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Dewey Ballantine has lost an eight-lawyer insolvency and restructuring team to Stroock & Stroock & Lavan in New York
Partner Michael Sage led the exodus, which includes Gerald Bender and Mark Palmer, who have joined as partners, and five associates. Sage has become co-chair of Stroock's insolvency and restructuring practice. Stroock managing partner Thomas Heftler said: "Michael and his colleagues enhance our already strong insolvency practice and we're delighted with this addition to the firm. We look forward to further significant building opportunities." Sage said: "Our practice mainly represents individual bondholders and bondholder groups, as well as creditor groups in restructurings, both inside and outside a Chapter 11. We felt Stroock would provide an excellent platform for us to do that." Sage has acted for an array of financial institutions, either individually or as part of a larger bondholders' committee. These institutions include Barclays, Credit Suisse First Boston, Lehman Brothers and Merrill Lynch.