Amici Briefs From Firms Fault ‘Unfinished Business’ Doctrine

May 12, 2014 – In The News
New York Law Journal

Yann Geron was featured in the New York Law Journal article “Amici Briefs From Firms Fault ‘Unfinished Business’ Doctrine.” While the full text can be found in the May 12, 2014, issue of the New York Law Journal, a synopsis is noted below.

Several prominent law firms are urging the Court of Appeals to declare as impractical the practice of allowing bankruptcy trustees to pursue profits from matters that partners carry from defunct firms to their new firms, and to find it contrary to nearly a thousand years of legal principle.

In an amicus brief submitted in (Matter of Thelen) Geron v. Syfarth Shaw, the firms contend that the “unfinished business” rule cannot be applied to require that the bankruptcy estate of Thelen LLP share in profits earned at new firms from cases that started at Thelen before it dissolved.

Howard Magaliff, attorney Geron, the Chapter 7 trustee in the Thelen case, will argue before the Court of Appeals that Stem v. Warren provides that the “uncompleted contract for services is an asset of the dissolved service provider partnership, which is entitled to the profits from its completion.”