RUDEN MCCLOSKY PA

Case Highlights

• Orchestrated Chapter 11 filing and sale process
• Mitigated significant claims through assumption and assignment of contracts and leases

Case Narrative

Ruden McClosky PA, was a fifty plus year old law firm with offices throughout the State of Florida.  Ruden and its client base were heavily skewed towards real estate, land use and related transactional work.  The 2008 economic downturn and real estate bust caused a substantial reduction in client work and departure of Ruden attorneys and staff.  This had large impacts on revenue and overhead, which forced Ruden to look for a merger partner or liquidate.

DSI served as the CRO and Financial Advisor to implement the bankruptcy process, sale process and related business reorganization of Ruden. DSI orchestrated a Chapter 11 filing and sale process to liquidate the law firm assets, transition work to the new firm and mitigate significant claims via assumption and assignment of select contracts and leases.  The sale transaction occurred with consent of Ruden’s secured lender, creditors’ committee, shareholders and staff to transition the operating firm to a new platform, while creating a fund for creditors and upside potential via collection of accounts receivable pursuant to a creative settlement agreement with creditors.