The final nail in O'Sullivan Industries' coffin was pounded in Monday by company officials when they announced the imminent shutdown of the Lamar facility.
More than 700 will lose their jobs, some immediately, others within the next several weeks. Not everyone paid a price for their involvement with the Newell Rubbermaid/Sharpie cabal that ran the plant, or with "turnaround expert" James Malone, who will be the company's final CEO.
According to documents filed March 21 with U. S. Bankruptcy Court for the Northern District of Georgia, the vultures hovering around the company following its October 2005 bankruptcy filing made a pretty penny at the expense of local workers.
These companies helped themselves to O'Sullivan money:
Dechert LLP, counsel to O'Sullivan- $2,098.929.25
Lamberth, Cifelli, Stokes & Stout, counsel to O'Sullivan $215,526
FTI Consulting, restructuring advisor, $1,834,836.25, plus $206,835.72 in expenses
Edward Howard and Company- (who you might recall submitted a payment request for the time it spent reviewing The Turner Report) $33,017.50, plus $428.61 in expenses
Lazard Freres & Co LLC, financial advisor- $2,812,500, plus $106,572.86 in expenses
Greenberg Traurig LLP, attorneys for Official Committee of Unsecured Creditors- $185,178.95, plus $5,936.87 in expenses
Chanin Capital Partners LlC, financial advisor for Official Committee of Unsecured Creditors- $450,000, plus E$34,035.34 in expenses
Sturman, Treister & Glatt PC, attorneys for Official Committee of Unsecured Creditors, $831,054, plus $81,007.63 in expenses.
Nice work if you can get it.