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Pastimes : Don't Ask Rambi -- Ignore unavailable to you. Want to Upgrade?

To: Ilaine who wrote (29682)	6/22/1999 5:45:00 PM
From: DScottD	Read Replies (1) \| Respond to of 71178

This Cajun bankruptcy was in just about every court you could imagine down there. We had trouble finding local counsel because just about every decent firm down there was conflicted out. As I recall, the case was in Federal Bankruptcy Court in Baton Rouge and in the District Court. The biggest creditor by far was the Rural Utility Service, which stood to lose a couple of billion dollars in the mess. There were three or four power plants involved, one of which was a joint venture between Cajun and some other outfit. The business was turned over to a court appointed trustee, who solicited competitive bids. It may be the most fascinating thing I have ever been involved in. Our legal fees, between bankruptcy counsel and local counsel were easily 6 figures per month. The acquisition would have been in excess of 1 billion dollars.