Thelen law firm files Chapter 7 after Citi cutoff
Law Firm News
Thelen LLP, a U.S. law firm that once had more than 600 lawyers, said it filed for Chapter 7 bankruptcy liquidation after Citigroup Inc (C.N), a large creditor, cut off needed funding.
The 85-year-old firm said Citigroup "is no longer willing to advance funds for the cost of collection and (to) wind down operations," or to fund the costs of a Chapter 11 proceeding, according to a filing on Thursday with the U.S. bankruptcy court in Manhattan."
Thelen also said its estimated assets "will be insufficient to result in any meaningful payment" to unsecured creditors, in light of Citigroup's $7.2 million secured loan.
A Citigroup spokeswoman declined to comment.
According to its bankruptcy petition, also filed on Thursday, Thelen has between $10 million and $50 million of assets, and between $50 million and $100 million of liabilities.
Thelen shut down in late 2008 after the recession hurt revenue, many partners departed, and efforts to merge with another firm fell apart.
The San Francisco-based firm had reached its maximum size following a 2006 merger with New York's Brown Raysman Millstein Felder & Steiner LLP. Thelen said its largest remaining creditors are in New York.
A debtor can liquidate under either Chapter 7 or Chapter 11 of the U.S. bankruptcy code. A Chapter 11 liquidation can make more economic sense for a debtor and give creditors more of a say in how proceeds are distributed.
Related listings
-
Houston's Mark Lanier Honored Among Texas' Top 10
Law Firm News 09/15/2009Houston trial lawyer Mark Lanier of The Lanier Law Firm has been selected by his peers as one of the Top 10 attorneys in Texas. Mr. Lanier is recognized in the annual Texas Super Lawyers list published in Texas Monthly magazine.This is the seve...
-
Thomas Campbell Appointed to Museum District Board
Law Firm News 09/15/2009Thomas J. Campbell, managing partner of the law firm Gallop, Johnson & Neuman, L.C., has been appointed by St. Louis County Executive Charlie Dooley to serve a four-year term on the Board of Directors of the Metropolitan Zoological Park and Museu...
-
HSE selecting law firm in pursuit of suit against state
Law Firm News 09/14/2009The Hamilton Southeastern Schools' board this morning retained a Chicago law firm with ties to the U.S. Department of Education to help the district with its case against the state for more equitable funding.The board voted 7-0 to hire Franczek Radel...
Illinois Work Injury Lawyers – Krol, Bongiorno & Given, LTD.
Accidents in the workplace are often caused by unsafe work conditions arising from ignoring safety rules, overlooking maintenance or other negligence of those in management. While we are one of the largest firms in Illinois dedicated solely to the representation of injured workers, we pride ourselves on the personal, one-on-one approach we deliver to each client.
Work accidents can cause serious injuries and sometimes permanent damage. Some extremely serious work injuries can permanently hinder a person’s ability to get around and continue their daily duties. Factors that affect one’s quality of life such as place of work, relationships with friends and family, and social standing can all be taken away quickly by a work injury. Although, you may not be able to recover all of your losses, you may be entitled to compensation as a result of your work injury. Krol, Bongiorno & Given, LTD. provides informed advocacy in all kinds of workers’ compensation claims, including:
• Injuries to the back and neck, including severe spinal cord injuries
• Serious head injuries
• Heart problems resulting from workplace activities
• Injuries to the knees, elbows, shoulders and other joints
• Injuries caused by repetitive movements
For Illinois Workers’ Compensation claims, you will ALWAYS cheat yourself if you do not hire an experienced attorney. When you hire Krol, Bongiorno & Given, Ltd, you will have someone to guide you through the process, and when it is time to settle, we will add value to your case IN EXCESS of our fee. In the last few years, employers and insurance carriers have sought to advance the argument that when you settle a case without an attorney, your already low settlement should be further reduced by 20% so that you do not get a “windfall.” Representing yourself in Illinois is a lose-lose proposition.