The clock is ticking, and creditors are anxiously awaiting the moment when the checks arrive in the mail from defunct New York law firm Dewey & LeBoeuf. But first, the firm needs to call in all of its unpaid bills.
While everyone continues to watch with morbid fascination as the firm goes through its final death throes, perhaps the latest item of intrigue happens to be a list of Dewey’s 50 largest account debtors. And the variety is particularly noteworthy, with debtors ranging from governments, banks, insurance companies, a bankrupt Major League Baseball team and scores of others.
The list comes from an affidavit filed last Thursday by Brown Rudnick Partner Edward Weisfelner, who represents the committee of Dewey’s unsecured creditors and is seeking judicial approval to continue that representation.
The list includes:
- ACS Infrastructure Development
- ALSTOM FERROVIARIA S.p.A.
- Ambac Assurance Crop.
- Ambac Financial Group Inc.
- American Airlines Inc.
- Arab Bank plc
- Assured Guaranty Corp.
- BMP Paribas-Scotia-Dexia
- Brantley Partners
- Central European Distribution Corp.
- CME Development Corp.
- CNPC International Ltd.
- Conseco Life Insurance Co.
- Credit Agricole CIB
- Dell Inc.
- Equatorial Guinea
- Fougera Pharmaceuticals Inc.
- General Electric Asset Management
- General Electric Capital Corp.
- Genomma Lab International
- Government of Ghana
- Illumina Inc.
- Imperial Holdings Inc.
- JPMorgan Capital Corp.
- Kingdom of Saudi Arabia
- kRoad Ventures LLP
- Law Debenture Trust Company of New York
- Lloyd’s GC
- Los Angeles Dodgers LLC
- Lower Manhattan Development Corp.
- Metropolitan Life Insurance Co.
- Morgan Stanley & Co. Inc.
- NewPage Corp.
- Omnicare Inc.
- Republic of Georgia
- Rusenergo Fund
- Saudi Food & Drug Authority
- SM Investors
- Sony Corporation of America
- Statutory Creditors Committee of MF Global Holdings Inc.
- Talbots Inc.
- The Moinian Group
- U.S. Bank National Association
- Uz-Kor Gas Chemical LLC
- Venture Capital Fund of America III Inc.
- Vestas – American Wind Technology Inc.
- Volta River Authority
- Westport Capital Partners LLC
- Wilson, Joel R.
The list of debtors cropped up just days after Dewey’s former partners had a conference call with the firm’s bankruptcy advisers and the two partners left overseeing the wind down regarding the progress of a clawback settlement. The plan seeks to settle all remaining claims from more than 5,000 creditors in the next two weeks.
The expedited settlement timetable is intended to secure an agreement prior to the end of July, when a six-week plan to fund the bankruptcy process using lenders’ cash collateral expires.
As part of the plan, partners who agree to the settlement may be released from any future claims by Dewey’s estate and creditors, as well as from other partners. The intent of the latter clause is to promote participation from some of Dewey’s former rainmakers, many of whom had lucrative compensation packages or were in prominent positions within the firm and could be in the crosshairs of angry partners who blame them for the firm’s failure.
Dewey’s bankruptcy team did not indicate a total settlement number or any detailed figures on how much individual partners would be asked to ante up.
The firm finally announced that it had filed for bankruptcy on May 28 after months of assertions to the contrary.
For more on Dewey’s debtors, read the Wall Street Journal.
And for more from InsideCounsel on Dewey’s ongoing drama, read: