Ex-Dewey Partners Urged to Settle Quickly By Dewey Estate
Dewey's bankruptcy team has proposed a plan in a conference call that could see a speedy end to some of its legal battles.
The Am Law Daily reports that the now bankrupt firm could reach a settlement with its former partners in as little as six weeks using this plan. If the plan goes through, all the partners would agree to a settlement that would see them free of any future liability with respect to the firm. But former chairman Steven Davis would not be part of the plan. The plan can takeoff only if a good chunk of the ex-partners agree to it and would also need approval from creditors.
The move is also aimed at bringing some money to the Dewey estate. Dewey's estate lawyers have been claiming all along that reaching agreement over the so-called partner contribution plan would be a unique and quick way to resolve issues that usually take years in such bankruptcy filings. In this plan, the ex-partners would pay an as of now undetermined amount into the estate and in return be released of all legal claims against themselves by all the other parties involved.