According to Daniel Kaplan ofSportsBusiness Daily, the recent collapse of the AAF has resulted in the generation of a $500,000 fee from Bracewell, a Houston-based law firm that has received $250,000 for preparing the 269-page bankruptcy filing, and that is owed $250,000 more.
The fee includes other filings and meetings with AAF creditors, but it will not cover any legal fights associated with the bankruptcy.
The AAF instituted bankruptcy proceedings earlier this month, citing more than $48 million in liabilities and fewer than #12 million in assets.