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Lawyer Appointed to Probe $38.5M Dreier Debt
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Steven J. ReismanSteven J. Reisman, a partner in New York’s Curtis, Mallet-Prevost, Colt & Mosle, has been appointed to investigate allegations that Seattle’s 360networks and its creditors are owed up to $38.5 million in funds from the defunct Dreier LLP.

Reisman was appointed by Judge Allan L. Gropper of the US Bankruptcy Court for the Southern District of New York. He will be assisted by other Curtis lawyers, including Lynn P. Harrison III, T. Barry Kingham and Jerrold Bregman.

The funds in question should have been in a Drier client escrow account.  Dreier had accumulated the roughly $38.5 million in cash from prosecuting actions that it brought as counsel to the committee appointed under 360networks’ Chapter 11 plan. The funds were to be shared among the reorganized telecommunications company and its creditors pursuant to the plan.

  
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Dreier LLP collapsed after Marc Dreier, the firm’s founder and managing partner, was arrested in Toronto in December for allegedly impersonating another lawyer. He was arrested again in New York upon his return on securities and wire fraud charges that prosecutors say may have cost investors $380 million.

Via The NLJ.

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