NEW: Treasurer Candidate Almonte Calls on Legislature to Act on 38 Studios Now
GoLocalProv Politics Team
NEW: Treasurer Candidate Almonte Calls on Legislature to Act on 38 Studios Now
"The best solution for Rhode Island is a negotiated settlement that honors our financial obligations while saving the state millions of dollars," said Almonte. "A negotiated settlement would protect Rhode Island from being relegated to junk bond status for all of our current and future loan obligations. The time to act is now.”
Almonte said forging a settlement before the budget becomes final would reduce the state’s financial liability while not allowing the state to default on its obligations.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST“The Legislature can only secure a negotiated settlement before they finalize this year's budget,” Almonte said. “Once the budget is approved, Rhode Island will lose any leverage to negotiate with the bondholders. I call on the Legislature to work with the Governor, to initiate this process today and to reach an agreement within the next 30 days."
Almonte described this option as the middle ground between not paying the loans at all and paying back the full debt.
38 Studios Legal Fees
Cohen & Gresser, New York, NY
Billing rates:
Partners: $650-$750/hour
Counsel: $550-$650/hour
Associates: $300-$595/hour
Paralegal: $100-$225/hour
Cohen & Gresser's Fees:
Total Fees (2013): $102,615.20
Shechtman Halperin Savage, Providence, RI
Billing rates:
Attorneys: $250/hour
Paralegals: $100/hour
Legal Assistants: $50/hour
Shechtman Halperin Savage's Fees
2012: $407,899.60
2013: $156,348.37
2014: $19,799.00
Total Fees: $584,046.97
Wistow & Barylick, Providence, RI
Billing rates:
Attorneys: $175/hour, $225/hour & $250/hour
Contingency Fee: The RI Commerce Corporation agreed to pay Wistow & Barylick 16 2/3% of the gross of any amount recovered from a lawsuit, compromise, settlement or otherwise. This is not stipulated with the other law firms.
Note: Wistow & Barylick will only be paid at these rates if the state terminates its contract with the firm.
Wistow & Barylick's Fees:
2012: $18.121.05
2013: $90,630.15
2014: $48,054.17
Total Fees: $156,805.37
Note: The above amounts paid to Wistow & Barylick cover the cost of out-of-pocket expenses such as filing fees, costs of depositions, obtaining records, charges for computer-assisted legal research, costs of expert consultants, and the costs of witnesses.
