We’re On Our Way – Bankruptcy Update

I want to bring you up to date on some happenings:

1.  The US Trustee intends to appoint a creditors’ committee “within a week” as it has stated.  To that end, a meeting is being held on Monday, January 5, 2009, with most of the largest creditors to begin preliminary discussions on formation.

2.  I have managed to gain permission to attend such meeting, making my appearance telephonically from Chicago.  In addition, I have completed the Unsecured Creditors Committee Reject/Accept form provided by the US Trustee’s office and forwarded it on to them.

3.  I have also helped secure bankruptcy counsel – Stephen Finestone in San Francisco.  I have participated in phone calls and discussions with Mr. Finestone and find him to be on top of many of the issues that we as employees need to pursue in order to recover as much money as possible from the bankruptcy process.

4.  I will also actively pursue the formation by the US Trustee of an Employees’ Committee and I will be soliciting participants of such committee later this week here on Heller Highwater.  My belief is that there are too many diverse issues affecting employees and the employees represent one of the largest creditors when viewed as a group.  In addition, having such a committee means that our attorneys’ fees can be covered by the adminsitrative monies set aside during the process.

5.  Later this weekend I intend to post definitive instructions on how to file a proof of claim including how to calculate your amounts owed including accrued vacation, WARN Act monies etc. Please sit tight and realize that our deadline for filing such claims is April 27, 2009.

If you are an ex-Heller Ehrman employee who is owed money by the firm, I urge you to participate in this process in the manner which is most comfortable to you.  At a minimum you should be filing a proof of claim.  Some will engage in discussions through the forums and comments.  Others will want to be on the Employees’ Committee as well as on the Unsecured Creditors’ Committee and perhaps even show up to hearings.  These are all opportunities in which you can actively make your voice heard.

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3 Responses to “We’re On Our Way – Bankruptcy Update”


  1. 1 Observer 3 January 2009 at 11:51 pm

    I assume, Tom, that you have discussed your strategy for Monday with Mr. Finestone. I hope that he will also attend the meeting on Monday, either in person or at least by phone.

    As far as I can tell, Tom will not have a claim large enough to be competitive for a seat on the general creditors committee based on dollars. You need to argue hard for ex-employees as a category that deserves representation, not on the basis of sympathy (people may make positive noises about that at the meeting, but I wouldn’t believe them) but on the basis of special issues that need to be properly presented to the court.

  2. 2 Anon 7 January 2009 at 4:06 am

    Any update on the Jan. 5th meeting?

  3. 3 Thomas MacEntee 7 January 2009 at 9:18 am

    Yes

    The US Trustees office did not seat any of the three employees who appeared at the hearing. I was one of them and I appeared by phone.

    See https://hellerdrone.wordpress.com/2009/01/06/unsecured-creditors-committee/ for information on which creditors were actually seated on the committee.


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