Heller’s Request for a Claims Administrator

I just posted a document over in the Bankruptcy section entitled APPLICATION OF DEBTORS FOR ORDER UNDER 28 U.S.C. § 156(c) AUTHORIZING THE RETENTION OF BMC GROUP, INC., AS NOTICING, CLAIMS, BALLOTING AND ADMINISTRATIVE AGENT (click here).

Besides having an incorrect date on the first page (states that the bankruptcy filing date as December 28, 2009 not 2008), it does not give an estimate as to how much it will cost to utilize a Claims Agent.  There is a mention of hourly rates in the range of $25 to $250 however.

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2 Responses to “Heller’s Request for a Claims Administrator”


  1. 1 Former Associate 27 January 2009 at 4:27 pm

    I posted a comment in another article, but Heller seems to be inconsistently stating the amount of its AR. In today’s filing, the firm says: “Among other things, winding down the Debtor’s business includes pursuing the collection of at least $35 million in outstanding accounts receivable”. But in yesterday’s filing, I seem to recall AR or WIP being more like $70M. Surely that $20M can’t be the difference between whether it’s AR or WIP, right, because there’s no W happening there anymore?

  2. 2 Observer 27 January 2009 at 8:54 pm

    One source of the inconsistency is that Heller’s bk attorneys are cloning the background section from papers they filed on the first day of the case (Dec. 29) as the attorneys file additional pleadings. The factual background does not appear to have been updated from those first filings.

    It may be that the $35 million figure is stale. The other aspect is that they have been saying $52 million, or $74 million, face value of AR’s, but then giving a conservative estimate that $35 million is collectible.

    We will eventually get a better picture when Heller is back in court for further hearings and the judge asks more questions. But transcripts of hearings don’t come up on PACER until 21 days after the hearing.


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