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Brobeck in today's NYT:
In light of the recent discussion, I haven't cut-n-pasted the whole article, and the link is useless as its a subscription site. The upshot is that the dissolution committee is desparately trying to avoid filing for the big BK b/c the partners will then likely have to expose their personal finances for a determination of what they can contribute. Lots of quotes from hurt staffers, embarrassed former partners and everything else we've seen elsewhere in the press.
A few choice quotes though from the end of the article:
Re: trying to avoid filing for bankruptcy...
>>Bankruptch proceedings are "a very public and messy process," said Peter J. Antoszyk, a bankruptcy lawyer at Brown Rudnick Berlack Israels in Boston.
"In some cases," he added, "partners may even be required to disclose their personal financial capacity — how much they can pay." <<
Re: how they may able to avoid filing for bankruptcy...
a guy from Brobeck's liquidation committee
>>expects many partners will have to help pay the firm's debts, even without a bankruptcy filing.
"The partners are going to lose a ton of money," he said. But he acknowledged that losses by wealthy partners probably would not reassure employees who were looking for work. <<
The article also noted that many paid taxes on income that they did not ultimately earn when the income was recognized b/c it was used to take out (or pay back, I forget) the Citibank loan... to the tune of taxes on a cumulative 40 million in income.
Aside from the points noted above, I didn't see anything really new.
Hello
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Man, back in the day, you used to love getting flushed, you'd be all like 'Flush me J! Flush me!' And I'd be like 'Nawww'
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