The People Who Made the Most Cash Off of KaloBios's Bankruptcy Filing

Published: Jul 21, 2016

KaloBios Pharmaceuticals Inc.'s quick but complex trip through Chapter 11 bankruptcy reorganization translated into big paydays for law firms and other advisors that shepherded the Brisbane company through the process.

Four firms — two law firms, a financial advisor and an administrative advisor — billed more than $4 million for fees and reimbursable expenses racked up in the name of helping KaloBios (NASDAQ: KBIO) get up on the good foot after missteps before and during the tumultuous tenure of drug industry bad boy Martin Shkreli.

In all, KaloBios' bankruptcy co-counsel, Hogan Lovells US LLP and Morris, Nichols, Arsht and Tunnell LLP, through Tuesday submitted more than $3.9 million in fees and expenses. Its financial advisor, Batuta Capital Advisors LLC, rung up nearly $383,000 in bills, and administrative advisor Prime Clerk LLC was paid out $9,990.

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