Category Archives: Dissolutions

Milberg, Dreier, and the Shanda of It All

As Marc Dreier, the sole equity partner of Dreier LLP, faces federal charges of transferring $113 million in bogus securities to two hedge funds, an impersonation charge filed against him in Toronto as well as a lawsuit filed by the Securities and Exchange Commission to recover the $113 million, the firm he created, namely Dreier LLP, sits in receivership pursuant to the order of United States District Court Judge for the Southern District of New York Miriam Goldman Cedarbaum and faces an additional civil suit filed in the Southern District by Wachovia Bank alleging that the firm and Dreier himself defaulted on a $9 million revolving credit note made in connection with a $14.5 million credit agreement and a term note in the amount of $5.5 million.

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Brown Raysman — RIP

In the midst of all this dissolution hoopla, we would be remiss not to mention Brown Raysman, the once thriving New York start up that was swallowed up by soon-to-be former Thelen management in the latter’s last ditch effort to salvage their Titanic. So at least we know what Thelen was thinking. But what about Brown Raysman? No one ever placed them in the desperate category pre the ill-fated merger.

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Partners and Associates Heads Up: Mergers Ahead

Over the last month we have seen venerable Heller dissolve and predict Thacher Proffitt and Thelen are not far behind; relentless attorney hemorrhaging at these firms has already reached the top ranks with Thacher’s Vice Chairman joining Greenberg Traurig and Thelen’s Chairman reportedly in lateral discussions with Howrey.

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