“I can finally confirm the worst-kept secret of the year,” bankruptcy lawyer Albert Togut said late Tuesday afternoon in a lower Manhattan federal courtroom. “I am counsel for Dewey & LeBoeuf.”
So began the initial hearing in Dewey’s Chapter 11 case an event that came less than 24 hours after the law firm became the largest ever in the history of the United States to seek bankruptcy protection. The two-hour, standing-room-only session ended with U.S. bankruptcy court judge Martin Glenn declining to approve a motion that would have allowed the Dewey estate to use cash collateral held by its primary lender, JPMorgan Chase, to fund the work of those responsible for winding down the firm’s remaining operations.
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