December 30, 2008
Heller Ehrman First Day Declaration
The First Day Declaration of Peter Benvenutti can be accessed here. The 118 year old "firm" is in dissolution and seems to have far more accounts receivable and other assets than debts but the Bank of America got cold feet and grabbed the $5 million in the bank and a landlord got a writ of attachment for another $5 million so the chapter 11 is off and running. The declaration explains that the bank's lien may not have been properly perfected and is therefore a preference since it tried to fix the mistake within the preference period. There are also issues with "retention bonuses," and the like.
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