Paul, Weiss Gets Piece of Saks' Bankruptcy
Writers, even ghostwriters, don't make much, that is compared to elite lawyers and investment bankers. So even though I was in the top 10% of what writers gross it was still madness that I actually went to Saks in Manhattan for a wardrobe to travel with a client and his wife. But that I did and, predictably, I felt like a million bucks. No wonder the rich can comport themselves with such confidence.
Well, Saks Global Holdings has filed for voluntary Chapter 11 Bankruptcy in the Court for the Southern District of Texas. Obviously, my purchase didn't produce enough revenue so that they could pay their vendors and interest.
But bankruptcy is a good niche business for law firms. Paul, Weiss is counsel to creditor groups and bondholders which are in the loop for financing. The bankruptcy is a big story and Paul, Weiss figures into the coverage. Of course, it can leverage this assignment to land more business in that category.
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