Legal News

Laird, Law Firms and Liquidation ? Up Next: Dreier LLP

By Dan Slater

UPDATE: Receivers can’t predict everything. A more recent AP report says Dreier will not personally be filing for bankruptcy. Gerald Shargel, the attorney for Dreier, said that, “upon further reflection,” Dreier decided against it.
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Put this one in your “not all that surprising” category, Loyal Law Blog Readers: Dreier LLP, the firm sunk by the recent revelation that its sole equity partner allegedly perpetrated massive fraud, will seek bankruptcy protection.

In a letter to a federal judge, Paul Weiss’s Mark Pomerantz, the receiver in the case, also reported that Dreier himself will soon seek protection, too. Here’s the AP report.

The SEC has been notified “of my intention to seek bankruptcy protection, and I believe Mr. Dreier will file a personal petition for bankruptcy in the future,” Pomerantz said in the letter dated Dec. 11 and made public yesterday.

As far as we know, Dreier LLP will become the third large-size firm to liquidate in 2008, after Thelen LLP and Heller Ehrman LLP.

Full post as published by Law Blog - WSJ.com on December 16, 2008 (boomark / email).