Update, 8/17/2012, 11 a.m. EDT: A statement from Dewey’s chief restructuring officer Joff Mitchell has been added to the eighth paragraph below.

A proposed $90.4 million settlement with former Dewey & LeBoeuf partners designed to raise much-needed cash for the bankrupt firm’s creditors is set to move forward, according to an email sent to those partners Thursday afternoon and obtained by The Am Law Daily.

“I am pleased to advise that, as of 2.45pm today, we have received signed settlement agreements with commitments for over $50m from former Dewey partners,” Dewey’s chief restructuring officer, Joff Mitchell of Zolfo Cooper, wrote in the two-sentence email. “The threshold for us to take the Partner Contribution Plan to the Creditors and the Bankruptcy Court for approval has now been crossed.”
 
In a second email sent later Thursday afternoon, Mitchell reminded partners that “For those of you that have yet to sign your settlement agreements, remember that if you miss the deadline and want to join the settlement at a later time, there is a 25% premium on your PCP contribution amount.”