Sunday, May 08, 2011

Bankruptcy's Expensive

The Galtian Overlords are going to destroy it.

The route they have chosen, bankruptcy, has waged war on friends - musicians, the Pops, the Kimmel - and war has been expensive. So far, 17 lawyers have been tapped to work on the case on behalf of the association, musicians, Kimmel Center, and Pops, according to court records.

That doesn't include the associates and paralegals, or financial consultants; it does not include the thousands of creditors, many of whom will want to retain legal representation; and it does not take into account the taxpayers' money spent through the U.S. Bankruptcy Court and U.S. Trustee Program.

Fees range from $235 and $750 an hour. Just up to the moment before the bankruptcy filing, the association ran up a $319,000 bill at Dilworth Paxson. Will the financial rewards of this episode outweigh the bills?

I've already received two legal documents and one notice explaining why I'm receiving legal documents. Multiply that by tens of thousands of subscribers/ticketholders. Not just the postage, of course, but the law firm billing for handling it...

Supposedly in the Atlas Shrugged movie there's a scene where when of the Galtian Overlords lights his oilfields on fire to stick it to the moochers and informs us that he's leaving it just the way he found it. That seems to be the attitude.