The story of Ruden McClosky’s bankruptcy and unique restructuring has finally come to an end, as the dissolved law firm’s unsecured creditors have received their final distribution payments.
The total distribution for unsecured creditors in the case was 13.5 cents for every dollar of allowed claims, which was made possible by Ruden’s 2011 sale to Greenspoon Marder. Such a combination had not taken place previously in a law firm bankruptcy, said Joseph J. Luzinski of Development Specialists, who served as chief restructuring officer and bankruptcy administrator, and Paul Singerman of Berger Singerman, who represented Luzinski.
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