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 Recorder affiliate The Am Law Daily.
“I am pleased to advise that, as of 2.45 p.m. today, we have received signed settlement agreements with commitments for over $50 million 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.”
