Michael Sitrick News
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Until April 2011, Patrick “Pete” Dodd, a former money manager at Liberty Life Insurance Co. in Greenville, South Carolina, invested customer premiums in what he calls a “squeaky clean” portfolio: bonds backed by state governments and blue chip corporations.
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Law firm Dewey & LeBoeuf LLP was assailed by the U.S. trustee who supervises bankruptcies over nine proposals to hire advisers, including the law firm of Togut Segal & Segal LLP, and a six-week budget of $7 million for paying the firms.
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Dewey & LeBoeuf LLP, which has lost more than a third of its partners in recent weeks, saw its merger and acquisition chief and a team of London litigators depart as the price of its bonds slumped in private trades.
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Dewey & LeBoeuf LLP, whose bank loans are partly secured with money due from clients, told partners they can’t have their monthly pay until they send all the bills for their services, a person familiar with the matter said.
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Dewey & LeBoeuf LLP co-chairmen Jeffrey Kessler and Richard Shutran left to join rival law firms, leaving just two members of Dewey’s new chairman’s office in place.
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Dewey & LeBoeuf LLP partners whose guaranteed contracts undermined the firm may get about a dime on the dollar for what they’re owed, no better than the janitors who cleaned their offices, bankruptcy specialists said.
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Billionaire Alec Gores made an unsolicited offer for “American Idol” owner CKX Inc. , according to a person with knowledge of the bid.
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Norex Petroleum Ltd. sued billionaire Leonard Blavatnik and his Access Industries Inc. over allegations they schemed to strip its controlling interest in a Russian oil company valued at an estimated $500 million.
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Warner Music Group former director Len Blavatnik has emerged as the leading bidder for the New York- based music company that put itself up for sale in January, said three people with knowledge of the situation.
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Warner Music Group Corp ., which put itself up for sale in January, has received more than 10 bids for its businesses, people with knowledge of the process said.
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