Heller Settles With Junior Partners

It appears that the Heller Ehrman estate has settled with the more junior shareholders according to a story in The Recorder and on Law.com.

Heller Creditors Pencil Deal With Junior Partners (via LegalPad)

© 2009, copyright Thomas Macentee


7 Responses to “Heller Settles With Junior Partners”

  1. 1 anon 11 December 2009 at 11:55 am

    How many shareholders did we have left at the time of the collapse? This settlement covers 62 of them and I’m wondering how many are left.

  2. 2 John 11 December 2009 at 12:20 pm

    Is there a list of the settling shareholders? Who are the sixty two?

  3. 3 Former Associate 11 December 2009 at 2:01 pm

    I believe one of the articles mentions that there are either 150 or 180 total shareholders being pursued. The bulk of this settlement is the junior shareholders, who appear to be contributing an average of $12,500 each. There are 6 more senior shareholders who appear to be contributing on average about $150,000 each. If an additional 100 shareholders contribute $150,000 each, that will get $15 million. Good, but hardly the $150 million the creditors committee says it is pursuing.

  4. 4 anon2 12 December 2009 at 8:06 pm

    I appreciate that the jr. shareholders have made their contribution toward the settlement. These attorneys were really between a rock and hard spot, considering they had no say so in how anything was done (or not done) at Heller and the fact that they were still held responsible. God bless them for making their contribution to right the things that needed to be done. Now if we could only get the head of the herd to be as forthcoming and just give back to the employees what rightfully belongs to them, then this can move forward and the bankruptcy can divvy up the remainder. But it seems the higher up the food chain the shareholders are, the greedier and cheaper they behave, (i.e., Levin & Larrabee). Face it, Heller Ehrman became Levin & Larrabee about 7 years ago and they drove the ship right into the iceberg. Nice job, assholes.

  5. 5 Observer 12 December 2009 at 11:37 pm

    Don’t kid yourself that the junior shareholders are offering to settle to make things right. They are ponying up, if at all, only to avoid the expense and risk of litigation being commenced against them.

  6. 6 Paladin 15 December 2009 at 1:24 pm

    Make things right? There’s no way to do that short of the shareholders being out of work, losing health care coverage, losing their retirement savings, and going into foreclosure like so many of their former employees. That would even out the scales.

    Although the younger shareholders are settling as a group, I’d hesitate to assign one motive to them all. Some of them, I know, were as devastated as any employee. Many had worked for the firm most, if not, all of their careers. As pointed out above, none of them had any say or any influence on the decisions the firm made. They profited while the firm was going down, and on that basis, they owe money to the Estate. But they cannot rightfully be assigned much, if any, of the blame for the firm’s destruction. If I were them, I would have settled just to put Heller Ehrman behind me, so that I could move on with my life.

    As for the senior shareholders, that’s a whole different story. Those making the decisions while drawing $1 million plus take home, owe the Estate’s creditors. I’m inclined to agree that Levin & Larrabee drove Heller Ehrman into the ground through their tremendous hubris, arrogance, and greed. And for that, they ought to pay big time.

  7. 7 Former Associate 15 December 2009 at 2:20 pm

    A huge advantage that shareholders had–even junior ones–was a seat at the table with all the suitors of the dying firm’s carcass. So, while junior shareholders may have been merely glorified associates, their prospects of finding comparable employment post-meltdown were signficantly better than those of unglorified associates. That alone is worth a $12,500 settlement (I now earn considerably more than $12,500 less than I did at Heller).

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