May 21st, 2012
(Corrects month in which Dewey partner said no plans for
bankruptcy to May from March in paragraph 13 of story published
May 18)
* New crop of creditors pressuring Dewey to seek bankruptcy
- source
* Creditors are secondary market buyers of Dewey debt
* Dewey had initially sought out-of-court liquidation
NEW YORK (Frankfurt: A0DKRK – news) , May 18 (Reuters) – Ailing U.S. law firm Dewey &
LeBoeuf is considering a bankruptcy filing as new debtholders
take a more aggressive track, shifting away from earlier
attempts at an out-of-court liquidation, a person familiar with
the matter said on F rid ay.
The majority of Dewey’s partners have quit as a result of
concerns about compensation, and $225 million in bank loans and
bond debt.
Buyers of distressed debt who have acquired Dewey’s debt at
a discount on the secondary market are more open to seeing the
firm wound down in bankruptcy court rather than out of it, said
the person, who requested anonymity because the information was
not public.
With the emergence of new creditors, Dewey on Tuesday
replaced restructuring adviser Development Specialists Inc (DSI (KOSDAQ: 039840.KQ – news) )
with competitor Zolfo Cooper. Joff Mitchell, a senior managing
director at Zolfo, is now Dewey’s chief restructuring officer,
two people familiar with the situation said.
Bill Brandt, chief executive of DSI, confirmed that his
firm’s involvement in the matter was coming to an end.
“Our firm is transitioning out,” Brandt (Other OTC: BNDT.PK – news) said. “We’ve been
replaced by Zolfo at the insistence of the debt holders. It now
becomes a creditor-driven case.”
A bankruptcy filing is not certain, and the timing of any
potential filing remains unclear. The firm has been consulting
with restructuring lawyers since April at the latest, and has
retained bankruptcy attorney Albert Togut of law firm Togut
Segal & Segal.
Neither Stephen Horvath, Dewey’s executive partner, nor
Janis Meyer, its general counsel, responded to requests for
comment. Mitchell and a spokesperson for Zolfo also did not
respond to requests for comment.
Togut did not respond to a request for comment on Friday.
A spokesman for the firm’s primary bank lender, JPMorgan
Chase & Co, declined to comment late o n Friday.
Once one of the largest law firms in the United States,
Dewey & LeBoeuf has lost all but a handful of the 300 partners
with which it opened 2012. It has laid off 433 of 533 employees
in New York, according to the New York State Labor Department.
Dewey’s debtholders have been selling their stakes during
the firm’s downfall. As of May 3, bankruptcy analyst Kevin
Starke of CRT Capital Group said Dewey’s $150 million in notes
privately placed following a 2010 bond offering were trading at
between 45 cents and 55 cents on the dollar on the secondary
market.
The shift toward a possible bankruptcy filing would be a
major change in direction. As recently as May 12, Martin
Bienenstock, formerly a top bankruptcy partner at Dewey and an
outgoing member of the firm’s office of the chairman, told the
Wall Street Journal that the firm had “no plan to file a Chapter
11 bankruptcy.”
“We’ve had a completely non-adversarial relationship with
our lenders, and right now the cash we’re using is the lender’s
collateral,” he said at the time.
Bienenstock did not respond to a request for comment late on
Friday. He was one of four members of Dewey’s top management
team, the office of the chairman, to decamp to other firms in
recent days, joining Proskauer Rose. The last member of that
office, Washington, D.C., lobbyist L. Charles Landgraf, said he
had joined Arnold & Porter on Wednesday.
Lawsuits are mounting against Dewey. The U.S. Pension
Benefit Guaranty Corporation sued the firm Monday in Manhattan
federal district court in order to take control of three of the
firm’s pension plans, which the agency said were underfunded by
$80 million.
Bankruptcies are often driven by creditors. On Wednesday,
Annette Jarvis of Dorsey & Whitney, a bankruptcy lawyer who
represents a group of 51 retired pension partners at Dewey
predecessor LeBoeuf Lamb Greene & MacRae, said that in her view
the firm “has to be put into a bankruptcy.”
Jarvis (Other OTC: JVSPF.PK – news) did not respond to a request for comment on Friday.
(Reporting by Nate Raymond and Nick Brown; Editing by Daniel
Magnowski)
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May 21st, 2012
The trouble started for CoreUPT in January 2011. At that time CoreUPT was raising funds and courting investors to finance production on its hardgoods line and an expansion into technical outerwear. Says Gjurasevic, “Even with promises from different investors, we didn’t realize [a sufficient] increase of capital.” As a result, CoreUPT’s product deliveries had to be delayed that year in North America and elsewhere in the world.
The worst came early this month when the bank financing CoreUPT terminated the brand’s line of credit, also seeking immediate repayment of money loaned since March 2012. That development forced CoreUPT to seek protection under Chapter 11 and buy additional fundraising time.
At present, it appears that skiers will see CoreUPT products in stores through the next ski season. Earlier this month, Powdermag.com reported that the investment firm MacManus Group has already provided funds to sustain production through the 2012-2013 winter season. Gjurasevic confirmed that report saying, “Everything is on track to be on snow next winter.”
CoreUPT debuted in the freeskiing market in 2008. The brand attracted attention instantly with a star-studded professional team that included Candide Thovex, TJ Schiller and Colby James West. While each of those athletes, with the exception of founder Chicherit, have moved on to different sponsors, today’s CoreUPT team highlighted by two-time Winter X pipe champ Kevin Rolland, 2011 Winter X Europe slope champ JF Houle and 2011 Winter X Europe pipe silver medalist Justin Dorey is equally high profile.
“The international team, the junior team and all the CoreUPT athletes who built our success over the last four years are a high priority for us and for the potential investors,” said Gjurasevic.
Still, the high priority of athletes referenced by Gjurasevic can be upheld only if the company can find investors to right its cash flow issues before the July 16 deadline. If CoreUPT ultimately cannot avoid bankruptcy, the law would place athletes, who work as independent contractors for the companies they represent, in the lowest priority group, behind taxes, employee wages and secured creditors, for a share of redistributed assets.
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May 19th, 2012
(Reuters) – Billionaire investor Warren Buffett sought to buy Residential Capital (ResCap) from Ally Financial before the U.S. auto and mortgage lender put its home-lending unit into bankruptcy, Bloomberg said, citing three persons familiar with the matter.
The news agency said Warren Buffett, Berkshire Hathaway Inc‘s controlling shareholder, appointed investment manager Ted Weschler for talks with Ally, quoting the persons who preferred anonymity.
Under the deal, Berkshire Hathaway would have taken on potential liabilities such as increasing litigation costs and other claims, while paying nothing upfront for ResCap’s assets.
Buffett sought to avoid a ResCap bankruptcy filing because Berkshire had unsecured debt in the mortgage unit, the financial website said citing the persons.
Bloomberg’s sources said Ally turned down Weschler’s deal, and decided to file for bankruptcy instead, to avoid future liabilities.
“We are confident in the bankruptcy court-supervised bidding process, which is designed to ensure that the ResCap estate receives the best possible combination of price and terms for its assets in a court-approved transaction,” ResCap spokesperson Susan Fitzpatrick told Reuters in an e-mail.
Residential Capital filed for bankruptcy protection in federal court in Manhattan last week.
At the same time, Nationstar Mortgage Holdings Inc , which is majority-owned by Fortress Investment Group LLC , struck a deal to buy substantially all the mortgage-servicing and related assets from ResCap for about $2.4 billion, including debt.
Ally has been besieged in the past few years by losses at ResCap, once a major subprime lender and profit engine.
Ally could not immediately be reached for comment by Reuters outside regular U.S. business hours. Berkshire, based in Omaha, Nebraska, did not respond to a message seeking comment.
(Reporting by Balaji Sridharan in Bangalore; Editing by Eric Meijer)
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May 19th, 2012
By Mike Spector and Jennifer Smith
New York law firm Dewey & LeBoeuf LLP is readying a possible bankruptcy-protection filing for sometime in the next several weeks, said people familiar with the matter, a move that would initiate official liquidation of the beleaguered institution.
Dewey within the last week brought aboard an operational turnaround and restructuring firm to help the law firm collect receivables and attempt to return money to lenders and other creditors, according to the people familiar with the matter. Deweys remaining lawyers and outside advisers are working to be ready to file for bankruptcy protection by the end of next week, though the actual filing could come well after, these people said.
Interactive Graphic: See who else has left Dewey and where they have gone.
Most of Deweys partners, including its crisis leadership team, have left the firm over the past five months, as disputes over compensation and towering debts brought the 1,000-lawyer law firm to its knees. Many of Deweys U.S. offices were closed or nearly empty in the past week, with 433 people laid off in New York alone, according to a notice filed with the state Labor Department.
Exactly how Dewey officially ceases operations remains under discussion and no final decisions have been made, the people said. Dewey lawyers have said recently that they planned to wind down without going through a bankruptcy court.
But a bankruptcy filing has become an increasingly likely option as Deweys remaining employees and advisers huddle to chart Deweys end game, one of the people said. Dewey will have to negotiate with landlords who could at some point move to seize office equipment in lieu of rent payments unless the law firm seeks bankruptcy protection, this person said. Dewey needs computers and access to offices to wind down, the person said.
A Dewey spokesman had no immediate comment.
Dewey tapped restructuring firm Zolfo Cooper in the past week for additional help winding down the law firms operations. Joff Mitchell, a senior managing director at Zolfo, is now serving as Deweys chief restructuring officer, said people familiar with the matter. Albert Togut, a bankruptcy lawyer at Togut, Segal & Segal LLP, would handle the bankruptcy filing, one of the people said.
Zolfo Cooper, meanwhile, usually helps companies restructure their operations, sometimes offering advisers to take interim management roles. The firm also enlists advisers to oversee defunct operations and develop plans for returning money to creditors. Stephen Cooper, one of the firms namesakes, has alongside teams at the firm overseen Enron Corp. as it liquidated and film studio Metro-Goldwyn-Mayer Studios Inc. before and during prepackaged bankruptcy proceedings. Mr. Cooper is no longer with the firm and isnt working on the Dewey situation.
Dewey owes $75 million on a $100 million credit line from banks led by J.P. Morgan Chase & Co. Distressed-debt investors have been circling around Dewey creditors in recent days to buy up potential claimsbetting that they can nab them at discounts and get a better recovery when the law firm ultimately winds down.
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May 17th, 2012
Learn more: www.romneyeconomics.com Kansas City’s GST Steel had been making steel rods for 105 years when Romney and his partners took control in 1993. They cut corners and extracted profit from the business at every turn, placing it deeply in debt. When the company eventually declared bankruptcy, workers not only lost their jobs but were denied their full pensions and health insurance, and the government was forced to step in and provide a bailout.
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May 17th, 2012
The bankruptcy case against “Octomom” Nadya Suleman has been thrown out of court after she failed to complete the necessary paperwork, records show.
The mother of 14, including the octuplets that plunged her into the spotlight, did not meet Monday’s deadline to file paperwork showing she could not pay off her debts.
Creditors can now resume efforts to collect their debts from Suleman, and foreclosure proceedings can resume on her rented La Habra home.
The bankruptcy filing had put a temporary freeze on a foreclosure auction of Suleman’s house.
The home was supposed to go on the auction block at Orange City Hall on May 7, but it was put on hold until May 21. The house is expected to sell in the $400,000 range.
Suleman filed for bankruptcy April 30, just one month after going on welfare to support herself and her 14 children.
In court documents reviewed by the Orange County Register, Suleman said she had $50,000 in assets and up to $1 million in debts.
“I have had to make some very difficult decisions this year, and filing Chapter 7 was one of them,” Suleman said in a statement released to the Register by her spokeswoman. “But I have to do what is best for my children, and I need a fresh start.”
Suleman is currently on welfare and receiving $2,000 a month in food stamps. The original owner of Suleman’s house, Amer Haddadin, says his credit and finances have been a mess ever since Suleman moved into the four-bedroom, three-bathroom home on Madonna Lane in 2009.
She was supposed to pay Haddadin $3,000 a month, but he says he hasn’t seen a penny in about a year.
“She is behind in rent 11 months and she owes $483,000,” Haddadin told KTLA after the May 7 auction was delayed. “I’m very disappointed and wish it to be resolved as soon as possible.”
Haddadin is facing off with Suleman in court June 14.
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– KTLA News
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May 17th, 2012
SANTA ANA, Calif., May 16 (UPI) — Nadya Suleman‘s bankruptcy case has been dismissed because the so-called octomom failed to complete the necessary paperwork, court records in California show.
Suleman is once again in danger of losing her house in La Habra, The Orange County Register reported Wednesday. She lives there with her four daughters and 10 sons, all conceived through in vitro fertilization.
A court lifted the stay on foreclosure Tuesday and threw out her bankruptcy petition.
Suleman filed for Chapter 7 bankruptcy in late April. She said she owed at least $500,000 and possibly twice that, and said she had no money for expenses like utilities.
In 2009, Suleman became one of the world’s most controversial women when she gave birth to octuplets. She already had six children.
Under Chapter 7 bankruptcy, the court could have used any assets available to pay Suleman’s creditors. She said at the time she filed she might have no assets.
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May 15th, 2012
(Reuters) – Hedge fund manager Philip Falcone‘s dream of bringing another wireless network to the United States likely came to an end on Monday, when LightSquared Inc, the ailing telecommunications company he bankrolled, filed for bankruptcy protection.
LightSquared and many affiliates, as widely expected, filed for protection from creditors with the U.S. bankruptcy court in Manhattan. Falcone, once one of the hedge fund industry’s most powerful figures, and LightSquared’s creditors failed to reach an agreement.
Still Falcone, who dramatically overhauled his portfolio in the last two years by putting nearly all assets into LightSquared, is not giving up on his dream of building a network to compete with AT&T, Verizon and others. He put a positive spin on the bankruptcy filing by saying it would give the company much needed breathing room and protect it from creditors who he said are looking for a quick profit.
The future of LightSquared, 96 percent-owned by Falcone’s Harbinger Capital Partners, has been in doubt since February when the U.S. government effectively told the company to stop building its network.
Falcone’s dream rested largely on the U.S. government’s permission for LightSquared to build out the wireless network. When tests showed that LightSquared’s network would interfere with global positioning systems used by the military and various industries, the U.S. Federal Communications Commission said it would revoke permission to build out a new high-speed wireless network.
ROOM TO BREATHE
“The filing is intended by LightSquared to give it the additional runway it needs to resolve regulatory issues so it can build the nation’s first integrated satellite-terrestrial 4G wireless network,” Falcone wrote to investors in a letter seen by Reuters. He did not mention the enormous losses his portfolio sustained because of this bet.
In the first two months of 2012 Harbinger Capital Partners lost 26.7 percent after having dropped 47 percent last year, largely due to LightSquared writedowns.
One of the issues that creditors and Falcone haggled over was what role he would have in the future, people familiar with the matter said.
Creditors no longer wanted Falcone to be the public face of LightSquared and they wanted to cut Harbinger’s ownership stake to 50 percent with bondholders getting the other half, people familiar with the matter said.
At the same time LightSquared firmly blamed the everyone on the other side including the GPS industry and the main lenders for its current troubles.
Marc Montagner, LightSquared’s chief financial officer, said in a filing that the GPS industry, which balked when tests showed the interference, “refused to compromise” and “sought to convince regulatory agencies to strip LightSquared of its ability to use its allocated spectrum for terrestrial purposes.”
THE GROUP
Meanwhile the biggest lenders, including hedge fund titan David Tepper’s Appaloosa Management, Capital Research and Management Company, Fortress Investment Group, Knighthead Capital Management and Redwood Capital Management, were seen by industry analysts as having been especially flexible. They had extended their deadline twice already even after LightSquared had violated the terms of its debt. Activist investor Carl Icahn had been part of the group until he sold out, likely making a tidy profit.
But by Monday it was clear that no last minute deal could be worked out even after lengthy meetings.
In its filing with the court, Reston, Virginia-based LightSquared said it has more than $1 billion of both assets and liabilities, according to the bankruptcy petition.
Financial statements for LightSquared reviewed by Reuters show that LightSquared has about $2 billion in outstanding debt.
According to the filing, some of LightSquared’s creditors include Boeing, which is owed $7.5 million, and Alcatel-Lucent, which is owed $7.4 million.
Milbank, Tweed, Hadley & McCloy is serving as general bankruptcy counsel to the company.
FALCONE’S HOPES AND DREAMS
For Falcone, who sank billions of dollars of his investors’ and his own money into LightSquared, the bankruptcy likely spells the end of the trader’s career as a professional investor, industry analysts said on Monday.
“It moves him one step closer to having lost everything he’s invested in it,” he said. “For him to get anything back he’ll have to come up with some deal that would deliver well in excess of $2 billion of value for this asset,” said Tim Farrar, an independent industry analyst who has followed the situation closely. “Without a spectrum swap or a strategic partner it’s very unlikely,” he said.
Only five years ago, Falcone had been crowned as one of the hedge fund industry’s biggest stars thanks to a savvy bet against the overheated housing market that helped increase his Harbinger Capital Partners to about $26 billion in assets under management. By earlier this year that had shrunk to roughly $4 billion.
When Falcone was hot, hundreds of endowments and funds of funds plus wealthy individual investors flocked to his New York-based hedge fund in hopes he would soon repeat the triple-digit gains of 2007.
Now Falcone, a former Harvard College hockey star, is being sued by at least one individual investor and other institutional investors who have not been able to get their money out as he locked down the portfolio to conserve cash. They acknowledge they are embarrassed to be ensnared in what could become the year’s biggest hedge fund collapse.
(Additional reporting by Jonathan Stempel in New York; Editing by Matthew Goldstein, Gerald E. McCormick and Phil Berlowitz)
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May 15th, 2012
On Monday May 14, 2012, beleaguered LightSquared finally filed for its long anticipated bankruptcy protection. It’s quite amazing that a year ago investors actually thought this pipedream would ever be able to overcome technical difficulties of interfering with Global Positioning Systems not only in the United States but in other countries as well. For reasons that were never entirely clear, the Obama FCC granted frequency to LightSquared that had originally been designated for satellite use but only if they could overcome the technical issues of interference and if they could bring their network offering on line within a stipulated time frame. Neither transpired. Military, aerospace, airlines, and a whole host of companies that sell products dependent on effective reliance on GPS rose up in opposition. The list included companies as diverse as Garmin and John Deere and any company that sells products that utilize global positioning for airline or sea navigation, for planting seeds in a field, for locating lost climbers or hikers in the wilderness and so forth.
Unfortunately for LightSquared’s true believer, Phil Falcone, time ran out before he could capitalize on the spectrum he was granted. His CEO left several weeks ago. Layoffs were abundant and the handwriting was pretty well on the wall. In recent weeks, players such as Charlie Ergin and Carl Icahn were trafficking in some of LightSquared’s debt. The largest equity holders were investors in Falcone’s Harbinger Capital Partners. Those poor folks were told in 2010 that they could not withdraw their funds from HCP even as it was not doing well unless they wished to be paid out in LightSquared stock, now worthless. Those rules allegedly did not apply to Goldman Sachs which was allowed to withdraw some funds. That was not greeted warmly by the SEC which filed Wells notices (of possible impending action) against Mr. Falcone and two others involved at Harbinger last December.
The only beneficiary of LightSquared’s flailings last year was Sprint. LightSquared had agreed to use the Sprint network in its offering and agreed to pay Sprint several billions of dollars to help it construct its Network Vision project. That obligation was secured by some of LightSquared’s frequencies and also by promised to pay it cash. Sprint did record a gain on the unwinding of this transaction in itslatest quarter.
We have a model of how this may all play out in the end game which might be as long as a decade from now. NextWave was spun out of Qualcomm in 1996. It embarked on an aggressive program of bidding for PCS spectrum in FCC auctions. It’s bids totalled $4.7 billion of which it paid $500 million as deposits. NextWave was never able to raise the cash for the rest of the payments for its bids. The FCC reclaimed the frequencies and reauctioned them off for a total of $17 billion. NextWave challenged the FCC and took its case all the way to the U.S. Supreme Court. The Supremos ruled 8:1 in favor of NextWave. It’s belief was that the very purpose of bankruptcy protection was to allow an entity like NextWave to raise capital and continue on. Over the decade this case was wending its way through the courts, the value of the spectrum increased dramatically. In the end, NextWave was able to resell the spectrum to Verizon, Cingular (now ATT) and Metro PCS. It was able to pay off all its debts, its lawyers and still have some money left. Even so, under the astute leadership of Allen Salmasi who is still its Chairman, NextWave made another round of bad investments and blew away its second chance as well to the extent that it filed for bankruptcy a second time.
It is not clear what path LightSquared will take going forward. One possibility is that it will argue to the FCC that it deserves an allotment of other bandwidth that will not interfere with GPS. There is no telling how long that will take or if it will ever happen. For now, the shareholders have little to say and it is the bondholders and possibly Sprint who will have something to say about its future. My guess is that LightSquared, like NextWave, will rise up again but probably not for a very long time.
Joan E. Lappin CFA Gramercy Capital Mgt. Corp.
In these turbulent times, put our decades of experience to work for your portfolio. Contact us for information at info@gramercycapital.com. Meet Joan Lappin at the Money Show in Las Vegas (free to you) where she will be presenting twice on Tuesday May 15,2012 .
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May 13th, 2012
(Reuters) – Martin Bienenstock, a prominent bankruptcy lawyer who advised on General Motors Co’s restructuring in 2009, is leaving the law firm Dewey & LeBoeuf to join Proskauer Rose, which announced his move on Friday.
Bienenstock has been part of a small management team overseeing Dewey since a leadership shakeup in March. Earlier this week, two other members of that office announced plans to leave the firm.
Bienenstock’s departure would leave just L. Charles Landgraf as a member of the chairman’s office. Proskauer said that five other restructuring partners at Dewey will join Bienenstock at the firm.
“We aim to continue developing our multidisciplinary approach to take restructuring and governance to the next level,” Bienenstock said in a statement issued by Proskauer.
Once one of the largest law firms in the United States, Dewey & LeBoeuf has suffered a wave of partner defections in recent months amid a debt crisis and concerns over partner compensation. Around 200 of the firm’s roughly 300 partners have left since January, with several other departures besides Bienenstock’s group announced on Friday.
Bienenstock had been a leading force in seeking to avoid the firm’s dissolution since being put in the firm’s office of the chairman in March.
The firm last week warned employees of mass layoffs and of the possibility the firm may close. A lawsuit filed on Thursday by an employee at Dewey said the firm planned to fire about 450 workers in its New York office on Friday.
Lawyers in Dewey’s California offices were told this week that California operations would cease on May 15, said Henry Bunsow, who resigned from the partnership earlier this week. He had been co-chair of Dewey’s intellectual property litigation group.
“There was a video conference a couple days ago, Tuesday, where we were told it would happen,” Bunsow said.
Spokespeople for Dewey have previously denied reports the firm as a whole would close by May 15. On Friday, William Brandt, a consultant advising Dewey on its restructuring, said no such decision had been made.
“While there are some reductions in force that will take effect tonight and Tuesday,” Brandt said on Friday, “they by no means represent a closure of the firm or anything similar.”
Bunsow is no stranger to law firm dissolutions. He was vice chairman of Howrey, which dissolved two months after he left for Dewey in January 2011. He said he plans to open a four-partner boutique in San Francisco called Bunsow & DeMory.
“Dewey went down a little quicker than everyone expected,” he said.
Other signs of distress at Dewey continued to mount in recent days. On Thursday, the U.S. Pension Benefit Guaranty Corporation said it would take responsibility for three pension plans covering 1,800 current and future retirees at Dewey. The plans were underfunded by $80 million, the agency said.
LEADERSHIP AT DEWEY
Bienenstock joined Dewey from Weil, Gotshal & Manges in February 2008. Well known in bankruptcy circles, he became one of the chief partners tasked with restructuring Dewey as troubles mounted.
Amid partner defections, Dewey created a five-person “office of the chairman” on March 27, including Bienenstock, to take over responsibility from its then-chairman, Steven Davis.
Davis was removed from all leadership roles on April 29 after the firm said in a memo that the New York District Attorney was investigating allegations of wrongdoing against Davis.
Davis has denied any improprieties. A spokeswoman for Davis declined comment on Friday.
Jeffrey Kessler and Richard Shutran, two other partners in the office of the chairman, said on Wednesday they were leaving Dewey. Shutran, former co-chair of Dewey’s corporate department, is joining O’Melveny & Myers, while Kessler, the former head of litigation at Dewey, is going to Winston & Strawn.
(Additional reporting by Nick Brown and Caroline Humer; Editing by Steve Orlofsky and Carol Bishopric)
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