Rueters mentions a possible loan extension and also a email from Davis to the partners. No one is printing complete copies of these memos, but perhaps ATL will get them.
3:55 p.m. CDT, April 29, 2012
NEW YORK (Reuters) -
A person close to the firm told Reuters before news of Davis's ouster, that Dewey was close to securing a 90- to 120-day extension of roughly $75 million in loan debt due on Monday, providing a temporary reprieve on a default that could trigger a bankruptcy.
In the internal memo, Dewey's management said the decision to remove Davis from his leadership position was unrelated to the end of talks with Greenberg Traurig. It also said the move should not be read as a judgment on the merits of the district attorney's probe.
"The executive committee felt it was in the best interests of the firm to take this action," the memo said.
Davis had previously been the firm's chairman, but became part of a five-member "office of the chairman" in March, after Dewey overhauled its leadership structure. Davis has now effectively been removed from all leadership positions.
In an e-mail to partners Sunday obtained by Reuters, Davis said he was "saddened" by the committee's decision, and said he had done his best to "navigate the firm through challenging and turbulent times."
"My decisions as chairman were made in good faith and in the firm's best interests," Davis said. "I trust as this process continues, a dispassionate and disinterested review of the facts will confirm that I have not engaged in any misconduct."
And Greenberg never considered a merger, though no one had speculated that they would take the whole firm:
"Dewey is a firm we hold in high regard with many fine lawyers, though we never considered a merger," Greenberg Traurig CEO Richard Rosenbaum said in the statement.
I agree with whoever above said that the media is running their own imagination and without much information on this story. I am not going to post any more stories about Dewey until something definite is announced. If anyone else finds good stuff, please post it.