Can Heller Avoid Bankruptcy?
Posted by Zach Lowe Whether Heller Ehman can avoid bankruptcy has been the hot question since the firm announced its pending dissolution. Now a leaked 43-page internal memo gives some indication that the firm has enough assets coming its way to stay out of bankruptcy court, reports The Recorder, an Am Law Daily sibling publication. The memo, which outlines the firm’s dissolution plan, was first reported Thursday on Above the Law. The memo estimates the firm’s liabilities at $72 million and its assets at about $258 million. But many of those assets–worth about $174 million–aren’t exactly in the bank yet, either owed to the firm or listed under estimated costs for work-in-progress, The Recorder says. The firm says it expects to collect about 90 percent of that money, the paper says. But bankruptcy experts also told The Recorder that firms in dissolution have a harder time recovering the full value of their bills. The memo also doesn’t mention any ongoing costs, including the firm’s ren
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