A day after refusing Dewey & LeBoeuf's request to use cash held by primary secured creditor JPMorgan Chase, US bankruptcy judge Martin Glenn has agreed to release those funds to the bankrupt firm's estate, reports The Am Law Daily. The Dewey estate estimates it will need to spend $8.6m (£5.5m) over the next three weeks to wind down the firm's operations. The judge said he would revisit the issue of what kind of lien JP Morgan Chase could place on the funds in the event that they are not repaid.
May 31, 2012 at 07:11 AM
1 minute read
The original version of this story was published on Legalweek
A day after refusing Dewey & LeBoeuf’s request to use cash held by primary secured creditor JPMorgan Chase, US bankruptcy judge Martin Glenn has agreed to release those funds to the bankrupt firm’s estate, reports The Am Law Daily.
The Dewey estate estimates it will need to spend $8.6m (£5.5m) over the next three weeks to wind down the firm’s operations. The judge said he would revisit the issue of what kind of lien JP Morgan Chase could place on the funds in the event that they are not repaid.
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