Annette W. Jarvis

This morning I attended the confirmation hearing for the Chapter 11 bankruptcy plan of Dewey & LeBoeuf. As I mentioned on Twitter a few minutes after leaving the hearing, Judge Martin Glenn confirmed the plan.

Under the plan, secured creditors will recover between 47 to 77 cents on the dollar, while unsecured creditors will wind up with 5 to 14 cents on the dollar. Secured creditors hold about $262 million in claims; total creditor claims, secured and unsecured, amount to about $550 million.

So that’s the bottom line. But what was the hearing itself like? Here are my observations, including a few photos — because bankruptcy court coverage is totally WWOP….

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Some of our associate readers were not happy with their latest bonuses. But hey, let’s look on the bright side: at least they got bonuses (assuming they made their hours).

The same can’t be said for former associates of the now-defunct Dewey & LeBoeuf. These associates sought to be treated as Dewey creditors in the firm’s bankruptcy case, but the effort isn’t going so well. And the same could be said of retired partners of D&L, some of whom could be paying money into the bankruptcy estate instead of getting money out of it….

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The ailing law firm of Dewey & LeBoeuf is not long for this world. The only real question that remains is how Dewey’s death will take place. Will Dewey be pushed off the cliff, or will it jump?

We mentioned on Thursday that Dewey might be forced into bankruptcy by creditors, perhaps former partners concerned about their pensions. But now it seems that Dewey might do the deed itself.

Let’s hear the most recent reports — and look at the latest indicators that Dewey is done, including new signage outside 1301 Avenue of the Americas….

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If you’re looking for the latest news on the imploding law firm of Dewey & LeBoeuf, check out Morning Docket. There are links about the ongoing criminal probe, an updated WARN Act notice, the firm’s claim that it is not “officially closed,” and a possible involuntary bankruptcy.

It might make sense for certain creditors to push the firm into bankruptcy, since under the status quo — i.e., the firm effectively liquidating itself outside of court — it’s not clear that similarly situated creditors are being treated equally. At the very least, there’s a lack of transparency, as bankruptcy lawyer Annette Jarvis of Dorsey & Whitney pointed out to Thomson Reuters. Jarvis represents one group of creditors that might be getting the short end of the stick: 51 retired partners from predecessor firm LeBoeuf Lamb, whose pensions could be in jeopardy.

As we’ve done in the past, let’s try to find some light amid the darkness. As one victim of the Dewey debacle told us, “Sometimes after you’re done crying about something, the best medicine is laughter.”

We agree. So, Dewey have a meme contest for you? Of course we do!

Keep reading for some sample Dewey memes, as well as the contest rules….

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