Good point on Rothschild. AMR was indeed their work. When AMR filed for bankruptcy in November 2011, AMR listed $29.6 billion in debt and only $24.7 billion in assets. There was negative equity and so from that standpoint there was nothing that should be given to the equity holders. And yet Rothschild turned it around.
So are Paul Hastings and Ropes and Gray. These are all top firms with solid reputations. You cannot ignore who the advisors are. The only other firm that may be arguably better in bankruptcy is Apple's Weil Gotschal Manges, but they are now in the same boat with GT, more or less, as Apple agreed to vote yes to the POR. Unsecured creditors' counsels are all mom and pop compared to these.
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