Dewey's former London landlord Prudential issues $10.3m claim
Dewey & LeBoeuf's former UK landlord Prudential has filed a $10.3m (£6.8m) claim against the collapsed law firm's estate, after an earlier claim for more than twice this amount was rejected by a New York bankruptcy court. The revised claim was filed in the New York Bankruptcy Court last month (25 February), with Prudential Assurance Company, which owns the No.1 Minster Court building which housed the failed firm's London practice, arguing the figure represents the firm's contractual liability under leases on the space.
March 27, 2013 at 07:09 AM
2 minute read
Dewey & LeBoeuf's former UK landlord Prudential has filed a $10.3m (£6.8m) claim against the collapsed law firm's estate, after an earlier claim for more than twice this amount was rejected by a New York bankruptcy court.
The revised claim was filed in the New York Bankruptcy Court last month (25 February), with Prudential Assurance Company, which owns the No.1 Minster Court building which housed the failed firm's London practice, arguing the figure represents the firm's contractual liability under leases on the space.
According to the claim calculations filed, Dewey had outstanding leases of between eight and 10 years on seven floors of the building. Prudential is claiming rent on 15% of the outstanding lease, amounting to $8.5m (£5.6m) including rates and service charges, with the remaining $1.8m (£1.1m) made up of dilapidation claims. Rent on the property was paid to 24 June last year, a month after the firm filed for bankruptcy in the US.
The claim comes after an initial attempt by Prudential to claw back $24.5m (£16.2m) was rejected by the court last July by Judge Martin Glenn, who cited Chapter 11 bankruptcy rules on unexpired leases. Owners of Dewey's Brussels and Washington DC offices also had their claims rejected, with the owner of the firm's New York headquarters at 1301 Avenues of the Americas seeing a $45.4m (£29.9m) claim rejected by the court.
As Prudential's interest is unsecured, the company is unlikely to recover more than 14% of the £10.3m claimed, due to the terms of Dewey's liquidation plan approved by the courts last month (27 February).
The approval of the plan, which should see unsecured claimants receiving between 5 and 14 cents per dollar, and secured creditors – collectively owed $262m (£173m) – receiving between 47 and 77 cents per dollar, paves the way for repayment of millions of dollars owed to creditors of the collapsed firm.
Prudential turned to long-term adviser Hogan Lovells for support submitting the claims.
Related:
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllBig Law Heavyweights Wrestle in High-Stakes Sale of Venezuela’s Citgo
Cleary vs. White & Case: NYC Showdown Over $5 Billion Brazilian Bankruptcy
Singapore's Drew & Napier Secures $3.5B Award in Civil Suit
Trending Stories
- 120 New Judges? Connecticut Could Get Wave of Jurists
- 2Orrick Loses 10-Lawyer Team to Herbert Smith in Germany
- 3‘The US Market Is Critical’: KPMG’s Former Head of Global Legal Services On the Legal Arm of the Big Four Firm Entering the US
- 4Justice Marguerite Grays Elevated to Co-Chair Panel That Advises on Commercial Division
- 5McDermott Continues UK Growth With Another Partner Hire in London
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250