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Dewey files for Chapter 11 - biggest US law firm collapses
Telegraph ^
Posted on 05/29/2012 4:38:59 AM PDT by sunmars
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Even the lawyers are going bust. Had not seen this reported anywhere. Did any of you?
1
posted on
05/29/2012 4:39:03 AM PDT
by
sunmars
To: sunmars
Yes, the laws of economics apply to you, too.
2
posted on
05/29/2012 4:43:41 AM PDT
by
Izzy Dunne
(Hello, I'm a TAGLINE virus. Please help me spread by copying me into YOUR tag line.)
To: sunmars
CNBC has mentioned it several times, but not an in depth segment.
3
posted on
05/29/2012 4:44:04 AM PDT
by
Truth29
To: sunmars
Someone better get in there and put their arms around the client escrow and trust accounts...or what is left of them.
I can see those clowns scurrying about now like roaches leaving a room when the lights go on.
Our educational system mints attorneys, other countries mint engineers. The term “run it by legal” has become the new go code in business now.
4
posted on
05/29/2012 4:46:11 AM PDT
by
Mouton
(Voting is an opiate of the electorate. Nothing changes no matter who wins..)
To: sunmars
Soon to emerge from re-organization as -->"Dewey, Cheatem & Howe"
5
posted on
05/29/2012 4:46:57 AM PDT
by
Tainan
(Cogito, ergo conservatus sum)
To: Truth29
6
posted on
05/29/2012 4:47:25 AM PDT
by
sunmars
To: sunmars
Dewey, Cheatham, and Howe?
7
posted on
05/29/2012 4:47:25 AM PDT
by
Yo-Yo
To: sunmars
Silky Pony may soon be free to work cheap. Couldn’t they have waited one more week at least before going bust?
8
posted on
05/29/2012 4:48:40 AM PDT
by
tflabo
(Truth or tyranny)
To: sunmars
So we even have a terrorism knock on effect. The defendants can probably use this for much more than a 60 day delay. Delay is often an effective weapon as witness memories fade and key people die.
9
posted on
05/29/2012 4:57:16 AM PDT
by
Truth29
To: Mouton
-—The term run it by legal has become the new go code in business now.——
Just don’t put it in an e-mail. ;-)
Do law firms even have email?
To: sunmars
“...precipitous resignation of over 160 of the firm’s 300 partners...”
Gives me the image of slime oozing out.
11
posted on
05/29/2012 4:58:08 AM PDT
by
USMCPOP
(Father of LCpl. Karl Linn, KIA 1/26/2005 Al Haqlaniyah, Iraq)
To: sunmars
That’s going to be the most pedantic bankruptcy ever.
12
posted on
05/29/2012 4:58:48 AM PDT
by
Psycho_Bunny
(Burning the Quran is a waste of perfectly good fire.)
To: Psycho_Bunny
can you imagine the crap that is gonna come out about this place. Holding it together, things stay but once it falls apart, the amount of dodgy dealings are going to appear and questions asked.
13
posted on
05/29/2012 5:00:58 AM PDT
by
sunmars
To: sunmars
If only those slimey lawyers who advertise on TV “were you injured by Wrigley chewing gum?” would go broke.Filthy bunch of John Edwardses.
To: sunmars
Wonder how many Millions they gave to Hope and Change in 2008. They got change thats for sure.
15
posted on
05/29/2012 5:06:46 AM PDT
by
scooby321
(h tones)
To: sunmars
But the firm was eventually undone by a combination of the economic downturn, excessive compensation and governance problems, according to former partners and others in the industry. In particular, Dewey's management promised millions in packages to about 100 partners, according to the court filing, leaving it strapped for cash
Sounds like the Government and its Union friends.
16
posted on
05/29/2012 5:07:15 AM PDT
by
liberalh8ter
(If Barack has a memory like a steel trap, why can't he remember what the Constitution says?)
To: sunmars
In particular, Dewey's management promised millions in packages to about 100 partners, according to the court filing, leaving it strapped for cash when revenues fell during the recession. Simply the 1% version of the union pension & benefits overloading.
17
posted on
05/29/2012 5:10:46 AM PDT
by
NonValueAdded
(Elizabeth Warren, 1st Cherokee on the Mayflower?)
To: NonValueAdded
Watch the lawsuits and DA investigations coming thick and fast soon.
Apparently the Manhattan DA has already begun.
18
posted on
05/29/2012 5:17:27 AM PDT
by
sunmars
To: sunmars
Its gonna be like the law firm version of Lehman.
http://dealbook.nytimes.com/2012/05/13/assigning-blame-in-deweys-collapse/
With the finger-pointing well under way at Dewey & LeBoeuf, the once-proud law firm on the brink of dissolution, its partners agree the former chairman, Steven H. Davis, shoulders a large chunk of the blame for its stunning fall.
Yet amid the recriminations, two sharply divergent views of Mr. Davis have emerged.
Some Dewey partners suspect him of being a crook. Last month, several of them presented the Manhattan district attorneys office with evidence of possible financial improprieties by Mr. Davis. The office has opened a criminal inquiry.
19
posted on
05/29/2012 5:19:07 AM PDT
by
sunmars
To: Tainan
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