Perella Axes Senior Banker, Three Others for Breach of Trust

Feb 18 2015 | 4:15pm ET

Perella Weinberg has fired Michael Kramer, head of its Restructuring Advisory Group, as well as three other employees for allegedly breaching employee and partnership agreements related to the potential formation of a separate firm.

Kramer, along with bankers Derron Slonecker, Joshua Scherer, and Adam Verost were let go after reportedly approaching Perella Weinberg about leaving to start an advisory services business and speaking with other Perella employees about leaving to join the venture.

Kramer is well known as one of Wall Street’s top bankruptcy experts. Perella Weinberg bought his company, Kramer Capital Partners, in 2006 for an undisclosed sum in an effort to grow the boutique bank’s restructuring and turnarounds practice. All four men previously worked together at Houlihan Lokey.

A memo sent to employees earlier this week by co-founder Peter Weinberg noted that the men “fundamentally breached both our trust and our agreements,” an allegation refuted by Verost in a statement to media outlets.

Kevin Cofsky, a managing director at Perella Weinberg, was named to rebuild the restructuring advisory team and recruit additional senior specialists.

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