Volume 80, Number 50 | May 12 - 18, 2011
West and East Village, Chelsea, Soho, Noho, Little Italy, Chinatown and Lower East Side, Since 1933

St. V. still paying advisers millions

By Albert Amateau

A year after St. Vincent’s Catholic Medical Centers declared bankruptcy and closed its 161-year-old Greenwich Village hospital, St. Vincent’s has spent a total of $25 million on lawyers and other advisers, according to Crain’s New York Business.

Fees for lawyers, accountants, investment bankers and real estate brokers since the April 14, 2010, bankruptcy filing accounted for $17 million. The hospital spent an additional $8 million before the filing on two firms it had hired to advise it on restructuring, finding a possible partner and securing state financial aid, according to Crain’s May 10 issue.

Kramer Levin Naftalis & Frankel received $2,706,986 for the final quarter of 2010 as the debtor’s attorney after discounting its fees 10 percent because of St. Vincent’s charitable mission.

Other firms include the investment advisor Cain Bros. & Co., which earned $701,000, for the final quarter of last year, the law firm Akin Gump Strauss Hauer & Feld, representing the creditors’ committee, which earned $409,024 for the same period; Garfield Wild, which also discounted its fees, earned $409,398.

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