Heller SF headquarters reverts to lender

While I’ve posted the article, S.F. tower’s owners will foreit it to lender which appeared in today’s San Francisco Chronicle, over in the News Articles section, I feel the matter warrants a separate post here at Heller Highwater.

If you read the article you will see that the building’s former owners try to place the blame on the Heller Ehrman dissolution (and its impact on the 65% vacancy rate).  While Heller’s problems are directly related to a large block of 333 Bush being vacated prematurely, it also appears that Heller’s former landlord purchased the building at an inopportune time (in 2007 at the height of the real estate market) and that they were over-extended on their other properties.

I also wonder why 333 Bush Associates still sits on the Unsecured Creditors Committee with the U.S. Trustee’s office during this bankruptcy process.  Will they be asked to vacate their seat on the committee? Perhaps it will be offered to a former Heller Ehrman non-shareholder employee?

Right now the committee seems to be overloaded with former shareholders who have no incentive to oversee the collection of some $70 million in outstanding client billings owed to the estate.

The employees still have no voice on that committee despite repeated requests with the U.S. Trustee’s office.

(San Francisco Chronicle via SFGate)

© 2009, copyright Thomas MacEntee

Advertisements

4 Responses to “Heller SF headquarters reverts to lender”


  1. 1 Observer 28 July 2009 at 6:19 pm

    It is a serious disappointment that no true ex-employees have been added to the creditors committee. As far as I can tell, a couple of ex-shareholders got added to fill two vacancies in a purely mechanical way: they had the largest filed claims among those who expressed interest.

    (If anyone knows more about the process, do tell.)

  2. 2 Derner 30 July 2009 at 12:32 am

    I was morbidly amazed to have my cellphone ring yesterday, only to find that it was a call forwarded from my old number at Heller. Yes, the phone systems are still running, and they still have my old extension forwarding calls to my personal cell phone, just as I set it to do the day I walked out last October.

    I never did file anything with anyone about any money owed to me by Heller. The entire process was simply too complicated to follow along while also trying to find work, start a company, and work under contract 10-12 hours a day.

    To be honest, I don’t even understand the implications of this post about headquarters and lenders and such. All I know is that people with money seem to take pleasure is screwing each other over, and generally it’s the people who have littler money who pay the price in the end.

  3. 3 Anon2 30 July 2009 at 1:53 am

    This is just one more ripple in the pond – or should I say ocean – of stupid management decisions all the way around. What a disaster. I know Messrs. Heller, Ehrman, White & McAuliffe have rolled over in their graves many times, I’m sure.

  4. 4 Former Associate 30 July 2009 at 11:32 am

    It appears the debtor is hiring yet another law firm, this time to represent the debtor on how to handle the partners’ “LEO” retirement plan, i.e., whether the firm is entitled to any of the contributions it made for the benefit of the partners during certain timeframes. If BofA isn’t required to pay back the $50 million it received during the preference period, I’m afraid there will be no pot of gold at the end of this rainbow.


Comments are currently closed.



Life preserver.jpg
Remember the words of Rev. Frank Scott (Gene Hackman in The Poseidon Adventure):

". . . sitting on our butts is not going to help us either. Maybe by climbing out of here, we can save ourselves. If you've got any sense, you'll come along with us."

Contact Us!

Send us your information as to job leads, networking, or just plain vent!
Go ahead, say it!
Add to Technorati Favorites
Bloggers' Rights at EFF

Credits

This blog has been created by Thomas MacEntee.

Recent Comments

Terms of Service

Heller Highwater (hellerdrone.wordpress.com)
Last Modified: September 14, 2008

- Don't be a dill weed.

- Treat other people the way you want to be treated.

- Ladies and children first.

- This is a rescue, not a bitch session.

- Help don't harm.

- Save the snarks for the attorneys and Above The Law.

Heller Highwater is not:

- a place to practice viscious and vindictive "whisper down the lane" rumour-mongering;

- a place to bad mouth co-workers;

- a place for diatribes against specific people or specific incidents;

- a place to heap pity on poor Heller Ehrman staff by outsiders;

- a place that discriminates or sets margins noting who is outside and who is inside - we even welcome supportive Heller Ehrman attorneys!;

- meant to further the demise of Heller Ehrman, LLP.

Heller Highwater is:

- a place for support, a place of empowerment, a place of passion;

- a place to learn about job leads, resume preparation, skill building, training, new opportunities, and how to succeed in a new workplace;

- a place to keep up on the latest news as to how Heller Ehrman management intends to treat its support staff as it winds down its operations - will it be every woman for herself? or will it be "let me hold the door for you and is there anything else I can do for you"?

- a place of refuge.

Note: in no way, shape or form is Heller Highwater sanctioned, supported or even recognized, (but it is very likely monitored) by the management of Heller Erhman, LLP. The opinions represented here and on each and every page of Heller Highwater do not constitute the opinions of Heller Ehrman, LLP or its shareholders or its management. In addition, the comments left by visitors do not reflect the opinions of Heller Highwater.

%d bloggers like this: