The Work

April 3, 2009 1:44 PM

Paul Weiss to Get $1.4 Million from Dreier Work

Posted by Zach Lowe

Lawyers at Paul, Weiss, Rifkind, Wharton & Garrison sound like they are ready to wrap up their work as court-appointed receivers charged with tracking down whatever remains of Marc Dreier's assets, and they're willing to charge a substantially lower billing rate than usual for the work, according to this update in the New York Law Journal.

The court-appointed receiver, Mark Pomerantz, told a federal judge Thursday he expects to bill about $1.4 million for the firm's work in tracking down $100 million in Dreier's assets--mostly in homes, yachts, artwork and other property. (As we wrote last week, that won't be nearly enough to pay victims of Dreier's frauds-- whose losses total upwards of $500 million, according to lawyers involved in the matter--or general creditors of Dreier LLP. Victims and creditors began filing claims this week, and the value of their claims is already up to about $450 million, according to this NYLJ story.)

Pomerantz will submit papers shortly detailing an exact payment request, the NYLJ says.

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