Fox News reports that the Presidential Task Force on Autos has hired bankruptcy lawyer Matthew Feldman of New York law firm Willkie Farr & Gallagher LLP. The Mattster will help Obama’s quango “evaluate options” for GM, Chrysler and (one assumes) Ford. According to Matty’s soon-to-be-ex-firm’s website, Feldman “recently represented investors that bid for assets in the chapter 11 cases of Dana Corporation and Performance Transportation Systems.” So, auto industry ambulance chaser it is, then. Feldman isn’t the only C11 specialist hovering overhead—I mean, waiting in the wings. I mean, advising the PTFOA et al. how best to piss away—I mean, “invest” taxpayer money in the self-inflicted Motown Meltdown. I mean . . . no. That’s exactly what I mean. Reuters [via Bertel Schmitt] reminds us that “The U.S. government has also been working with bankruptcy and restructuring lawyers at law firms Cadwalader, Wickersham & Taft LLP and Sonnenschein, Nath & Rosenthal, as well as turnaround specialists at investment bank Rothschild.”
FWIW, it’s been reported that Mr. Feldman is leaving Wilkie, Farr to assume this post with the PTFOA. So he’s going to be an insider…for a long time. Suggest to me that bk is more likely than not as the course of action…and RF will be buying me a steak dinner in Vegas! Let’s see now…I think I’ll have the filet at The Palm. Oh yea, a good red wine too!
Ken
The check– like my Elias-funded filet– is being cut as we speak.
Wonder why he left his law firm to take this new full-time gig. Seems strange.
[Update: It seems from other reports that Matt Feldman will join Steve Rattner and Ron Bloom as a main member of the task force, not just an advisor.]
The weird thing is that he doesn’t start until April…isn’t there supposed to be a decision by then?
This task force looks like it gonna be around for longer than what we might think. With 10% unemployment and Wall Street showing signs of life
would the President force GM and Chrysler into C11?I still see a shotgun marriage.
Enjoy your steak Mr Farago.
“turn around specialists” – man, gotta love that title. And how come the banking industry didn’t know or chose to shun these services.
Government, you gotta love it. Take a problem, string it out until it solves itself, then hire people who take the credit and turn it into a lifetime job.
Thank goodness these law firms are getting some work to do. Over a thousand undercompensated six figure lawyers got laid off last week alone, and they need all the help they can get. Wilkie Farr, featured in the post above, had to fire support staff last week. Realistically a bailout for these hard-working people would be best, though.