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Top Billers in Tribune Bankruptcy: Sidley, Chadbourne

April 3, 2012 | Posted in : Bankruptcy Fees / Expenses, Billing Record / Entries, Expenses / Costs

A recent AM Law Daily story, “Sidley, Chadbourne Claim Crown as Tribune Bankruptcy’s Biggest Billers” reports that, according to court filings, two of the more than 20 law firms paid by the Tribune estate since the company’s Chapter 11 case began in December 2008 have racked up a combined total of roughly $111 million in fees and expenses in that time.  Lead debtor’s counsel Sidley Austin has been paid almost $69 million, while Chadbourne & Parke, lead counsel to the company’s creditors’ committee, has received $42.2 million.

The amount paid to the two law firms is roughly half the $233.3 million paid by the Chicago-based media company – which was purchased in an ill-fated $8 billion leveraged buyout in 2007 – to outside lawyers, accountants, and other professional advisers after entering bankruptcy.  A service list for the Tribune bankruptcy shows that attorneys from nearly 100 firms are representing clients in the case.  Stuart Maue, who court records show has been paid $1.9 million for its work on the case, has been appointed as fee examiner in the proceedings.

Other firms receiving payments from Tribune include:

Zuckerman Spaeder, Special Litigation Counsel: $11.8 Million

McDermott Will & Emery, Special Counsel: $10 Million

Landis Rath & Cobb, Delaware Counsel to Creditors’ Committee: $5.5 Million

Dow Lohnes, Special Regulatory Counsel: $4.1 Million