Home

Dewey Sues to Reclaim $5.7 Million Spent When they were Already Insolvent
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

How much work does it take to bring a law firm into bankruptcy? In the case of Law Firm Giant Dewey, seeking Chapter 11 is a full time job, with the firm seeing as much work as some small firms could only hope for. Their most recent move is seeking a return of $5.7 million paid to the Bank of America for several law firms, that Dewey paid out when they were already insolvent. Such funds are expected to go back to the pool that is being fed to their creditors, and they are expected to recover 5 to 14 cents per dollar of debt, with secured creditors receiving between 47 and 77 cents on the dollar.

Among the moneys they hope to see returned include $268,707 paid to Shook Hardy & Bacon in March 2012, $297,016 paid to Cook Vetter Doerhoff & Landwehr, $30,523 paid to Allen & Overy, and a host of others.

  
What
Where


The preference actions aim to show that Dewey did not give favorable treatment to particular vendors before going under – the way, say, in the game of Monopoly a person about to lose might cut sweet deals with the player he prefers to win. As Am Law Daily reports, Minnesota lawyer Joseph Steinfeld filed these suits Friday on behalf of liquidation trustee Alan Jacobs, and it is only the “first wave of such litigation.”

The endless litigation to tie up loose ends has all the drag of a badly written novel, which resorts to a 300 page appendix to make it all wrap up. In this, the suit against the Bank of America is the biggest target for Dewey, with a sum of $3.9 million sought. The wrap up drags on, and is full time business for a few lawyers, whose legal finesse has all the propriety and sanctimoniousness of an undertaker. Making it all look good before it finally dies requires exacting work.

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

Mid-level Litigation Associate Attorney

USA-MD-Baltimore

Baltimore office of our client seeks mid-level litigation associate attorney with 3+ years of experi...

Apply Now

Litigation Associate Attorney

USA-SC-Columbia

Columbia office is seeking a commercial litigation attorney with 2-4 years of experience.

Apply Now

Junior Employment Litigation Attorney

USA-CA-San Francisco

San Francisco office is seeking an attorney with 2-3 years of employment litigation, class action or...

Apply Now

Civil Litigation Attorney with 2-4 Years of Experience

USA-PA-Pittsburgh

Pittsburgh office is seeking a litigation attorney with 2-4 years of civil litigation experience. A ...

Apply Now

RELEVANT JOBS

Patent / IP Paralegal

USA-WA-Seattle

Patent / IP Paralegal This is an exciting opportunity to work for one of the top law firms in the...

Apply now

Associate Attorney

USA-TX-Sugar Land

Insurance Defense firm seeks an Associate Attorney with a MINIMUM of 3-5 years\' experience in litig...

Apply now

Litigation Associate Attorney

USA-CA-Los Angeles

Statewide, growing, litigation law firm, named one of the Top Boutique Law Firms in California by th...

Apply now

Associate Attorney - Insurance Defense Litigation

USA-NY-Huntington

Growing Long Island insurance defense firm seeking 1 to 5 year associate attorney for their Hun...

Apply now

SEARCH IN ARCHIVE

To Top