Who are the Winners in Bankruptcy?

The following list was extracted from the Notice of Filing of Updated Master Service List filed on May 26th by the counsel to U.S. Shipping Partners L.P.:

Chapter XI is a wonderful process. You need to restructure because you can’t meet your obligations and yet somehow you have to borrow money to pay the lawyers to get through it.

On the back of an envelope we calculated the following:

2 lawyers per firm X $400/hr (reduced rate per trustee) X 10 firms = $8,000/billable hour. What the total hours will be we have no idea, but

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