Dr. Jim Stewart:

There are financial benefits to firms that have used section 110. They have lower costs. For example, the Russian firms that have used section 110 have paid a lower rate of interest on their debt given their relative risk because they use section 110. It was not just the advisers who made a lot of money on this. The Russian firms themselves were able to raise finance that otherwise would probably not have been available.

It is quite likely that section 110 clients only represent a minority of the income of any law firm or accounting firm involved. While they have benefited, I do not think they benefit exclusively.