NYMA bankruptcy lawyers seek $200K in fees

POUGHKEEPSIE – Now that the New York Military Academy has been sold, the school reopened, and creditors are being paid off, some of the lawyers who worked on the bankruptcy case are looking to get paid.

Lewis Wrobel of Poughkeepsie, who was NYMA’s primary counsel throughout the bankruptcy proceeding, received an initial retainer of $20,000 but has not been paid anything since.

He is claiming $76,947 for 197.3 hours of work on the case, along with $5,773 for 25.1 hours of work by his paralegal, and $911.74 in expenses.

Wrobel explained that a court order is needed before he can be paid the balance of $63,631.74.

Wasserman, Jurista & Stolz, a law firm in Basking Ridge, N.J., that served as counsel to the unsecured creditors committee in the case, is seeking payment of $108,750 for its lawyers’ time and $1,237.75 for expenses.

MacVean, Lewis, Sherwin & McDermott, of Middletown, which served as special counsel to NYMA, is seeking $12,750 for its lawyers’ time, but no expenses.

A hearing is scheduled for Dec. 1 in U.S. Bankruptcy Court in Poughkeepsie to consider their applications for payment.

If approved, the fees would be paid out of the $15.8 million that the Research Center on Natural Conservation is paying to buy NYMA as a result of an auction in October. That was far more than the $10.2 million in debt claimed by NYMA, and all creditors are expected to be paid the full amounts of their claims.

Wrobel said that is unusual; often in bankruptcy cases, creditors only receive a percentage of what they are owed, he said.

Article from:- http://www.recordonline.com

 

 

 

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