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 Eric Lopez Schnabel, Esq. (ES5553)Jessica D. Mikhailevich (JM1043)DORSEY & WHITNEY LLP51 W. 52nd StreetNew York, New York 10019Telephone: (212) 415-9200Facsimile: (212) 953-7201-and-Annette Jarvis (Utah Bar No. 01649)Peggy Hunt (Utah Bar No. 06060)DORSEY & WHITNEY LLPKearns Building136 South Main Street, Suite 1000Salt Lake City, UT 84101Telephone: (801) 933-7360Facsimile: (801) 933-7373
Counsel to Ad Hoc Committee of Retired Partners of LeBoeuf, Lamb, Leiby & MacRae
UNITED STATES BANKRUPTCY COURTFOR THE SOUTHERN DISTRICT OF NEW YORKIn re:DEWEY & LEBOEUF LLP,Debtor.Chapter 11Case No. 12-12321-mg
 
OBJECTION OF THE AD HOCCOMMITTEE OF RETIRED PARTNERS OF LEBOEUF, LAMB,LEIBY & MACRAE TO DEBTOR’S MOTION FOR ENTRY OF AN ORDERPURSUANT TO BANKRUPTCY RULE 9019 AND 11 U.S.C. §§ 105(a) AND 362,APPROVING PARTNER CONTRIBUTION SETTLEMENT AGREEMENTS ANDMUTUAL RELEASES FOR PARTICIPATING PARTNERS
12-12321-mg Doc 439 Filed 09/13/12 Entered 09/13/12 15:56:29 Main DocumentPg 1 of 28
 
 i
TABLE OF CONTENTS
TABLE OF AUTHORITIES.....................................................................................................IIINTRODUCTION......................................................................................................................1BACKGROUND........................................................................................................................2OBJECTION...............................................................................................................................7I. The Motion is Premature Because it Asks the Court to Make anAdvisory Ruling...............................................................................................7II. The PCP is an Impermissible
Sub Rosa
Plan and Violates theAbsolute Priority Rule...................................................................................12III. The PCP Does Not Meet the Standard for Settlement Under Rule9019...............................................................................................................14A. The Litigation’s Probability of Success and theSettlement’s Future Benefits are Impossible to Ascertain.................16B. The Alternative to the PCP Remains Unknown................................17C. The Nature and Breadth of Releases Under the PCPExtends Beyond Claims That are Property of the Debtor’sEstate..................................................................................................17D. The PCP is Not a Product of Arm’s Length Bargaining....................18IV. The Confidential Nature of the PCP Precludes Approval.............................20V. There is no Need to Rush Approval of the PCP............................................22CONCLUSION.........................................................................................................................24
12-12321-mg Doc 439 Filed 09/13/12 Entered 09/13/12 15:56:29 Main DocumentPg 2 of 28
 
 ii
TABLE OF AUTHORITIESPage(s)C
ASES
 
 Aaronson v. Lewis
,473 A.2d 805 (Del. 1984)........................................................................................................20
Committee of Security Holders v. Lionel Corp.
,722 F.2d 1063 (2d Cir. 1983).......................................................................................1, 4, 5, 12
 Development Specialists, Inc. v. Akin Gump Strauss Hauer & Feld LLP
,2012 U.S. Dist. LEXIS 73994 (S.D.N.Y. May 24, 2012).........................................................8
Flast v. Cohen
,392 U.S. 83 (1968)...................................................................................................................11
Geron v. Seyfarth Shaw LLP
,Case No. 1:12-cv-01364-WHP [Docket No. 23] (S.D.N.Y. September 4, 2012).....................8
 In re Coudert Brothers, LLP
,Case No. 06-12226 (Bankr. S.D.N.Y.) [Docket No. 3].......................................................4, 21
 In re Exide Techs.
,303 B.R. 48 (Bankr. D. Del. 2003)....................................................................................18, 19
 In re Howrey LLP
,Case No. 11-31376 (Bankr. N.D. Ca.) [Docket No. 132]....................................................4, 21
 In re Lion Capital Group
,49 B.R. 163 (Bankr. S.D.N.Y. 1985).......................................................................................15
 In re Oldco M Corp.
,466 B.R. 234 (Bankr. S.D.N.Y. 2012).....................................................................................21
 In re Smith
,409 B.R. 1 (Bankr. D. N.H. 2009)...........................................................................................11
 Jewel v. Boxer 
,156 Cal. App. 3d 171 (Cal. App. 1 Dist. 1984).........................................................................7
 Motorola Inc. v. Official Comm. of Unsecured Creditors (In re Iridium Operating LLC)
,478 F.3d 452 (2d Cir. 2007).........................................................................................13, 15, 16
 Nixon v. Warner Commc'ns, Inc
.,435 U.S. 589, 98 S. Ct. 1306, 55 L. Ed. 2d 570 (1978)...........................................................21
Pension Benefit Guarantee Corp. v. Braniff Airways Inc. (In re Braniff Airways, Inc.)
,700 F.2d 935 (5
th
Cir. 1983)..............................................................................................12, 13
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