
Bradley Arant Boult Cummings LLP Bankruptcy & Litigation counsel $10,311,902.19
Klee, Tuchin, Bogdanoff & Stern LLP Bankruptcy & Litigation counsel $8,539,886.24
Balch & Bingham LLP Securities & Bond counsel $2,722,559.24
Kurtzman Carson Consultants LLC Noticing & Balloting agent $731,079.54
CH2M Hill Engineering & Consulting $537,289.01
Galardi Rothstein Group Rate consultant & Trial expert $536,351.98
Public Financial Management, Inc. Financial analyst & advisor $405,581,52
Rick Journey 360 LLC Public Relations consultant $311,615.27
Percy Consulting LLC Trial expert $305,500.50
Warren Averett LLC Forensic Accounting $227,689.45
Presley Burton & Collier LLC Special Securities & Tax counsel $178,742.10
Renew Data E-Discovery $127,081.17
Public Resource Advisory Group Financial Advisor $37,587.50
Jams, Inc. Appellate Litigation consultant $27,862.95
Stephanie Yates Rauterkus, PhD Demographic & Financial Rate-Structure analyst $27,412.50
Nexsen Pruet LLC Appellate Litigation consultant $23,362.85
Dr. Lowell Broom Accounting expert $19,275
Raftelis Financial Consultants, Inc. Sewer Finance & Management consultant $4,130.03

 

 

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