Bankruptcy

A Biglaw firm gets screwed...

* Dewey have some novel issues for our bankruptcy lawyers, or what? As we noted last night, now that D&L has filed for Chapter 11, they’ll have to deal with bank debt, and bondholders, and possible criminal proceedings, oh my! [New York Law Journal]

* And did we mention that Dewey’s defectors and their new firms might get screwed out of millions thanks to the recent Coudert decision? You really should’ve tried to finish up your business before the firm flopped. [WSJ Law Blog]

* Our SCOTUS justices’ summer plans don’t include debating the results of their landmark health care and immigration cases. They’ll be off to fabulous destinations to teach by the first week of July. [Associated Press]

* A federal judge in Brooklyn doesn’t like what seems to be happening in the “game of grams” when it comes to mandatory minimum drug sentencing. Perhaps the DOJ will heed his call for reform. [New York Times]

* Facebook’s IPO was an epic fail, but it’s been great business for plaintiffs lawyers. Twelve securities class action firms are gathering leads and getting ready to sue, and two have already sued. [National Law Journal]

* This wasn’t exactly well planned: if you’re involved in state politics, it’s probably not a good idea to fake a legal internship with a state representative so that you can graduate from law school. [Concord Monitor]

* In happier news, a New York Law School graduate walked across the stage to receive her diploma with the help of her seeing-eye dog. The pooch hasn’t lifted a leg on her law degree… yet. [New York Daily News]

... and so do folks down under.

* “Brothels are never going to be a vote winner.” But even so, if you’re looking to get it in down under, a plan to build Australia’s largest cathouse may soon gain approval if lawyers are able to do their work quick and dirty. [Bloomberg]

* Thanks to this case, stupid teenagers in New Jersey who send texts to others that they know are driving can now revel in the fact that they can’t be held liable for injuries that may occur thanks to careless driving. [New Jersey Law Journal]

This shouldn’t come as a surprise — we predicted it earlier this month — but the dying law firm of Dewey & LeBoeuf has filed for bankruptcy. We hope that you had a nice holiday weekend, because Dewey’s bankruptcy lawyers surely didn’t.

Under which chapter of the Bankruptcy Code is Dewey filing? Who is serving as bankruptcy counsel to the firm? What does Dewey’s balance sheet look like?

We have added UPDATES, after the jump.

double red triangle arrows Continue reading “Dewey File for Bankruptcy? Yes — It’s About That Time”

As we roll into the Memorial Day weekend, things are fairly quiet on the Dewey front. There’s not much news to report.

As we previously mentioned, some former partners are hiring counsel to defend them against possible clawback claims. And the ranks of ex-partners continue to grow: some nine Dewey partners, led by New York-based transactional attorney Elizabeth Powers, have moved over to Duane Morris, along with three counsel and four associates (so 16 lawyers in all).

What else can we report about Dewey? Oh yes, the winner of our meme contest….

double red triangle arrows Continue reading “Dewey Have A Meme Contest Winner? Oh Yes We Do!
(Plus some news updates.)”


* When Dewey need to hire our own lawyers? Now would be good. As D&L leaders mull bankruptcy options, more than 50 former partners are expected to hire Mark Zauderer to defend them against potential clawback claims. [New York Law Journal]

* Day three of jury deliberations in the John Edwards campaign finance trial came and went without a verdict. The former presidential candidate must be wishing that he hadn’t came and went, because then there wouldn’t be a trial at all. [ABC News]

* Yet another law firm is walking away scot-free from the Dreier drama without losing a single dime. Ruskin Moscou Faltischek was able to get Fortress Investment Group’s case tossed on appeal. [Thomson Reuters News & Insight]

* A Facebook investor has sued NASDAQ, claiming that the stock exchange bungled the social networking site’s IPO. With FB’s stock price dropping as we speak, he’s seeking class-action status. Like. [Bloomberg]

* Nafissatou Diallo amended her civil suit against Dominique Strauss-Kahn to include a claim alleging his “animus towards women.” Really, she just wants to introduce evidence of DSK’s sordid sexual past. [Reuters]

Last week, we asked for your entries in our Dewey & LeBoeuf Meme Contest.

There were many excellent submissions. Let’s review and vote on the eight finalists….

double red triangle arrows Continue reading “Dewey Have A Meme Contest For You: The Finalists”

* Yesterday marked day two of jury deliberations without a verdict in the John Edwards campaign-finance violations trial. The former presidential candidate says he’s “doing OK,” but you know he’s secretly pissing his pants over going to prison. [ABC News]

* Martin Weisberg, a former Baker & McKenzie partner, pleaded guilty to money laundering and conspiracy to commit securities fraud. He faces up to 15 years for both crimes. Like he wasn’t earning enough as a Biglaw partner. [New York Law Journal]

* A judge told two fashion houses to leave it on the runway, and not in the courtroom, but that’s not going to stop Gucci from collecting its due. Guess owes the company $4.66M for trademark infringement. [Bloomberg]

* If you’re wondering what you’re going to have to do to get your student loans discharged in bankruptcy, it’s really quite simple. Get diagnosed with an autism spectrum disorder, and you’ll be set. [National Law Journal]

* What’s the difference between looted art and art looted by the Nazis? The Hitler part. Proposed art legislation will ban all museum recovery claims, except those of families affected by the Holocaust. [New York Times]

* “”I can’t believe f**king Allred called you!” In a total attention whore battle royale, Okorie Okorocha has sued Gloria Allred for allegedly stealing both of his clients in the John Travolta gay sex scandal. [CNN]

Photo (no, not a photoshop) by ATL reader 'Anna.'

As we reported over the weekend, it’s looking like Dewey & LeBoeuf will soon find itself in bankruptcy (perhaps voluntarily, perhaps not). The specter of bankruptcy raises a question for the many former partners of Dewey: dude, where’s my car capital contribution?

Let’s find out — and get the latest dispatches on the Dewey death spiral, including news of a new home for former vice chair Ralph Ferrara….

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(Plus more partner moves, including Ralph Ferrara.)

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….

double red triangle arrows Continue reading “Dewey Have Plans To File for Bankruptcy? Sources Say Yes”

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….

double red triangle arrows Continue reading “Dewey Have A Meme Contest For You!”

John Edwards

* What information Dewey know about the ongoing criminal investigation that’s being conducted by the Manhattan District Attorney’s office? From the sound of it, ex-chairman Steven Davis’s LeBoeuf may be cooked. [Am Law Daily (reg. req.)]

* Dewey know when to admit defeat? A spokesman for the failing firm has insisted that it’s “not formally closed.” Great, because that’ll certainly make it easier to prepare for the involuntary bankruptcy filing that’s in the works. [Reuters]

* Meanwhile, D&L amended its WARN notice with the New York State Department of Labor to raise its total employee count by 100, for a grand total of 533 — 433 of whom have been laid off thus far. [Bloomberg]

* “The defense wasn’t sexy, but the defense doesn’t want sexy. It wants an acquittal.” John Edwards’s legal team rested its case yesterday without calling any of the major players involved to testify. [Associated Press]

* Show me your papers: the California Supreme Court will be deciding whether a law license should be granted to an illegal immigrant who’s already been certified by the State Bar of California. [Los Angeles Times]

* Thank you, Jesus! Utah’s S.J. Quinney College of Law now has an additional $4M in its collection plate to put toward a new building thanks to the Church of Jesus Christ of Latter-day Saints. [National Law Journal]

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