Home

Update: Morgan & Finnegan’s Bouncing Severance Checks
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

Morgan & FinneganNew York Judge Richard Lowe has issued an injunction barring Morgan & Finnegan from selling or transferring assets, in a lawsuit contending the dissolved law firm defaulted on its loan agreement.

JPMorgan Chase contends that Morgan & Finnegan owes it more than $4 million; the firm has bounced severance checks since its assets in the bank are frozen.

Lowe has appointed a receiver, and is requiring the law firm to identify all its assets, including partner capital accounts.

  
What
Where


JPMorgan agreed to give the law firm a $2 million revolving line of credit and a letter of credit for nearly $4.97 million, to pay for a lease at Three World Financial Center. By December, Finnegan & Morgan was talking to Locke Lord Bissell & Liddell, which agreed to hire more than 30 of its lawyers.

The firm dissolved last month, but Locke Lord is occupying the leased premises under a cross-licensing agreement with Morgan & Finnegan, encumbering the bank’s collateral, the complaint says. JPMorgan contends the firm missed its February rent, causing the landlord to seek the full $4.9 million under the letter of credit.

Locke Lord is not a party to the suit.

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!!






 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Litigation Trial Attorney with 3-5 years of pleading experience

USA-WA-Seattle

Seattle office of our client seeks litigation trial attorney with 3-5 years of experience. The candi...

Apply Now

Corporate Attorney with mergers and acquisitions experience

USA-CA-Los Angeles

Los Angeles office is seeking a corporate attorney with 1-6 years of M&A, corporate finance, securit...

Apply Now

Estate Planning Attorney with 6+ years of experience

USA-CA-Los Angeles

Los Angeles office is seeking an experienced estate planning attorney with 6+ years of experience. C...

Apply Now

Condominium Associate Attorney

USA-IL-Chicago

Chicago office of our client seeks condominium associate attorney with 1-3 years of experience. The ...

Apply Now

RELEVANT JOBS

Corporate / Commercial Attorney | Lebanon, NH

USA-NH-Lebanon

Downs Rachlin Martin PLLC seeks an experienced corporate / commercial attorney to join its Lebanon o...

Apply now

Business Law Junior Associate | Burlington, VT

USA-VT-Burlington

Downs Rachlin Martin seeks associate attorney with 1-3 years of experience to join its Commercial an...

Apply now

Business Law Associate | Burlington

USA-VT-Burlington

Downs Rachlin Martin is seeking an attorney with 4 to 8 years of experience to join its very busy pr...

Apply now

Litigation Associate

USA-NY-New York City

Midtown Manhattan litigation boutique with diverse civil litigation practice seeking associate with ...

Apply now

Most Popular

SEARCH IN ARCHIVE

To Top