All of this information is from Reorg, spanning from 2018-2021.
What is everyone's thoughts? Crazy the amount of Fees jefferies gets from UCC mandates. Saw they got the UCC on JC Penny, and some other bankruptcies from their website. Besides that, everything seems to make sense, but this makes it look like Lazard is the top dog in the space.
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Does # of cases include those for which fee isn’t known? If not I am most surprised at the average fee of banks like HL or CVP versus Lazard & Moelis
Well I think they're probably only able to access public information, unless they use their spicy internal contacts at these firms.
CVP isn't too big of a player in the RX space from what I understand, but what I think some of the shortfalls of this analysis on the RX groups is:
A. Some firms are known (like MOE and JEFF) to have lower fees than others
B. Some focus very stringently on out-of-court restructurings and distressed M&A (carveouts). Distressed M&A isn't normally something that is advertised to have been worked on by a RX group since no one likes to admit that they have an ugly baby
C. Doesn't really include some recent changes in whats been happening in RX, with some firms poaching folk (GH exodus)
Honestly I just think its hard to figure out the true rankings of these firms. Who knows, maybe Rothschild has done 300 Distressed M&A deals in the past 4 years and we'd never know (unless Roth kids would tell us, but everyone complains about hours in banking)
My point was more in the line of whether they are counting all deals or just the ones for which they have value, not some insider info question (which would be dumb)
There is a difference between saying Lazard has worked on 27 deals with known fee, which amount to $274 M versus Lazard has worked on 27 deals (some for which the fee is not known), which amount to $274 M.
The former is a valid comparison, the second one is not apples to apples thus provides little insight.
.
It absolutely does not- just asked my roommate who is at CVP and they’ve made significantly more than the numbers provided from just PGE+J Jill + Serta
From Blair himself, CVP made over 70m on one bk in 2021 (you could probably determine which from their page)
Would take with a grain of salt, most debtors would prefer to restructure out of court if possible
Prob wouldn’t put much weight into this. If you follow Debtwire/Reorg PJT and Evercore have been winning everything lately
Agree with this. I work in Restructuring and the table doesn’t line up with my experience. PJT and Evercore has shown a really strong Debtor-side track record whose fees are probably not disclosed
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