Posts Tagged 'receivables'

What About All Those Heller Ehrman Receivalbles?

If you check out the updated Bankruptcy section, you’ll notice that the Dissolution Committee has selected the Adler Law Firm to work on collecting Heller’s receivables (at a fee rate of up to 35% of the amount collected).

Did you ever wonder how much effort was or is being put forth by Heller Ehrman to actually collect on the monies owed to them by former clients? Wouldn’t it be nice to see who owes what and how much?

Well, one of the dangers of pissing off your former employees is the amount of dirt and documents those same people are willing to dig up and pass on to Heller Highwater. I’ve received a collections call log from early October 2008 which lists the names of clients and the amount of AR due to Heller for legal services rendered.

Keep in mind that this list is out-of-date and that some of these former clients may have made good on the amounts they owed. But what is interesting in reviewing this document are the notations made during the collection process. Here are some highlights:

Client Name: Emine Technology Company Ltd.
AR Total (as of 10/6/2008): $1,670,999
Notes: DO NOT CALL – Acct. being handled by outside attorney – Pamela Phillips at Howard Rice.

Client Name: EPV Solar Inc.
AR Total (as of 10/6/2008): $1,560,390
Notes: Awaiting deternination (sic) on whether full credit is to be given to bond received from client. Left voice mail and sent e-mail to client contact for additional payment dates.

Client Name: Servcon – San Marcos, Inc.
AR Total (as of 10/6/2008): $1,201,293
Notes: 10/06/08 – DO NOT CALL – Prior to his departure B. Cohen adamantly claimed this will be paid this year, once the landfill permit is approved. Heller should collect over $2M with interest charges.

Client Name: Girl Scouts of the USA
AR Total (as of 10/6/2008): $1,089,758
Notes: $500k to be received by 10/10.

Client Name: Lehman Brothers
AR Total (as of 10/6/2008): $971,471
Notes: 10/7/08 – Client filed for bankruptcy.

Client Name: Kelly-Moore Paint Company, Inc.
AR Total (as of 10/6/2008): $961,146
Notes: No Client Accounts Contact Allowed. 10/7/08 – Client was supposed to pay a bonus but refused.

Client Name: Government of Singapore Investment Corpo
AR Total (as of 10/6/2008): $909,303
Notes: Per B. Dick: We told them we would wait until the closing for payment which hopefully will be this month. They agreed to pay by November in all events.

Client Name: SonoSite, Inc.
AR Total (as of 10/6/2008): $802,497
Notes: NO CONTACT – M.Parris to contact client for payment of remaining AR bal

Client Name: Pulse-Link, Inc.
AR Total (as of 10/6/2008): $676,471
Notes: Left a msg for Rudy. He previously told me they don’t have money to bring the acct current or PIF. They are seeking financing. They have been making $5K good faith payments about every two weeks.

Client Name: Array/Comm
AR Total (as of 10/6/2008): $616,715
Notes: left several messages to Steve, VP. Per Steve Steger on 10/1/08, he’ll check the payment status with their Financing Department.

Client Name: Clarium Capital Management LLC
AR Total (as of 10/6/2008): $558,290
Notes: __ sent an email to AIG to request payment status on 3 invoices on matter 0006. AIG pays 80% of the bills. __ also sent an email to Clarium to confirm on the payment date for the rest of the invoices.

Client Name: Washington Mutual Bank – Commercial Liti
AR Total (as of 10/6/2008): $497,303
Notes: NO CONTACT – B.Russell working to get AR paid

Client Name: Ministry of Commerce, Peoples Republic o[f China?]
AR Total (as of 10/6/2008): $492,500
Notes: Attorney in china this week explaining why all contracts must be changed for second time. He will have payment dates by return on 10/13.

Client Name: Aperto Networks, Inc.
AR Total (as of 10/6/2008): $487,202
Notes: 10/06/08 – Left voicemail for Pres. & CEO, Brian Deutsch; Miles Mochizuki, CFO not negotiating in good faith. $1.5M in trust cannot be applied – must be returned to client. Keep trying to negotiate a reduction of A/R to get this stettled.

Client Name: Washington Mutual Bank – Employment/Huma
AR Total (as of 10/6/2008): $476,294
Notes: NO CONTACT – B.Russell working to get AR paid

Client Name: Republic of the Phillipines
AR Total (as of 10/6/2008): $424,505
Notes: NO CONTACT – This is a government, we should allow the requirements of the government to proceed. We always have been paid over many years, although the process is cumbersome. S. Bomse will make sure that these bills are paid as well. Trying to push more is likely to be counterproductive.

Client Name: Foundry Networks, Inc.
AR Total (as of 10/6/2008): $394,457
Notes: Per S. Tonsfeldt: he is confident that the client will pay promptly. He will contact the client if we don’t see the payment by the end of this month.

Client Name: Targeted Growth Inc.
AR Total (as of 10/6/2008): $347,445
Notes: Client dispute – S.Erickson and B.Finrow to discuss issues with Tom Todaro (CEO) and resolve

Client Name: Celebrate Express, Inc.
AR Total (as of 10/6/2008): $261,975
Notes: NO CONTACT – S.Erickson working on payment w/ client, Kristopher Galvin (CFO)

Client Name: Blue Heron Biotechnology, Inc.
AR Total (as of 10/6/2008): $252,498
Notes: Per S.Erickson – client still trying to obtain financing but will discuss w/ client payment plan; once funded s/b paid in full

Client Name: Ronald A. Katz Technology Licensing, L.P
AR Total (as of 10/6/2008): $165,035
Notes: $87K paid 10/6/08. The rest of the AR is waiting for R. Holdrup approval for write off. First Pass Credit to offset with AR on matter 0003. TF

Client Name: New Century Financial Corporation
AR Total (as of 10/6/2008): $137,558
Notes: Client is in BK. We may have received all allowed to us by the Trustee.

Client Name: Better Energy Systems Ltd.
AR Total (as of 10/6/2008): $137,239
Notes: Client has some cash. Client has been holding on a $59K check since 9/15/08. J. Gavenman will discuss with client.

Client Name: Element Six
AR Total (as of 10/6/2008): $128,680
Notes: Cannot reach client by phone. FedEx’d invoices to the listed contact (due to arrive on 10/07/08 in their offices in Ireland).

Again, there is no information as to what amounts have been paid since this list is dated early October, 2008. And the items above are only a few which have been selected based on the large amount of money and/or the interesting comments in the Notes section.

You have to admit it is an interesting collection of companies, institutions, organizations and people. What is more interesting is how persistent Heller has been (or has not been) in pursuing any and all A/R accounts especially for clients which departing shareholders may have taken with them to their new firms.

As for the Girl Scouts, I’m sure they’ve paid the rest of their outstanding bill.  If not, Heller could take many boxes of Thin Mints as payment.


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


This blog has been created by Thomas MacEntee.

Recent Comments

Terms of Service

Heller Highwater (
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.