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NEW: McKee Launches Online Petition for Investigation into 38 Studios

Friday, July 25, 2014


Dan McKee, a Democratic candidate for Lieutenant Governor, has announced the launch of an online petition calling for and independent investigation of 38 Studios.

The online petition is entitled “Get the Truth on 38 Studios” and is asking for 50 signatures.

“The citizens of Rhode Island are outraged that this loan was secretly engineered by unregistered lobbyists” stated McKee. “This online petition will allow Rhode Islanders to deliver a message to our elected officials that nothing less than a third-party, objective investigation by an independent counsel is the only way we ever learn the details of this catastrophic loan...a bad loan that will cost taxpayers more

The petition can be found at http://petitions.moveon.org/sign/findthetruthon38studios


Related Slideshow: 38 Studios Legal Fees

New state records show that state legal fees associated with the 38 Studios bankruptcy are nearing $1 million. Below is a breakdown of how much each firm has made - and stands to make in the future. Figures are taken from documents provided by the Rhode Island Commerce Corporation. 

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Cohen & Gresser, New York, NY

Billing rates:

Partners: $650-$750/hour
Counsel: $550-$650/hour
Associates: $300-$595/hour
Paralegal: $100-$225/hour

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Cohen & Gresser's Fees:

Total Fees (2013): $102,615.20

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Shechtman Halperin Savage, Providence, RI

Billing rates:

Attorneys: $250/hour
Paralegals: $100/hour
Legal Assistants: $50/hour

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Shechtman Halperin Savage's Fees

2012: $407,899.60
2013: $156,348.37
2014: $19,799.00

Total Fees: $584,046.97

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Wistow & Barylick, Providence, RI

Billing rates: 

Attorneys: $175/hour, $225/hour & $250/hour

Contingency Fee: The RI Commerce Corporation agreed to pay Wistow & Barylick 16 2/3% of the gross of any amount recovered from a lawsuit, compromise, settlement or otherwise. This is not stipulated with the other law firms. 

Note: Wistow & Barylick will only be paid at these rates if the state terminates its contract with the firm. 

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Wistow & Barylick's Fees:

2012: $18.121.05
2013: $90,630.15
2014: $48,054.17

Total Fees: $156,805.37

Note: The above amounts paid to Wistow & Barylick cover the cost of out-of-pocket expenses such as filing fees, costs of depositions, obtaining records, charges for computer-assisted legal research, costs of expert consultants, and the costs of witnesses.   


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