Dewey & LeBoeuf LLP's unsecured creditors, meeting yesterday to form a committee to represent their interests, may find the defunct law firm has nothing left to pay them, Bloomberg News reported. Dewey's Memorial Day bankruptcy filing disclosed $225 million of secured loans from banks and bondholders to be paid mostly from $255 million of bills to the defunct law firm’s clients that analysts value at as little as 40 cents on the dollar. Topping a list of Dewey's unsecured creditors is the Pension Benefit Guaranty Corp., claiming $80 million for underfunded pensions. Second is Dewey's landlord, Paramount Group, claiming $3.8 million for property taxes and May rent, followed by Thomson Reuters Corp., owed $2.4 million for legal research.
