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Dewey & LeBoeuf swallowed millions of dollars in cash in its last weeks, when it was likely becoming clear the firm wouldn’t survive.To be precise, Dewey blew through $43 million in borrowed money between April 16 and May 28, according to a Monday bankruptcy court filing by JP Morgan.
However, JP Morgan will continue to let Dewey use the bank’s money to help it wind down and avoid an onslaught of litigation.
“In the absence of a strategy for the case and adequate funding,” the bank said, “this case, like virtually every single significant law firm bankruptcy to date, could easily devolve into a quagmire of uncontrolled litigation.”
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