Heller to Avoid Bankruptcy? Heller Ehrman may still be able to avoid bankruptcy, according to The Recorder, via Law.com. A copy of the firm’s dissolution plan shows that if it can collect unpaid bills and liquidate assets, it should be able to stave off a bankruptcy filing.
Lehman Paid Weil $5 Million: The New York law firm, Weil, Gotshal & Manges was paid $5 million by Lehman Brothers Sept. 10 — just days before the bank filed for bankruptcy. Lehman paid the money in advance to cover legal fees and expenses that were to come from bank's negotiations and efforts to remain in business and to prepare for the possibility of filing for bankruptcy, according to The American Lawyer, via Law.com.
Lawyer Faces Life in Prison: Corporate Counsel, via Law.com, reports a former senior lawyer, Robert Graham, at General Re Corp., is facing up to 230 years in jail for the role he had in a fraudulent insurance deal with American International Group. Prosecutors argue Graham used his special skills and knowledge as a lawyer to further the fraud.
Another Stimulus: The New York Times reports Democratic leaders in Congress are “seriously considering” a large stimulus proposal that would send a significant amount of money to states and cities. The new proposal would be far greater than the $60 billion stimulus package the House passed in September.
Lawyers going to prison is always a tragedy, but if individuals are willing to take advantage of others in such a way that damages the entire nation, then they should get what they deserve.
Posted by: Joe | October 10, 2008 at 10:08 AM