Relativity Owes Bankruptcy Team $4.8M+ For 2 Months Of Work

Bankruptcy doesn’t come cheap. Relativity Media racked up $4.58 million in fees for its restructuring team and $251,504 for its expenses for the period from the end of July — when it filed for Chapter 11 protection — to the end of September, according to a filing from FTI Consulting this evening at the U.S. Bankruptcy Court.

More than $1 million of the total goes to the top consultants managing the bankruptcy: Chief Restructuring Officer Brian Kushner made $622,860, charging $1,050 per hour for 593 hours. Deputy CRO Luke Schaeffer is owed $445,550 for 469 hours of work at $950 per hour.

Fifteen other people accounted for $3.13 million.

FTI’s costliest service was interim financial management, which came to $1.19 million. Its oversight of operations cost $779,106, while case reporting and compliance added $764,624. Other project expenses include asset sales and marketing ($532,595), restructuring management ($488,990), assessment of film earnings ($160,000), assessment of TV earnings ($140,000), claims ($155,600), and litigation and adversary proceedings ($98,280).

Transportation was the biggest expense at $111,477 followed by lodging ($104,984) and business meals ($33,057).