Declaring that "no effective management" exists at Dreier LLP in the wake of the arrest of Marc S. Dreier, the sole equity partner of the firm, a receiver late Tuesday afternoon filed for Chapter 11 bankruptcy protection for the firm and related entities. The receiver's affidavit said that the firm faces "an accelerating onslaught" of demands from creditors, clients and its attorneys. Dreier has no intention of seeking personal bankruptcy protection, according to his attorney.
Receiver Files Bankruptcy Petition for Dreier Firm
New York Law Journal
December 17, 2008