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The anticipated long and winding road of the Dewey & Leboeuf LLP bankruptcy case was cut short on Oct. 9, 2012, less than five weeks into the case, when the United States Bankruptcy Court for the Southern District of New York (the Honorable Judge Martin Glenn presiding) issued its Memorandum Opinion and Order granting Dewey's motion seeking an order: 1) approving certain partner contribution settlement agreements and mutual releases for participating partners; and 2) denying the motion filed by an ad-hoc committee of retired partners of Lebouef Lamb to appoint an independent examiner. This article explores the process by which the key parties-in-interest in the case successfully negotiated the Partner Contribution Settlements or PCPs, the rationale behind Bankruptcy Judge Glenn's approval of the PCPs, as well as some of the issues that the United States District Court for the Southern District of New York is currently considering on appeal.
Background
The Dewey & Leboeuf LLP (Dewey) bankruptcy case, reported to be the largest law firm failure in U.S. history, garnered national attention when it filed on May 28, 2012. At the time of its filing, Dewey owed its creditors at least $315 million, and the law firm sought Chapter 11 protection after its lenders refused to extend a $100 million credit line to keep the firm operating during the midst of an exodus of partners in large numbers and public concern about the firm's financial health. Shortly after the filing, the Office of the United States Trustee appointed both an official committee of unsecured creditors (the Committee), as well as an official committee of former partners (the FPC).
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