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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.

Full post as published by South Florida Lawyers on December 04, 2009 (boomark / email).