First Mariner unsecured creditor committee OK'd to hire legal counsel

By Kali Hays

New York, March 27 - First Mariner Bancorp's official committee of unsecured creditors obtained approval to employ Kirkland & Ellis LLP and Shapiro Sher Guinot & Sandler as legal counsel, according to two Wednesday orders filed with the U.S. Bankruptcy Court for the District of Maryland.

Both hirings are retroactive to Feb. 13.

As previously reported, the committee selected K&E based on its "distinguished reputation for achieving positive results for a wide range of global clients in complex corporate restructurings" and SSG&S "because of its experience and knowledge in the field of bankruptcy," according to the motions.

Both firms will assist the committee in its analysis of the company's assets and advise it on the rights and powers of the committee, advise its investigation of the financial situation of the company and assist in negotiations and court proceedings.

David R. Seligman and Jeffery W Gentleman, both of SSG&S, are expected to have primary responsibility in providing services to the committee. They will be paid $1,095 and $885 per hour, respectively.

First Mariner, the Baltimore-based holding company for 1st Mariner Bank, filed bankruptcy on Feb. 10. The Chapter 11 case number is 14-11952.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.