Insolvency and Restructuring

The Benefit of Proactive Planning for Chapter 11: Dewey v. Ruden

Contact: Isaac Marcushamer and Douglas Alan Bates; Berger Singerman (Florida, USA)

Ruden McClosky (“Ruden”) and Dewey & LeBoeuf (“Dewey”) both experienced what no business of any kind wants to experience: financial distress and Chapter 11.

During the last quarter of 2012, Ruden, the former large Florida law firm, confirmed its liquidating chapter 11 plan (and the first sale of a law firm’s assets as going concern through Chapter 11 in the history of the United States).  At about the same time, the bankruptcy judge overseeing Dewey’s bankruptcy approved a $71.5 million settlement between the estate of and its former partners. This settlement appears to be a significant step forward in moving the Dewey chapter 11 case in a positive direction.

Read the entire blog post. 

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