NEW YORK, July 30 |
NEW YORK, July 30 (Reuters) - Dewey & LeBoeuf on Tuesday secured an extra two weeks of funding for its bankruptcy, giving the defunct law firm some leeway in trying to convince former partners to accept a settlement and avoid what could be years of litigation.
Judge Martin Glenn in a court filing approved Dewey's request to extend its funding deadline - which would have lapsed on Tuesday - through Aug. 15. The request had the support of Dewey's lenders, who are effectively bank rolling the case by letting the firm use money pledged to them as collateral.
The extension comes as Dewey tries to claw back payments made to its former partners, the proceeds of which would go toward paying back creditors. The law firm went bankrupt in May after deciding to close its doors due to high debt and a raft of partner defections.
It has offered former partners a deal under which they would pay between $5,000 and $3.5 million depending on compensation, with a maximum total recovery of $90.4 million.
Failing a robust settlement, it is unlikely Dewey's lenders would continue to fund a Chapter 11 bankruptcy. That would likely force Dewey to convert its case to a streamlined liquidation under Chapter 7, in which a court-appointed trustee would take control of Dewey's assets and litigate against partners.
The firm had hoped to know by July 24 whether partners would accept the settlement, but requested the extension after it decided to alter the terms of a previous offer in response to partner concerns.
The case is In Re Dewey & LeBoeuf LLP, U.S. Bankruptcy Court, Southern District of New York, No. 12-12321. (Reporting By Nick Brown; editing by Andre Grenon)
Source: uk.reuters.com
London 2012 Olympics: day four – as it happened - The Guardian
Good morning and welcome to day four of the London 2012 Olympics.
China has become embroiled in the first doping controversy of the London Games after one of the world's most respected coaches, the American John Leonard, executive director of the World Swimming Coaches Association, described the swimming prodigy Ye Shiwen's gold medal performance as "unbelievable" and "disturbing".
China is currently top of the medal table with nine golds. The USA is second with five, and France is third with three.
Britain is in 20th place with one silver and two bronzes, following yesterday’s stunning third-place finish for the male gymnasts – which was so nearly a silver.
There are 15 medals up for grabs today, so all this could change dramatically by the end of the day. Or China and the USA could win lots more medals.
Coming up today:
• 9am onwards: Kobe Bryant and his team-mates on the US basketball team continue their campaign for gold, today taking on Tunisia. Meanwhile, Britain, who lost their opening match against Russia, need to beat Brazil to keep alive their hopes of progressing.
• 10am: Fencing: the men’s individual foil gold medal will be decided at the North Greenwich Arena today. Three British athletes will be competing, with the highest hopes for James David and Richard Kruse.
• 10.30am: The fourth and final day of the eventing competition. Can Zara Phillips win the first royal Olympic medal? The individual honours look out of her reach, but the British riders – including Mary King and world No 1 William Fox-Pitt – are well-placed to challenge for the team gold.
• 11.30am onwards: At Wimbledon, Venus Williams plays Canada’s Aleksandra Wozniak in the second round on centre court, followed by Andy Murray v Jarkko Nieminen of Finland. After that Andy Roddick plays Novak Djokovic, and then Britain’s Laura Robson plays Maria Sharapova. On court one, Maria Kirilenko of Russia plays Britain’s Heather Watson, among other matches. In the doubles, Jonathan Erlich and Andy Ram of Israel play Roger Federer and Stanislas Wawrinka of Switzerland.
• Midday: In the sailing, Britain’s Ben Ainslie has a great chance of gold in the Finn class, as does Paul Goodison in the Laser. The regattas continue today, with the medal races at on Sunday and Monday.
• 1.30pm: Britain’s David Florence, a silver medallist in Beijing, hopes to go one better this afternoon when he lines up in the men’s canoe slalom. The semi-finals and finals take place today.
• 2pm: The Royal Artillery barracks will host the men’s skeet shooting finals, where the world record holder Vincent Hancock of the US will defend his title.
• 2.10pm: Olympic champions Hungary play Montenegro in the water polo. Britain is also playing, at 10am against Serbia.
• 4.30pm: Gymnastics. Team GB’s women – including uneven bars expert Beth Tweddle and 15-year-old Rebecca Tunney, the squad’s youngest and shortest member – face tough competition in today’s team final. The US achieved the highest qualification score to participate.
• 4.15pm: A geopolitical grudge match as Serbia play Croatia in the men's handball preliminary round. Serbia are fourth in the world rankings to Croatia's 13th.
• 7.30pm onwards: And there’s a dramatic evening ahead in swimming finals at the Aquatics Centre. American arch-rivals Michael Phelps and Ryan Lochte will team up at 8.45pm for the 4x200m freestyle relay final, less than an hour after Phelps – who is hoping to overtake gymnast Larisa Latynina as the most decorated Olympic athlete in history – has taken part in the 200m butterfly final. Meanwhile the US’s Missy Franklin and perhaps also Britain’s Caitlin McClatchey will race in the 200m freestyle final at 7.40pm.
• 7.45pm: Great Britain – who have been very impressive so far – play Brazil in their final group-stage match in the women’s football tournament. Britain have won both their previous group matches so are already through to the quarter-finals, but both teams tonight will want to top the table to avoid meeting world champions Japan in the quarter-finals. The brilliantly-named Brazilian Marta has been Fifa’s world player of the year five times. Elsewhere in women’s football, New Zealand play Cameroon, Japan play South Africa, the USA play North Korea, Canada play Sweden, and France play Colombia.
Source: www.guardian.co.uk
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