Nine professional firms entered Manhattan bankruptcy court Monday hoping to continue advising the Dewey & LeBoeuf estate in connection with the largest law firm bankruptcy in U.S. history. And while none emerged unscathed, six of the nine—including lead bankruptcy counsel Togut, Segal & Segal—received the court’s approval to forge ahead in their efforts on behalf of the defunct firm.
The first two hours of the late afternoon hearing were marked by a number of heated exchanges, with U.S. Bankruptcy Judge Martin Glenn initially raising questions about virtually all nine of the advisory firms’ applications but ultimately approving each in some form except for one submitted by Proskauer Rose.
