ALTHEIMER & GRAY

Case Highlights

• Assisted in formulation of consensual liquidation plan
• Achieved significant recovery for unsecured creditors

Case Narrative

Altheimer & Gray was a full-service global law firm based in Chicago.  The firm had over 325 attorneys and 139 partners the year before the firm voted to wind down its operations.  Subsequent to the wind down vote, the firm consented to an involuntary bankruptcy petition filed against it.

The Official Committee of Unsecured Creditors retained DSI to review the prior acts of the firm, assist in the firm’s liquidation and participate in the negotiation and formulation of a consensual plan of liquidation.  As a result of DSI’s efforts, the unsecured creditors received nearly one-third of plan proceeds, which came solely from contributions of the former individual partners, and we ultimately returned approximately 45 percent to recourse claimants and 24 percent to claimants who waived their recourse claims against the individual partners.