The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Cadwalader Wickersham & Taft has been caught up in a shareholder dispute with Northwest Airlines after it was revealed the firm was paid $1m (£550,000) for bankruptcy advice before the airline even filed for Chapter 11 protection.
A 'statement of financial affairs' court filing by Northwest earlier this month reveal-ed that the airline made three payments totalling $974,940 (£534,978) to Cadwalader.
However, the airline did not file for bankruptcy protection until 14 September 2005 - five months later.
It is common for companies to seek advice in advance of filing for bankruptcy, but the payments to Cadwalader came when executives said bankruptcy was a risk, not a certainty.
The shareholders' lawsuit, filed last December, accuses Northwest chairman Gary Wilson of selling stock when he had non-public information about Northwest's bankruptcy plans.
Cadwalader is the airline's lead bankruptcy counsel. Milberg Weiss Bershad & Schulman is representing the shareholders. Both firms were unavailable for comment.