Business Services Industry
Lawyers, consultants to reap big payday; MONEY TRANSFER: Cash that backed operations will be funneled into legal, service fees.(Rough Landing: Airline's Uncertain Future)(possibility of UAL Corp. bankruptcy filing to help Chicago area law firms)
Crain's Chicago Business, December, 2002 by Strahler, Steven R.
Byline: STEVEN R. STRAHLER Let the feeding frenzy begin. Despite obvious economic negatives, a UAL Corp. bankruptcy filing will spur demand for a large litter of Chicago-area law firms and other advisers lining up at the trough. In what is potentially the airline industry's biggest bankruptcy by a factor of three, the promised payoff is immense, particularly if the Elk Grove Township-based owner of United Airlines files its Chapter 11 bankruptcy petition in Chicago, an increasingly popular venue for petitioners.
With high-profile bankruptcy attorneys earning up to $750 per hour, experts predict the tab for United will easily exceed $100 million. Compared with Houston-based Enron Corp.-which filed for bankruptcy protection last December and has said its...
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