Law Firm Bankruptcy Bill for Coudert Bros.: Partners Asked to Pay $11.8M
A bankruptcy examiner has proposed in a report issued late last month that the former partners of Coudert Brothers pay $11.8 million to liquidate the failed New York City-based law firm.
The former international law leader is facing some $14 million in actual claims, but the examiner, Harrison Goldin, discounted that amount to $11.8 million in order to “incentivize” the settlement proposal, explains the National Law Journal, in an article reprinted by New York Lawyer (reg. req.).
In return for their agreement to pay the $11.8 million, former Coudert Brothers partners would receive a release from liability from creditors and the firm itself. Coudert Brothers filed a Chapter 11 bankruptcy case after a massive partner departure two years ago.
Creditors at one point claimed they were owed some $25 million, according to a Wall Street Journal Law Blog post last year.
Prior coverage:
New York Times: “The Complicated End of an Ex-Law Firm”
