Phil Mickelson (who is now sponsored by KPMG)
Lost amid all the bankruptcy noise about Chrysler and GM and Lehman Brothers is BearingPoint, the consulting company. If you’ve been inhouse, you’re almost certainly familiar with this company – they’re an IT consultancy that was formerly KPMG Consulting.
The company filed in February, listing total assets of $1,762,689,000 against total liabilities of $2,231,839,000.
They’re back in the news because lawyers care so much about golf. The company has sold off a host of assets, but clearing off the $3,543,938 debt to the PGA puts them back in the headlines.
After the jump, the deal and the counsel.
The debt relates to BearingPoint’s sponsorship of a PGA Tour event. BearingPoint was supposed to sponsor the “benefactor’s pavilion” at the Barclay’s Tournament in August and provide the “dining chalet” at the Tour Championship in November. The Tour has let the company off the hook and will take a $4 million unsecured claim against the estate.
Weil Gotshal, of course, represents the debtor. But it’s not anyone from the NY team. This time it’s Alfredo Perez and a crew out of Houston. Amazingly, $1.76 billion in assets doesn’t even make the Top 15 for the year, which isn’t even half over. It would have been good for #6 in 2007.
Davis Polk has been engaged as special corporate counsel. That engagement has led to a nice little bit of work. The firm has handled the sale of BearingPoint’s
- Japan assets, led by Theodore Paradise of the firm’s Tokyo office;
- certain North America assets, led by Nancy Sanborn in New York;
- China assets, led by Mark J. Lehmkuhler of the Hong Kong office; and
- India assets, led by Kirtee Kapoor also of Hong Kong.
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