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Ex-Dewey Partners to Advise on Bankruptcy
June 4, 2012
[ by Melanie Gretchen ]
Four former Dewey & LeBoeuf partners will convene to assist in the processing of the bankruptcy plan for their former firm. U.S. Trustee Tracy Hope Davis, whose office supervises bankruptcy cases, selected these lawyers last week to be part of the committee to wind down the New York law firm.
Note: Dewey filed for Chapter 11 bankruptcy protection, and usually under Chapter 11, a company uses its existing assets to continue generating revenue to fund a reorganization. However, given the nature of Dewey's assets - its lawyers, who walked away - the company had little means to produce revenue.
The Committee. John Kinzey, John Campo (now with Troutman Sanders), and David Bicks, Cameron MacRae (now partners at Duane Morris) will join a committee of unsecured creditors that includes HireCounsel, a staffing firm that put in a claim for $1.56 million against the firm, car service Inta Boro Acres, Inc., and Fidelity National Capital Inc., a leasing company that provides technology financing - according to court papers. In turn, a bankrupt company must provide the committees with money to hire lawyers and financial advisers. The committees often conduct investigations and review company plans. Both committees will face JPMorgan Chase & Co and a group of lenders, which had a tab of $76.5 million under a secured credit agreement, according to bankruptcy filings. Unsecured creditors include the U.S. Pension Benefit Guaranty Corp, HBR Consulting, and Thomson Reuters Corp., the parent of legal research company Westlaw and Reuters. The case: In re: Dewey & LeBoeuf LLP, U.S. Bankruptcy Court, Southern District of New York, No. 12-12321. For further details, go to [Reuters, 6/1/12].
