March 2, 2008 — In a series of incremental decisions, the judge in the bankruptcy case of Jeffrey Prosser, former CEO and owner of Innovative Telephone, has told the court-appointed trustee that he may take various steps to dispose of parts of Prosser's former economic empire to meet its debts.
May I hire John Foster Real Estate in St. Croix to sell some Prosser-connected properties? Trustee Stan Springel asked (in effect), and the court said yes, he could.
The properties covered by the order include the Bjerget House and the Prosser Foundation Building, both in downtown Christiansted. The structures are across the street from each other, with the former dating back to the 1700s, according to the lawyer's brief.
"The grounds include extensive courtyards, multi-level gardens, fountains, and reflecting pools," the brief said.
The two Bjerget House buildings are described as about 6,000 and 4,000 square feet, while the Prosser Foundation building is about 4,000 square feet.
May I cancel some previously ICC-funded leases of automobiles and apartments that are no longer needed to operate the various ex-Prosser enterprises? Springel, in effect, asked, and again, the court agreed, this time in two separate orders. (For more on the cars and apartments involved, some in the Virgin Islands and some in Florida, see "Mercedes Leased for Prosser's Brother-in-law at Issue in Bankruptcy Case.")
May I retain Wiley Rein, the Washington, D.C.-based communications law firm, to help with the sale of Prosser's former companies? Springel asked, and again Judge Judith Fitzgerald said yes.
A year or so ago, the firm was called Wiley, Fielding and Rein, but that was before Fred Fielding, once in-house counsel to Richard Nixon, returned to the White House to play the same role for George W. Bush. Name partner Richard Wiley served as chairman of the Federal Communications Commission during the Reagan years.
May I pay another of my law firms $824,036 for helping me in the month of January? That was another request made of the judge, and again she said yes. The bill, after the customary 20-percent hold back on fees, had been submitted by Vinson & Elkins, the Dallas law firm doing most of Springel's legal work.
The average hourly rate — or "blended" rate, to use the lawyers' terminology — for this firm, for that month, came to $491.67 an hour.
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