THE AM LAW DAILY

SURVEYS AND RANKINGS

MAGAZINE

SPECIAL REPORTS

The Firms

August 12, 2009 11:08 AM

Ex-Heller Chair Denies False Profits Claim

Posted by Zach Lowe

Former Heller Ehrman chair Matthew Larrabee denied allegations that Heller higher-ups inflated profits in 2007 by overpaying partners up to $9 million, according to the Recorder, an Am Law sibling publication that broke the story about the allegations on Tuesday

The creditors committee in Heller's bankruptcy case made the allegations as part of its larger effort to prove the firm was insolvent in 2007 and increase the amount of money they can claw back from former Heller shareholders. Larrabee e-mailed the Recorder Tuesday to say the allegations are "without merit," according to the story.

Other former Heller management, including Barry Levin, Robert Hubbell and chief financial officer Richard Holdrup, did not respond to requests for comment. 

According to the Recorder: "Larrabee did not respond, and Levin, Hubbell, and Holdrup declined to answer, when asked if there was a reasonable explanation for the $9 million discrepancy creditors have apparently found in Heller's books."

The Heller estate is seeking as much as $106 million from former firm shareholders.

Make a comment

Comments (0)
Save & Share: Facebook | Del.ic.ious | | Email |

Reprints & Permissions

Comments

Report offensive comments to The Am Law Daily.

The comments to this entry are closed.

By: TwitterButtons.comhttp://www.facebookloginhut.com/facebook-login/


theamlawdaily@alm.com




From the Law.com Newswire

Sign up to receive Legal Blog Watch by email
View a Sample

Advertisement