At yesterday’s shareholder video conference, the leadership of Heller Ehrman assured the partnership that their line of credit was still open. That doesn’t mean that they can survive, just that they still have some time to make their next move.
Meanwhile, after the meeting, Heller Chairman Matthew Larrabee finally communicated with associates and staff:
I am profoundly sorry that I have not been in direct communication with you recently. We realize that there has been a lot of news coverage about our firm, and it is wrong to have that be your source of information. We have been focused on urgent and significant issues that are facing the firm and carefully considering our options. We also have been focused on trying to get answers to the many questions that we know need to be addressed.
While that may explain some of the private meetings and small-group discussions that have been held recently, we know that there has been a lengthy gap in communication that needs to be filled as soon as possible.
To that end, we are planning to hold meetings with everyone before the end of this week via video conference and/or local, in-person discussions. You will receive an invitation to participate as soon as we can finish gathering important information we know you seek.
Again, I apologize for not communicating with you sooner. We realize the anxiety that you are feeling and we are doing everything we can to find answers to your questions.
But what is left to say? As one tipster put it:
[T]he whole place here is nuts. I’m kinda soaking up a salary until a decision gets made, but we’re operating under the assumption that we’re gonna fold.
Pour a shot on the ground for Heller? Probably in a few weeks for sure.
A wise man once said, “The waiting is the hardest part.” Take heart Hellerites, the long dark of dissolution is almost at an end.