Prior to entering bankruptcy, one of the 100 largest law firms in the country abruptly decided to liquidate, leaving retired partners in the firm with more than $20 million in unfunded pension payments due. The retired partners, in turn, filed an involuntary bankruptcy petition that was granted by the bankruptcy court. In connection with the approval of the involuntary petition, the bankruptcy court appointed a Chapter 7 trustee to administer the case.
The Chapter 7 trustee and special counsel retained Baker Tilly to, among other things:
In part due to our work on the matter, the trustee recovered in excess of $10 million by means of various settlements and adversary actions. This resulted in recoveries for the unsecured creditors, including the retired partners, that otherwise would not have been achieved.
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