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Firm that represented Frank McCourt in bankruptcy goes bankrupt

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Irony is one of our most overused words, but come on …

News has come from back east that the law firm of Dewey & LeBoeuf is filing for bankruptcy.

Besides the little detail that this is the largest law firm to go under in U.S. history, there is this one other notable fact:

The law firm going bankrupt is the same law firm that handled Frank McCourt’s bankruptcy of the Dodgers.

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In its filing, Dewey lists liabilities “in the range” of $100 million to $500 million; if that’s the best estimate it can come up with, it’s no wonder these guys got into financial trouble.

Hey, I know a guy flush with $1 billion who might be able to give Dewey a loan. You could argue he even owes them.

According to court records, McCourt has incurred more than $20 million in “bankruptcy-related expenses.” Bills are still coming in. That’s not all from Dewey, certainly, but it’s still a lot of attorney fees. And Dewey was discounting its bill.

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Dewey is not planning on coming out of this either, but to liquidate. Guess it knows what it’s doing, it does have all that experience.

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