Pierce Bainbridge Funder Says Firm Defaulted On Debt

Law360 (June 1, 2020, 6:22 PM EDT) -- Litigation funder Virage Capital Management claims Pierce Bainbridge has defaulted on debt the ailing law firm racked up over the past year, estimated by current and former attorneys at $65 million, as Virage bids to block a competing creditor from collecting on a much smaller debt in Texas state court.

In a motion to intervene filed Friday, Virage said it should be paid back ahead of Creative Capital Funding LLC, a merchant cash advance lender that sued Pierce Bainbridge and its founder John Pierce last month seeking about $280,000 in compensation for an unpaid loan. Virage said it already held liens...

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