Creditors of defunct law firm Dreier LLP — including victims of its founder's investment fraud — may start voting on a payment plan under which they'd recover 13 cents or less for each dollar of the more than $375 million owed, Dow Jones Daily Bankruptcy Review reported today. Bankruptcy Judge Stuart M. Bernstein on Thursday authorized Dreier LLP's creditors to begin voting on the payment plan more than five years after law firm founder Marc Dreier was arrested in December 2008 for running a multimillion-dollar investment fraud. Dreier, who pleaded guilty to fraud and other charges and is now serving a 20-year prison sentence, used his law firm's funds to pay investors who purchased $700 million worth of what ultimately turned out to be bogus promissory notes. Creditors will have through April 7 to cast their votes on the plan, court papers show. Judge Bernstein will consider approving the plan at an April 24 hearing.
