Free Market Evaluation - Send us your resume and we will give you free feedback
NKU Law School May Move Campus to Former Jail
NKU Law School May Move Campus to Former Jail
Comcast and Time Warner to Discuss Merger with Department of Justice
Comcast and Time Warner to Discuss Merger with Department of Justice
Court Rules that Attorney Headed to Work Was Not Working
Court Rules that Attorney Headed to Work Was Not Working
Yale Law Women Announces 2015 Top Ten Family Friendly Firms
Yale Law Women Announces 2015 Top Ten Family Friendly Firms
Legal Job Listings
Download PDF

Dewey Files Bankruptcy Liquidation Plan View Count: 54

On Wednesday, Dewey & LeBoeuf sought approval of its liquidation plan by filing papers in U.S. Bankruptcy Court in Manhattan. The liquidation plan comes roughly six months after Dewey had filed for Chapter 11 bankruptcy protection. According to the filing, if the liquidation is approved, then secured creditors will have $261.9 million in allowed claims and about $100 million in claims would be treated as unsecured.

Dewey’s latest report, the better part of which is already about 90 days old, lists about $218.6 million in accounts receivable. In October, U.S. Bankruptcy Judge Marin Glenn had also approved a settlement between Dewey’s estate and about 400 former Dewey partners, which amounted to about $71.5 million being obtained in exchange of releasing parties to the agreement from further harassment.

In case the liquidation plan is approved, then secured lenders like JPMorgan Chase would receive about 80 percent of the first $67.5 million already received against the partners’ settlement. The secured lenders would also be the first to receive any payments recovered by the estate.

However, the liquidation plan has proposed that any future settlements with partners would benefit both secured and unsecured creditors in a 50-50 ratio. Now, that may be good news for some, as definitely a few major former partners had been left out of the settlement, but may not be so good news if the estate finds another way to have a go at former partners despite the settlement in existence.

Get JD Journal in Your Mail
Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




Dewey is known to be pursuing about $60 million in ‘unfinished business claims’ upon legal business ex-partners carried with them to their new law firms.

Dewey Files Bankruptcy Liquidation Plan by

Tagged: , , ,

Posted by on November 23, 2012. Filed under Home. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

 

 

Job of the Day
Ethics and Compliance Paralegal
USA-NY-New York City
The Opportunity We help our client partners build on firm foundations, which is why so many major organizations seek our advice and support in creating or reinventing codes of conduct. LRN’s ...


Apply now

Related Posts: