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SOFA Filed for Dewey 335 Pages

SOFA Filed for Dewey 335 Pages

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Published by: JSmithWSJ on Aug 06, 2012
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July 26, 2012On May 28, 2012 (the “Petition Date”), Dewey & LeBoeuf LLP (the “Debtor” or the“Firm”) filed a voluntary petition in the United States Bankruptcy Court for the Southern Districtof New York (the “Bankruptcy Court”) for relief under chapter 11 of title 11 of the United StatesCode (the “Bankruptcy Code”). The Debtor continues to manage and operate its financial affairsas a debtor in possession under Bankruptcy Code sections 1107 and 1108.The Debtor submits the attached Schedules of Assets and Liabilities (the “Schedules”)and Statement of Financial Affairs (the “SOFA”) pursuant to Bankruptcy Code section 521 andRule 1007 of the Federal Rules of Bankruptcy Procedures (the “Bankruptcy Rules”). The Debtor,with the assistance of its advisors, prepared the Schedules and the SOFA pursuant to BankruptcyCode section 521 and Bankruptcy Rule 1007.The Schedules and SOFA contain unaudited information, which is subject to furtherreview, verification, and potential adjustment. Accordingly, while the Debtor’s management hasmade every reasonable effort to ensure that the Schedules and SOFA are accurate and completebased on the information available at the time of preparation and filing, inadvertent errors oromissions may exist. Further, the subsequent receipt of information may result in materialchanges in financial and other data contained in these Schedules and SOFA.The Debtor reserves all rights to amend and/or supplement the Schedules and SOFA fromtime to time as necessary or appropriate.These “Global Notes And Statement Of Limitations, Methodology, And DisclaimersRegarding Debtor’s Schedules Of Assets And Liabilities And Statement Of Financial Affairs”(the “Notes”) are incorporated by reference in, and comprise an integral part of, the Schedulesand SOFA and should be referred to in connection with any review of the Schedules and SOFA.The Notes and the Schedules and SOFA represent the Debtor’s best efforts as of the PetitionDate and should not be relied upon for information relating to current or future financialconditions, events, or performance of the Debtor.The contents of the Schedules and SOFA constitute neither a waiver of any rights orclaims of the Debtor nor an admission of the existence, amount, nature or validity of potentialclaims against the Debtor. The Debtor reserves the right to dispute or challenge the status andamount of any claim listed on Schedules D, E or F.
12-12321-mg Doc 294 Filed 07/26/12 Entered 07/26/12 22:41:20 Main DocumentPg 1 of 355
Stephen J. Horvath, Executive Partner,
signed the Schedules and SOFA. In reviewing andsigning the Schedules and SOFA,
Mr. Horvath
necessarily relied upon the efforts, statements andrepresentations of the Debtor’s other personnel and professionals.
Mr. Horvath
has not (and couldnot) personally verified the accuracy of each individual statement and representation, including,for example, those concerning amounts owed to individual creditors, classification of suchamounts and creditors’ addresses.
The Debtor reported assets on a net book value basis. In addition, the amounts shown fortotal assets and liabilities exclude items identified as “unknown” or “undetermined” and, thus,ultimate assets and liabilities may differ materially from the amounts in the Schedules.The Schedules and SOFA do not purport to represent financial statements and do notnecessarily reflect the amounts that would be set forth in financial statements prepared inaccordance with generally accepted accounting principles (“GAAP”).The Debtor performed no independent review of the value of these assets. The actualvalue of the assets listed may differ significantly from the amounts reflected in the Debtor’sbooks and records. It would be prohibitively expensive and unduly burdensome to obtain currentmarket valuations of the Debtor’s property interests.Unless stated otherwise, the Debtor has presented claims against third parties andprojected obligations against the Debtor in their gross amounts without giving effect to potentialoffsets. In some instances, the Debtor has reported amounts that may be owed to certain thirdparties that the Debtor expects to offset in whole or in part by a deposit, retainer or prepaidamount reported on the Schedules.The Debtor makes no representation of the value ultimately realizable from or thecollectability of any assets presented herein.
The offices that are part of the Debtor’s estate and directly subject to the Debtor’s chapter11 case are the Firm’s domestic U.S. offices and the following foreign offices: Abu Dhabi,Almaty (Representative Office), Beijing, Brussels, Doha, Dubai, Frankfurt, Hong Kong, andMoscow (Representative Office). In addition, a separate limited liability partnership also named“Dewey & LeBoeuf LLP” (“Dewey UK”), formed under the laws of the United Kingdom,operated offices in London and Paris. The following other foreign offices were operated throughnon-debtor affiliates of the Debtor other than Dewey UK (the “Non-Debtor Affiliates”):Johannesburg, Madrid, Milan, Riyadh, Rome, Sao Paulo, and Tbilisi. The relationship between
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3the Debtor and each of Dewey UK and each Non-Debtor Affiliate was governed by written orunwritten contracts and established course of dealing.In certain instances, the Schedules and SOFA may include the results of Dewey UK orthe Non-Debtor Affiliates, as the case may be. In addition, in some instances, the Schedules andSOFA do not include information from foreign offices of the Debtor where information was notavailable to the Debtor, due to the closure of a foreign office of the Debtor prior to the PetitionDate or as a result of local proceedings following the Petition Date that have restricted theDebtor’s access to information. In particular, the Schedules and SOFA do not include balancesfrom the Moscow and Almaty offices (except the Moscow Representative Office and the AlmatyRepresentative Office) and Warsaw office of the Debtor because those operations weretransferred before the Petition Date.
Nothing contained in the Schedules and SOFA shall constitute a waiver of the Debtor’srights or an admission with respect to its chapter 11 case, including any issues involvingequitable subordination, defenses and/or causes of action arising under the provisions of chapter5 of the Bankruptcy Code and any other relevant non-bankruptcy laws.
The Debtor allocated liabilities between the prepetition and postpetition periods based onthe information and research conducted in connection with the preparation of the Schedules andSOFA. As additional information becomes available and further research in conducted, theallocation of liabilities between the prepetition and postpetition periods may change.Accordingly, the Debtor reserves all of its rights to amend, supplement or otherwise modify theSchedules and SOFA as is necessary and appropriate.
To obtain asset and liability balances as of the Petition Date, the Debtor made certainestimates and assumptions that affected the reported amounts of assets and liabilities. Actualresults could differ from those estimates.
Despite its best efforts to identify all known assets as described above, the Debtor maynot have set forth in its Schedules and SOFA all its filed or potential claims and causes of actionsagainst, and potential recoveries from, third parties or the values of any such claims. The Debtorreserves all rights to assert any and all such claims and causes of action, whether or not listed inthese Schedules and SOFA.
12-12321-mg Doc 294 Filed 07/26/12 Entered 07/26/12 22:41:20 Main DocumentPg 3 of 355

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