In a Tuesday afternoon conference call, Dewey & LeBoeuf‘s bankruptcy team outlined the basics of a proposed plan that would see a settlement with former partners reached within the next six weeks and bring in much-needed money to the estate.
In an effort to achieve a speedy resolution, the bankruptcy team emphasized that a settlement would absolve former partners—with the exception of former chairman Steven Davis—of any future liability in relation to the firm, according to a person on the call. A critical mass would have to agree to the settlement for it to be approved by creditors, according to this person, though the call’s leaders did not specify what that number would be.
