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Judge Signs off on $17 Million for Dewey LeBoeuf Advisors
Dewey LeBoeuf was not only approved for $17 million in fees and expenses to be provided to advisors assisting with their bankruptcy proceedings, but commended for the speed in which the firm has progressed through the proceedings. U.S. Bankruptcy Judge Martin Glenn, who is overseeing the large law firm’s bankruptcy filings, signed off on nine pending applications for funds from a variety of law and business firms that have guided Dewey LeBoeuf and its debtors through the bankruptcy.
Dewey filed for bankruptcy on May 28, 2011, and nine months later won approval of its Chapter 11 liquidation plan. The firm’s bankruptcy attorney team is led by Al Togut, who mentioned the firm’s record amount of secured debt, $230 million, at Thursday’s hearing.
AM Law Daily reports that Glenn signed off on nine pending applications for fees and expenses, which come to a total $17 million. $8.8 million was approved for Togut, Segal & Segal which is representing the firm in its bankruptcy, $3.4 million was approved for Brown Rudnick for their work advising the bankruptcy’s unsecured creditors committee, $1.35 million was approved for Kasowitz, Benson, Torres & Friedman which is advising an official committee of former Dewey partners, $1.3 million was approved for financial analysts Goldin and Associates, $592,000 was approved for Thierhoff Muller & Partner, a German wind-down counsel, and $164,000 was approved for special benefits counsel Keightley & Ashner. These approvals are for work done from the time Dewey filed for bankruptcy through March 22 of this year.
At the hearing, Glenn commended Togut for his efforts on the trial, and overcoming “a lot of hard-fought issues in this case.”
At the end of the proceedings, Togut discussed the interest the legal community has in the Dewey bankruptcy, and hoped that others could learn from his work. “People admire, frankly, what was accomplished here. And that’s a good thing for the legal profession.”