Mark Pomerantz, the SEC’s court-appointed receiver for the law firm Dreier LLP, has advised U.S. District Judge Miriam Cedarbaum of the SDNY that the firm will file for bankruptcy. Bloomberg reports that in a Dec. 11 letter publicly filed yesterday, Pomerantz stated that “I have advised counsel for the SEC and counsel for Mr. Dreier of my intention to seek bankruptcy protection, and I believe that Mr. Dreier himself will file a personal petition for bankruptcy in the near future.”
Bloomberg reports that in a Dec. 8 affidavit filed with the court, partner Joel Chernov stated that the December rent is overdue, the month’s health-insurance premium hasn’t been paid and AT&T Inc. will shut down the firm’s Blackberry service.
In the December 11 letter, Pomerantz told Cedarbaum that he believed that the purposes of the receivership were “best served” through a bankruptcy filing of the firm and possibly other unidentified entities in which Dreier holds interests. “Once these bankruptcies are begun, the respective bankruptcy trustees will have the comprehensive authority provided by the bankruptcy laws to gather and conserve assets,” Pomerantz wrote.
