Thelen Files For Ch. 7 Months After Dissolving

Law360, New York (September 18, 2009, 2:23 PM EDT) -- Defunct law firm Thelen LLP filed a Chapter 7 bankruptcy petition Friday after secured creditor Citibank NA cut off funding for the cost of collection and wind-down operations.

Thelen, which was forced to close up shop last fall amid a wave of departures and bleak economic projections, listed assets of between $10 million and $50 million and liabilities of between $50 million and $100 million.

The estimated realizable assets will be insufficient to result in any meaningful payment to unsecured creditors given the unpaid balance of...
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