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Slime green news: consultant charges GM $23 million for three months work on bankruptcy
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GM billed $23 million for 90 days work by a bankruptcy consultant
You and I are in the wrong line of work. We should be working for crisis managment firm AP Services LLC, which billed General Motors an astounding $23 million bucks for services regarding the company bankruptcy.
According to the U. S. Bankruptcy Court, AP Services LLC charged General Motors nearly $900,000 for airline tickets and hotels. By my admittedly poor math, $900,000 in 90 days means they were spending close to $10 grand a day on flying high and sleeping well. They ate good, too. Nearly $50,000 for meals and tips.
Plus, they billed the world-famous manufacuter of cars and trucks another $150,000 for rental cars and taxis and another $30 grand for gas and tolls. For that price, GM could have given them a couple of 2009 Cadillacs with full gas tanks, plus a couple of drivers, maybe one of the GM employees who lost his or her job in the cutbacks and bankruptcy.
The Detroit News reports that AP Services honcho Al Koch paid himself a cool $445,000. I wouldn't mind earning $150,000 a month. Would you?
It was the U. S. Bankruptcy Court which ordered General Motors to hire AP Services LLC. Read the full legal court document here. AP Services LLC is having a very good year. Reuters reported in May 2009 that the comany was handling the bankruptcy of mortgage banker Accredited Home Lenders.
There's a court hearing tomorrow on AP Services LLC's fees. I'm hoping the U. S. Bankruptcy Court has the same reaction to these fees that I do, and probably you do, too.
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