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: Legal Pad | LA

Payouts to departing Heller partners equal more than $7 million

By Richard Binder

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Heller Ehrman paid out more than $7 million to 35 departing or retiring partners in 2008, a Friday bankruptcy filing by the firm shows.

The filing paints a picture of Heller's shrinking capital coffers as a steady stream of partners left in 2008. The departures led to the firm's breaking a loan covenant and having its accounts frozen, which precipitated its collapse.

The document also shows who Heller's creditors could target as they seek to be paid through Heller's bankruptcy, which was filed Dec. 28. Creditors can try to reclaim payments dating back as far as four years.

Click here for details.

Full post as published by Legal Pad | LA on February 25, 2009 (boomark / email).

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