Davis excluded from Dewey settlement deal

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  • So the plan was to have a call to explain the plan to approach banks to approve a plan that has not yet got beyond the planning phase? So what IS the plan? Nice one wind-down team! How much cash did this burn up?

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  • Was Horvath making a deal to benefit the executive committee types (other than throwing Davis under the bus - which looks like it is deserved)? Or did he simply not think this through and the blowback that he would receive?

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  • Horvath is trying to save his mates on the Office of the Chair from lawsuits and liabilities at the expense of all other partners ...while Togut and Zolfo Cooper are trying to safeguard the millions in fees they expect to cream out of the chapter 11

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  • Another way of looking at this is that the wind-down team is making a deal acceptable to partners (by agreeing to a lwer clawback) so that the exec comm types could be isolated from rank and file partner suits. So the estate and creditors get less money so that partners are released from claims brought by other partners.

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  • Shouldn't they exclude peter "Captain Schettino" Sharp from the release?

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  • They need to give the mutual release to the partners in order to induce the partners with big compensation and guarantees, and the partners in management, to participate. Otherwise, why would they sign up to this?

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  • So, the idea is that the rank and file partners pay more money, after losing their capital, to stop other partners suing them. But in reality, which partners are most likely to be sued? Most likely the management partners, who did not tell the other partners what was really going on, or induced laterals to join a sinking ship. Will the general body of partners really buy into the idea of paying yet more money for illusory benefits for themselves, to protect the very partners who got them into this mess in the first place? Nice try.

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  • Contribution makes sense as long as it measures partner performance (whether guaranteed or not) in terms of cash brought to the firm, and NOT billable hours stacked onto a system but never billed or collected. Partners who brought the cash to keep the firm afloat should contribute less than those who free loaded (and this includes many of those who did not have guarantees). Lets face it, whether we like it or not, many of the guaranteed partners genuinely delivered in cash terms.

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  • Horvath wants that job at Greenberg Traurig.

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