Dreier

Dreier Update: On Bail, Real Estate, and a Canceled Summer Program

By  
on

We bring you assorted addenda to our earlier coverage of Marc Dreier — founder and managing partner of Dreier LLP, as well as the firm’s sole equity partner — who was arrested on Tuesday night in Toronto.

First, Dreier is now free on bail. From the Toronto Star (which a tipster tells us is our “best bet” for Dreier coverage in Canada, “as it is the equivalent of the New York Post”):

A prominent New York lawyer walked out of a Toronto court today after posting $100,000 cash bail. Marc Dreier, 58, has been charged with personation with intent. He was represented at today’s bail hearing by lawyer Edward Greenspan.

Greenspan said he was “pleased” his client was released on bail, but that it wasn’t unexpected. “He was charged with a minor offence under Canadian law,” Greenspan said. “The only allegation is that he impersonated another lawyer.”

An ATL source provides context:

Mr. Dreier is apparently out on bail ($100,000 Canadian, or $77,330.93 U.S.). He’s also retained Eddie Greenspan, Canada’s answer to Johnnie Cochran. Mr. Greenspan represented Lord Conrad Black in Chicago and a number of other high-profile cases in Canada. He’s the go to guy if you’re rich, in trouble, and in Canada.

More information and links — about the allegations against Marc Dreier, his extensive real estate holdings, and the demise of Dreier’s summer program — after the jump.


Still from the Star:

Sponsored

[The lawyer Dreier is accused of impersonating] is Ontario Teachers’ Pension Plan counsel Michael Padfield, according to court documents. Padfield declined to comment when contacted by phone at his Toronto office.

Greenspan said his client is holding up despite spending several days in jail – and not being permitted to make a collect call to his firm or family friends in the United States.

If Martha Stewart and Paris Hilton can put up with prison, surely Marc Dreier can endure a few days in jail sans phone access. In fact, a few days without phone and email access might be paradise to a busy law firm partner.

Alas, it seems that jail didn’t agree with Mr. Dreier. The Toronto Post reports that Dreier was “disheveled-looking” at his bail hearing. “Mr. Dreier looked unkempt and unshaven during his appearance, and his voice sounded hoarse.”

(Want proof? See the photo at right.)

In our original post, we mentioned that Fortress Investment Group might have been involved. From the Star:

Sponsored

[A] statement released by the Fortress Credit Corp., a private equity and hedge funds company based in New York with offices in Toronto, shed further light on the incident.

“While visiting (the OTPP) offices on Tuesday afternooon a Fortress employee observed suspicious behaviour by an individual and immediately alerted (OTPP) staff,” said company spokesperson Lilly Donohue.

“We continue to co-operate with law enforcement authorities in the investigation.”

According to Am Law Daily, Fortress Credit is a subsidiary of Fortress Investment Group.

We also previously discussed Dreier’s fabulous real estate holdings. Max Abelson of the New York Observer sheds more light on the subject:

“Marc Dreier lives well,” writes the legal blog Above the Law, which broke the story, “with a fabulous Manhattan apartment rumored to rent for $50,000 a month, plus a place out in the Hamptons.”

Interestingly, city records show that, in August 2007, Mr. Dreier paid $5.425 million for a condo at the celeb-infested One Beacon Court, through a limited liability corporation. But those records also show that the IRS placed a $157,793.18 federal lien against Mr. Drier back in 2001, when his address was listed at The Sovereign on East 58th Street. He was released from the lien two and a half years later.

Finally, in light of the foregoing, this last bit of bad news should come as no surprise. Dreier recruiting personnel have been calling summer associates to inform them that in the event the firm does not dissolve — dissolution is a very real possibility, now that partner defections have begun — Dreier LLP will not be having a summer associate class.

One affected law student asks: “How screwed am I? On second thought, maybe I’d rather not know.”

Arrest of Dreier LLP Founder Clouds Firm’s Future [Am Law Daily]

Details Emerge in Marc Dreier Saga, But Much Remains Unclear [WSJ Law Blog]

Arrested! More Troubles For Power Lawyer Marc S. Dreier [New York Observer]

NYC lawyer wins bail in Toronto on personation charges [National Post – Toronto]

N.Y. lawyer accused of impersonating Toronto lawyer [Toronto Star]

New York lawyer awaits bail decision [Toronto Globe and Mail]

Earlier: Going Through the Dreier: An Update

Founding Partner, Left Higher and Dreier? Blame Canada

Topics