Thelen LLP filed for Chapter 7 bankruptcy in the Southern District of New York on Thursday night. See the petition here (.pdf).
Many expected the bankruptcy to come before the end of this week. A New York landlord had obtained writ of attachment in Los Angeles Superior Court in June that guaranteed it $25 million of Thelen’s assets. The firm had 90 days to void the writ with a bankruptcy.
A similar writ forced Heller into bankruptcy last December.
Thelen voted to dissolve last October. The firm had paid off most of its debt to its banks by the summer, when the writ arrived.
Thelen filed the bankruptcy in New York because that’s where its assets and major creditors are located, said Peter Gilhuly, Thelen’s bankruptcy counsel at Latham & Watkins, in an e-mail.
“Thelen believes that its principle remaining assets (receivables) are located in NY as is its bank, and two largest unsecured creditors (landlords).”
Update: A little more detail from the bankruptcy filing is in the version we've just posted on CalLaw.
— Amanda Royal