Dewey creditors appoint counsel as record bankruptcy rumbles on

Two creditor groups of bankrupt Dewey & LeBoeuf’s estate have selected Brown Rudnick and Kasowitz Benson Torres & Friedman to advise them, writes the Am Law Daily.

Edward Weisfelner, chair of Brown Rudnick’s bankruptcy and finance department, confirmed that his firm has been selected to represent Dewey’s unsecured creditors committee and that Kasowitz will represent a committee of former Dewey partners. Kasowitz bankruptcy head David Friedman is taking the lead on that assignment.

The creditors committee includes staffing agency HireCounsel, car service Inta Boro Acres, and equipment lessor Winthrop Capital. Representing former Dewey partners are David Bicks, Cameron MacRae, John Kinzey, and John Campo, all of whose ties to the firm go back to predecessor firm LeBoeuf Lamb Greene & MacRae.

Dewey – the 28th highest grossing law firm in the US last year – ended weeks of speculation about how its rapid collapse would officially play out by filing for Chapter 11 protection on 28 May. The same day the US giant’s London and Paris offices, which operated as a UK limited liability partnership, filed for administration.

The firm has acknowledged outstanding debts totalling at least $325m (£208m), including approximately $225m (£144m) owed to a syndicate of secured creditors. JPMorgan Chase is acting as collateral agent to that group, which is mostly made up of hedge funds.

In landing their respective assignments, Brown Rudnick and Kasowitz join several other firms that have already taken roles in the Dewey bankruptcy. Albert Togut of bankruptcy boutique Togut Segal & Segal is representing the firm’s estate, while Kramer Levin Naftalis & Frankel partner Kenneth Eckstein is working for JPMorgan.

Mark Zauderer, a name partner at New York’s Flemming Zulack Williamson Zauderer, Tracy Klestadt, a name partner at New York boutique Klestadt & Winters, and Dorsey & Whitney are lining up to represent groups of former partners and retirees. And Kathryn Coleman, a partner at Hughes Hubbard & Reed, submitted papers on Friday (1 June) to the court showing that she is representing Dewey’s former executive director Stephen DiCarmine in connection with the bankruptcy.

The Am Law Daily is a US affiliate title of Legal Week.