A Big Bank Goes Bust, and Big Law Gets Left With The Bill
In the largest U.S. bank failure since 2010, New Orleans-based First NBC Bank Holding Co. filed for Chapter 11 protection in its home city Thursday. The bank, which went public in 2013, saw two top Am Law 100 firms listed among its 20 largest unsecured creditors.
May 12, 2017 at 02:33 PM
16 minute read
In the largest U.S. bank failure since 2010, New Orleans-based First NBC Bank Holding Co. filed for Chapter 11 protection in its home city Thursday. The community bank, created in the aftermath of Hurricane Katrina, went public in 2013.
But in April, First NBC failed, with the Federal Deposit Insurance Corp. stepping in to serve as receiver, as a sale of the beleaguered bank's assets was brokered to Gulfport, Mississippi-based Whitney Bank. Baton Rouge, Louisiana-based Steffes, Vingiello & McKenzie has been retained by First NBC to handle its bankruptcy case. Court filings by the firm show it has so far received $30,000 for its efforts in the matter, but the debtor has also accrued more sizeable legal bills.
According to a list of First NBC's 20 largest unsecured creditors, the busted bank owes $642,417.13 to Skadden, Arps, Slate, Meagher & Flom; $140,437 to Cleary Gottlieb Steen & Hamilton; and $1,337.50 to New Orleans-based Pusateri, Barrios, Guillot & Greenbaum. The debts to Skadden are broken out in separate line items for $376,713.74 and $265,703,29.
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