Borders' bankruptcy consultants getting paid hundreds of dollars an hour
A dozen consultants providing services to Ann Arbor-based Borders Group Inc. are earning more than $500 an hour to help the company navigate the bankruptcy process, according to a document filed today in New York.
Borders is paying its top consultants hundreds of dollars an hour to help the company navigate the bankruptcy process.
The highest paid consultant, supervising partner Lisa Donahue, is being paid $895 an hour. Two others are making $790 an hour and three are making $695 an hour.
The filing comes as Borders is also trying to defend its proposed plan to distribute up to $7.8 million in bonuses to its top executives if the company successfully and quickly emerges from bankruptcy.
Borders is closing 226 superstores as part of its Chapter 11 filing and is simultaneously considering a move out of Ann Arbor.
Here are the highest-paid Alix Partners consultants working for Borders:
1. Lisa Donahue, supervising partner: $895 an hour.
2. Todd Brents, bankruptcy process and operational support: $790.
3. Paul C. Svindland, revenue and merchandise performance improvement support: $790.
4. Keith Jelinek, revenue and merchandise performance improvement: $695.
5. Eva Anderson, SG&A cost reduction: $695.
6. Tim Gallagher, IT performance management and improvement: $695.
7. Pilar Tarry, Chapter 11 administrative lead: $645.
8. Jeffrey Webb, bankruptcy process and operational support: $600.00
9. Russell Spieler, revenue and merchandise performance improvement support: $560.
10. Ojas Shah, weekly cash/business model lead: $560.
11. Thomas Studebaker, bankruptcy process and operational support: $560.
12. Clayton G. Gring, Chapter 11 administrative lead: $560.
13. Jonathan E. O'Reilly, bankruptcy process and operational support: $490.
14. Esben T. Christensen, revenue and merchandise performance improvement support: $490.
15. Adam Z. Hollerbach, revenue and merchandise performance improvement: $440.
16. Brad Spooner, bankruptcy process and operational support: $440.
17. Jarod Clarrey, bankruptcy process and operational support: $415.
18. Kimberly Cote, bankruptcy process and operational support: $415.
19. Robby J. Spigner, financial analysis support: $395.
20. Prashant Waghela, revenue and merchandise performance improvement support: $395.
21. Brian Nemeth, revenue and merchandise performance improvement support: $395.
22. Alex U. Gass, bankruptcy process and operational support: $290.
23. Stephen Tucker, bankruptcy process and operational support: $220.
In the filing, AlixPartners says its functions include: "assisting in overseeing the implementation of operational restructuring plan, assisting in evaluating and implementing a store closing program, managing the claims and claims reconciliation processes, assisting with the management of and communications with creditors, creditors’ advisors and other external parties in interest, and providing testimony before the Bankruptcy Court as required."
Contact AnnArbor.com's Nathan Bomey at (734) 623-2587 or nathanbomey@annarbor.com. You can also follow him on Twitter or subscribe to AnnArbor.com's newsletters.
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