Heller Ehrman paid out more than $7m (£4.8m) to 35 departing or retiring partners in 2008, a bankruptcy filing by the firm has revealed. The filing paints a picture of Heller's shrinking capital coffers as a steady stream of partners left during 2008. The departures led to the firm having its accounts frozen after breaking a loan covenant, which precipitated its collapse.The document also shows who Heller's creditors could target as they seek to be paid through Heller's bankruptcy, which was filed on 28 December. Creditors can try to reclaim payments dating back as far as four years.
February 25, 2009 at 10:30 AM
1 minute read
The original version of this story was published on Legalweek
Heller Ehrman paid out more than $7m (£4.8m) to 35 departing or retiring partners in 2008, a bankruptcy filing by the firm has revealed.
The filing paints a picture of Heller’s shrinking capital coffers as a steady stream of partners left during 2008. The departures led to the firm having its accounts frozen after breaking a loan covenant, which precipitated its collapse.
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