Many cash in on Delphi

[Ghost Dog]

http://www.detnews.com/apps/pbcs.dll/artic.../511300432/1148

[ocnblu]

Not a fair comparison, imo, between wages that were too high for years and the necessity for legal teams to iron it all out. What lawyer works for cheap?

[razoredge]

[quote]-- including as much as $55 an hour for clerical help to input computer data.... data processors at one firm, Kurtzman Carson Consultants, are earning up to $55 an hour[/quote]
[quote]The fees range from $835 an hour for the senior attorney at Delphi's lead law firm[/quote]
[quote]proposed $15 million payout to an investment banking firm[/quote]
[quote]Delphi's proposed executive compensation plan that potentially would reward its senior management with bonuses and stock worth more than $500 million.[/quote]

So its obvious to me that Delphis employees were underpaid according to Americas work place market.

[quote]According to court documents, Delphi has engaged five separate law firms to represent it in the Chapter 11 process.... :o[/quote]
[quote]Its lead counsel, the New York firm Skadden, Arps, Slate, Meagher & Flom, was paid $9.85 million in legal fees before Delphi even filed for Chapter 11 on Oct. 8. Since then, it has been billing Delphi at rates beginning at $585 an hour, and topping out at $835 an hour for lead lawyer Jack Butler.

Butler also was the lead attorney in Kmart Corp.'s 2002 bankruptcy. Kmart paid $138 million for bankruptcy attorneys and advisers, including $58 million to Skadden Arps. Enron Corp. spent more than half a billion dollars on bankruptcy lawyers and accountants.[/quote] :o :blink: :o :unsure: :o
[quote]"The judge has almost complete discretion to decide which professionals firms are retained and what they're paid," said Barbara Rom, a bankruptcy specialist with the Detroit law firm of Pepper Hamilton.[/quote]

Off course Barbara Rom "bankrupcy specialist", the judge is on your side, have no fear, ya'll gonna make out real sweet on this deal. Not that one in your profession needs to look far and wide to make ends meet.

What a friggin joke. Hey, we all know the lawyers are the ones that make out on divorce, why would this be any different.

I dont see the problem really. This is just away to line some fatboys and fatgirls hollowed halls before the inevitable. The company has no money. It cant pay its bills or payroll, close the doors, shut off the faucet and let the chips fall where they may. Perhaps then America can finally get a look at the real picture and make some changes, rather than just slowly trickle dry.