June monthly operating report.pdf

FORM MOR2/2008

PAGE 1 OF 1

In re DEWEY & LEBOEUF LLP Case No. 12-12321 Debtor Reporting Period: May 28, 2012 - June 30, 2012

Federal Tax I.D. # 13-5608594

This Monthly Operating Report includes the stub period of May following the petition date of May 28, 2012.

The Debtor prepares its financials on a cash basis and records revenue when cash is received and when expenses are paid in cash.

REQUIRED DOCUMENTS Form No. DocumentAttached

Explanation Attached

Schedule of Cash Receipts and Disbursements MOR-1 XBank Reconciliation (or copies of debtor's bank reconciliations) MOR-1 (CON'T) X Copies of bank statements X Cash disbursements journalsStatement of Operations MOR-2 XBalance Sheet MOR-3 XStatus of Post-petition Taxes MOR-4 X Copies of IRS Form 6123 or payment receipt Copies of tax returns filed during reporting periodSummary of Unpaid Post-petition Debts MOR-4 X Listing of Aged Accounts PayableAccounts Receivable Reconciliation and Aging MOR-5 XTaxes Reconciliation and Aging MOR-5 XPayments to Insiders and Professional MOR-6 XPost Petition Status of Secured Notes, Leases Payable MOR-6 XDebtor Questionnaire MOR-7 X

I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documentsare true and correct to the best of my knowledge and belief.

Signature of Debtor Date: 7/20/2012

Signature of Authorized Individual /s/ Francis J. Canellas Date: 7/20/2012

Printed Name of Authorized Individual: FRANCIS J. CANELLAS Date: 7/20/2012

CORPORATE MONTHLY OPERATING REPORT

UNITED STATES BANKRUPTCY COURTSOUTHERN DISTRICT OF NEW YORK

12-12321-mg Doc 260 Filed 07/20/12 Entered 07/20/12 23:01:44 Main Document Pg 1 of 107

In re DEWEY & LEBOEUF LLP Case No. 12-12321

Debtor Reporting Period: May 28, 2012 - June 30, 2012

Amounts reported should be from the debtor’s books and not the bank statement. The beginning cash should be the ending cash from the prior month

or, if this is the first report, the amount should be the balance on the date the petition was filed. The amounts reported in the "CURRENT MONTH -

ACTUAL” column must equal the sum of the four bank account columns. Attach copies of the bank statements and the cash disbursements journal.

The total disbursements listed in the disbursements journal must equal the total disbursements reported on this page. A bank reconciliation must be

attached for each account. [See MOR-1 (CON’T)]

This schedule of cash receipts and disbursements includes domestic bank accounts related to the Debtor's operations. Excluded accounts are either

inactive, held by foreign offices outside of the Debtor's control or held by non-Debtor affiliates.

ACCOUNT NUMBER (LAST 4)

JP Morgan

Depository

#2983

Citibank

Operating

#1596

BofA

Lockbox

#4559

JP Morgan

Client Proceeds

Account

#2613

JP Morgan

Disbursement ZBA

#9750

Other

(inactive, non-

operating accounts)

CURRENT MONTH

ACTUAL (TOTAL

OF ALL

ACCOUNTS)

CASH BEGINNING OF MONTH (5/28) 4,171,253 (272,479) 73,636 11,901,441 (265,053) 36,401 15,645,199

RECEIPTS

CASH SALES -

ACCOUNTS RECEIVABLE (See NOTE 2) 11,368,706 3,056,710 4,009,562 - 21,094 - 18,456,072

LOANS AND ADVANCES -

OTHER 261 175,447 3,000 691 179,398

TRANSFERS (7,856,950) (9,769) (3,852,969) 11,719,688 (25,848) (25,848)

TOTAL RECEIPTS 3,512,017 3,046,942 332,039 11,722,688 21,094 (25,157) 18,609,623

DISBURSEMENTS

WIND DOWN COMPENSATION 1,424,904 - - - - - 1,424,904

DISSOLUTION COMMITTEE 246,000 - - - - - 246,000

BENEFITS 266,870 96,653 - - - - 363,524

EMPLOYEE EXPENSE REIMBURSEMENTS 17,537 - - - 1,404 - 18,941

OCCUPANCY EXPENSES 327,929 - - - - - 327,929

DATACENTER / DR CO-LO 119,256 - - - - - 119,256

PROFESSIONAL LIABILITY INSURANCE 974,834 - - - - - 974,834

GENERAL INSURANCE 700,000 - - - - - 700,000

IT / CRITICAL SYSTEMS 363,000 - - - - - 363,000

RECORD MANAGEMENT / STORAGE 225,444 - - - - - 225,444

TAXES 57,226 16,500 - - - - 73,726

OTHER OPERATING EXPENSES 89,236 220 - - - - 89,456

BANK FEES - - 4,754 - - 232 4,986

VOIDED CHECKS (1,115) - (1,115)

TOTAL DISBURSEMENTS 4,812,236 113,374 4,754 - 289 232 4,930,884

NET CASH FLOW

(RECEIPTS LESS DISBURSEMENTS)

CASH – END OF MONTH (6/30) 2,871,034 2,661,089 400,921 23,624,130 (244,247) 11,012 29,323,938 DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN)

4,930,884

-

-

211,522

5,142,406

2,933,568 327,285 11,722,688 20,806 (25,389)

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

BANK ACCOUNTS (See NOTE 1)

13,678,739

NOTE 1: Includes bank accounts related to the Debtor's operations. Excluded accounts are those held by foreign offices outside of the Debtor's control or held

by non-Debtor affiliates.

NOTE 2: Accounts receivables invoiced post-petition and collected within the current reporting period was $3,928,162

NOTE 3: Foreign office disbursements for the current reporting period are compromised of disbursements made from the Debtor’s Frankfurt, Germany office

bank accounts. Of the $211,522 of aggregate foreign office disbursements, $76,446 (or 61,000 euros) consist of payments made to former partners of the

Frankfurt office on May 29, 2012. This disbursement was not authorized by the Debtor.

TOTAL DISBURSEMENTS

LESS: TRANSFERS TO OTHER DEBTOR IN POSSESSION ACCOUNTS

PLUS: PREPAYMENT REVERSALS (i.e. from escrow accounts)

PLUS: FOREIGN OFFICE DISBURSEMENTS (See NOTE 3)

TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE

QUARTERLY FEES

(1,300,219)

FORM MOR-1

2/2008

PAGE 2 OF 10




Continuation Sheet for MOR-1

A bank reconciliation must be included for each bank account. The debtor's bank reconciliation may be substituted for this page.

(Bank account numbers may be redacted to last four numbers.)

JP Morgan

Depository

Citibank

Operating

BofA

Lockbox

JP Morgan

Client

Proceeds

Account

JP Morgan

Disbursement

ZBA

Other

Accounts

#2983 #1596 #4559 #2613 #9750

BALANCE PER BOOKS 2,871,034 2,661,089 400,921 23,624,130 (244,247) 11,012

BANK BALANCE 2,762,418 - 401,185 23,624,130 - 297,115

(+) DEPOSITS IN

TRANSIT

- 2,931,924 - -

(-) OUTSTANDING

CHECKS

(10,425) (166,753) - - (244,247)

OTHER (ATTACH

EXPLANATION)

119,042 (104,082) (263) - (286,103)

ADJUSTED BANK

BALANCE *

2,871,034 2,661,089 400,921 23,624,130 (244,247) 11,012

*"Adjusted Bank Balance" must equal "Balance per Books"

DEPOSITS IN TRANSIT Date Amount Date Amount Amount Amount

(Available upon request)

CHECKS OUTSTANDING Ck. # Amount Ck. # Amount Amount Amount

(Available upon request)

OTHER

Detailed support documentation pending review

BANK RECONCILIATIONS

Closing balances as of 6/30/2012

FORM MOR-1 (CONT.)

2/2008

PAGE 3 OF 10




The Debtor's books and records are reported on a global, firmwide basis. As such, this statement of

operations is presented on a consolidated basis, which includes the Debtor's domestic and foreign offices, as well as

non-Debtor affiliates.

JUNE 30, 2012

CUMULATIVE -

FILING TO DATE

Fees Collected 19,307,467$ 19,307,467$

Operating expenses disbursed:

Employees:

Salaries and overtime:

Associates 71,391 71,391

Legal assistants 104,836 104,836

Other staff (see schedule) 1,623,761 1,433,761

Benefits and other employee expenses 394,094 394,094

Total employee expenses 2,194,082 2,004,082

Occupancy expenses 566,161 566,161

Office operating expenses 213,692 213,692

Depreciation and amortization 371,900 371,900

Professional activities 20,285 20,285

Insurance 1,657,708 1,657,708

Taxes (See NOTE 6) (182,091) (182,091)

Professional services 365,974 365,974

Uncollectible client disbursements written-off, net of write-ups (15,278) (15,278)

Total operating expenses 5,192,434 5,002,434

Excess of fees collected over operating expenses 14,115,033 14,305,033

Non-operating expenses (income):

Interest, net - -

Payments to retired partners, former partners and

the estates or families of former partners - -

Retainer of counsel - -

Other, net 693,641 693,641

Total non-operating expenses 693,641 693,641

Excess of fees collected over operating and

non operating expenses 13,421,392$ 13,611,392$

BREAKDOWN OF “OTHER” CATEGORY

OTHER STAFF

ADMINISTRATION 1,193,208 1,193,208

SUPPORT STAFF 228,129 228,129

OVERTIME 12,424 12,424

CONSOLIDATED STATEMENT OF OPERATIONS (See NOTE 4 and NOTE 5)

NOTE 4: The Debtor prepares its reports on a cash basis and records revenue when cash from customers is

received and when expenses are paid in cash (other than depreciation).

NOTE 5: These financials that are reported are on a consolidated firmwide basis, including domestic and foreign

offices, as well as non-Debtor affiliates. Book balances may not reflect actual activity of foreign locations included.

NOTE 6: Includes a NYS sales tax refund

FORM MOR-2

2/2008

PAGE 4 OF 10




The Debtor's books and records are reported on a global, firmwide basis. As such, this balance sheet is presented

on a consolidated basis, which includes the Debtor's domestic and foreign offices, as well as non-Debtor affiliates.

ASSETS BOOK VALUE AT END OF

CURRENT REPORTING

MONTH

BOOK VALUE AT END OF

PRIOR REPORTING

MONTH

BOOK VALUE ON

PETITION DATE OR

SCHEDULED

CURRENT ASSETS

Cash and cash equivalents - unrestricted domestic 5,699,809 3,743,758

Cash and cash equivalents - restricted domestic (See NOTE 6) 23,624,130 11,901,441

Cash and cash equivalents - foreign (See NOTE 7) 7,674,921 5,015,463

Accounts receivable (client expenses) (See NOTE 8) 17,497,838 18,107,317

Other receivables and loans 29,181,755 31,836,085

Prepaid expenses and deposits 26,162,320 26,162,320

Other assets-short term - -

TOTAL CURRENT ASSETS 109,840,773 96,766,385

PROPERTY & EQUIPMENT

Furniture, Fixtures and Office Equipment 87,470,246 87,470,246

Leasehold Improvements 64,400,151 64,400,151

Less: Accumulated Depreciation 93,360,048 92,988,147

TOTAL PROPERTY & EQUIPMENT (See NOTE 9) 58,510,349 58,882,250

OTHER ASSETS

Amounts due from Insiders* - -

Other Assets (attach schedule) 17,853,031 17,853,031

TOTAL OTHER ASSETS 17,853,031 17,853,031

TOTAL ASSETS 186,204,154 173,501,666

LIABILITIES AND OWNER EQUITY BOOK VALUE AT END OF

CURRENT REPORTING

MONTH

BOOK VALUE AT END OF

PRIOR REPORTING

MONTH

BOOK VALUE ON

PETITION DATE

LIABILITIES NOT SUBJECT TO COMPROMISE (Postpetition)

Accounts Payable (See NOTE 9) - -

Taxes Payable (refer to FORM MOR-4) - -

Wages Payable - -

Notes Payable - -

Rent / Leases - Building/Equipment - -

Secured Debt / Adequate Protection Payments - -

Professional Fees - -

Amounts Due to Insiders* - -

Other Post-petition Liabilities (attach schedule) - -

TOTAL POST-PETITION LIABILITIES - -

LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)

Secured Debt 231,390,634 231,390,634

Priority Debt - -

Unsecured Debt (See NOTE 10) 14,421,325 15,038,212

TOTAL PRE-PETITION LIABILITIES 245,811,959 246,428,846

TOTAL LIABILITIES 245,811,959 246,428,846

OWNERS' EQUITY

Capital Stock - -

Additional Paid-In Capital - -

Partners' Capital Account (See NOTE 11) (59,793,680) (73,113,055)

Retirement Accounts 185,876 185,876

Adjustments to Owner Equity (attach schedule) - -

Post-petition Contributions (attach schedule) - -

NET OWNERS’ EQUITY (59,607,804) (72,927,180)

TOTAL LIABILITIES AND OWNERS' EQUITY 186,204,154 173,501,666

*"Insider" is defined in 11 U.S.C. Section 101(31).

BALANCE SHEET

NOTE 7: Includes bank accounts held by foreign offices or held by non-Debtor affiliates. Book balances may not reflect actual cash available at

foreign accounts the Debtor does not control.

These financials are reported are on a consolidated firmwide basis, including domestic and foreign offices, as well as non-Debtor affiliates.

NOTE 6: Cash that is restricted for a specific use and not available to fund operations.

NOTE 12: The Debtor prepares its reports on a cash basis and records revenue when cash from customers is received and when expenses are

paid in cash. Therefore, the Debtor does not accrue payables on its balance sheet. For unpaid payables please refer to Form MOR-4.

NOTE 8: The Debtor prepares its reports on a cash basis, and as such, accounts receivable and work-in-progress is not recorded to the balance

sheet but a separate schedule is maintained and available upon request

NOTE 9: The Debtor's books and records do not reflect the abandonment of FF&E and leasehold improvements.

NOTE 10: Pre petition liabilities decreased during the period due to post petition payments of taxes which were withheld from employees at the

UK, non-Debtor entity, prior to the petition date.

NOTE 11: Change in Partner Capital Account is due to income generated during the period less the unathorized withdrawal from the German

office and less flucuations in foreign exchange rates.

FORM MOR-3

2/2008

PAGE 5 OF 10




BALANCE SHEET - continuation sectionASSETS BOOK VALUE AT END

OF CURRENT

REPORTING MONTH

BOOK VALUE AT END

OF PRIOR REPORTING

MONTH

BOOK VALUE ON

PETITION DATE

Other AssetsINVESTMENT - BAR LTD (See NOTE 13) 5,318,636 5,318,636

DEFERRED REAL ESTATE COMMISSION 4,387,670 4,387,670

DEFERRED LEASE ACQUISITION COSTS 722,113 722,113

DEFFERED COMBINATION COST 6,321,178 6,321,178

RECEIVABLE PREPAID EXPENSE LONG TERM PORTION 0 0

DEFERRED REVOLVER AND PRIVATE PLACEMENT FEES 1,107,428 1,107,428

RECEIVABLE FROM RELATED PARTIES (3,993) (3,993)

NOTE 13: Based on historical cost basis.

FORM MOR-3

2/2008

PAGE 6 OF 10




The beginning tax liability should be the ending liability from the prior month or, if this is the first report, the

amount should be zero.

Attach photocopies of IRS Form 6123 or payment receipt to verify payment or deposit of federal payroll taxes.

Attach photocopies of any tax returns filed during the reporting period.

Federal

Beginning

Tax

Amount

Withheld

and/or

Accrued Amount Paid Date Paid

Check # or

EFT Ending Tax

Withholding - - 190,075 5/31, 6/8, 6/15, 6/30 -

FICA/Medicare-Employee - - 53,792 5/31, 6/8, 6/15, 6/30 -

FICA/Medicare-Employer - - 72,048 5/31, 6/8, 6/15, 6/30 -

Unemployment - - 18 5/31, 6/8, 6/15, 6/30 -

Income - - - 5/31, 6/8, 6/15, 6/30 -

Other: - - - 5/31, 6/8, 6/15, 6/30 -

Total Federal Taxes - - 315,933 -

State and Local

Withholding - - 63,238 5/31, 6/8, 6/15, 6/30 -

Local - - 17,145 5/31, 6/8, 6/15, 6/30 -

Excise - - - -

Unemployment - - 199 5/31, 6/8, 6/15, 6/30 -

Real Property - - - -

Personal Property - - - -

Other:State Disability Insurance - 336 5/31, 6/8, 6/15, 6/30

Total State and Local - - 80,919 -

Total Taxes - - 396,852 -

Attach aged listing of accounts payable.

Current 0-30 31-60 61-90 Over 91 Total

Accounts Payable 25,644 - - - - 25,644

Wages Payable - - - - - -

Taxes Payable - - - - - -

Rent/Leases-Building 25,192 - - - - 25,192

Rent/Leases-Equipment - - - - - -

Secured Debt/Adequate

Protection Payments

- - - - - -

Professional Fees 374,082 - - - - 374,082

Amounts Due to Insiders - - - - - -

Other:______________ - - - - - -

Total Post-petition Debts 424,917 - - - - 424,917

Number of Days Past Due

STATUS OF POST-PETITION TAXES

SUMMARY OF UNPAID POST-PETITION DEBTS

FORM MOR-4

2/2008

PAGE 7 OF 10




Amount

209,758,030

16,381,946

20,177,231

267,562

256,467

205,438,716

Accounts Receivable Aging 0-30 Days 31-60 Days 61-90 Days 91+ Days Total

Accounts Receivable (See NOTE 14) 15,763,320 25,266,538 51,777,394 112,631,465 205,438,716

Total Accounts Receivable 15,763,320 25,266,538 51,777,394 112,631,465 205,438,716

Less: Bad Debts (Amount considered uncollectible) - - - - -

Net Accounts Receivable 15,763,320 25,266,538 51,777,394 112,631,465 205,438,716

Work-in-Process (See NOTE 16) 120,211,295

Taxes Payable 0-30 Days 31-60 Days 61-90 Days 91+ Days Total

0 - 30 days old 213,762 - - - 213,762

31 - 60 days old - - - - -

61 - 90 days old - - - - -

91+ days old - - - - -

Total Taxes Payable 213,762 - - - 213,762

Total Accounts Payable 424,917

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING

TAXES RECONCILIATION AND AGING

NOTE 14: Accounts receivable represents gross fees and expenses incurred and billed by the Debtor entity and includes accounts receivable from domestic

offices, foreign branch offices and foreign non-debtor affiliates. Gross amounts exclude interim and unallocated balances (e.g. retainers).

NOTE 16: Work-in-process ("WIP") represents fees and expenses incurred but unbilled by the Debtor for both non-contingent and contingent client matters.

NOTE 15: Includes both fees and disbursements firmwide, domestic and foreign, collections

Total Accounts Receivable at the end of the reporting period

Accounts Receivable Reconciliation (See NOTE 14)

Total Accounts Receivable at the beginning of the reporting period

Plus: Amounts billed during the period

Less: Amounts collected during the period (See NOTE 15)

Less: Prior collections applied to current invoices

Less: Write-offs / Adjustments

FORM MOR-5

2/2008

PAGE 8 OF 10




Of the total disbursements shown on the Cash Receipts and Disbursements Report (MOR-1) list the amount paid to insiders (as defined in

Section 101(31) (A)-(F) of the U.S. Bankruptcy Code) and to professionals. For payments to insiders, identify the type of compensation paid

(e.g. Salary, Bonus, Commissions, Insurance, Housing Allowance, Travel, Car Allowance, Etc.). Attach additional sheets if necessary.

NAME TYPE OF PAYMENT AMOUNT PAID TOTAL PAID TO DATE

STEVE HORVATH SALARY 190,000.00 190,000.00

STEVE HORVATH EXPENSE REIMBURSMENT 23,563.33 23,563.33

JANIS MEYER SALARY 56,000.00 56,000.00

FRANK CANELLAS SALARY 33,333.34 33,333.34

302,896.67 302,896.67

NAME

DATE OF COURT ORDER

AUTHORIZING PAYMENT AMOUNT APPROVED AMOUNT PAID TOTAL PAID TO DATE

TOTAL INCURRED &

UNPAID*

* INCLUDE ALL FEES INCURRED, BOTH APPROVED AND UNAPPROVED

NAME OF CREDITOR

SCHEDULED MONTHLY

PAYMENT DUE

AMOUNT PAID

DURING MONTH

TOTAL UNPAID POST-

PETITION

PAYMENTS TO INSIDERS AND PROFESSIONALS

POST-PETITION STATUS OF SECURED NOTES, LEASES PAYABLE

AND ADEQUATE PROTECTION PAYMENTS

TOTAL PAYMENTS

INSIDERS

TOTAL PAYMENTS TO INSIDERS

TOTAL PAYMENTS TO PROFESSIONALS

PROFESSIONALS

FORM MOR-6

2/2008

PAGE 9 OF 10




Must be completed each month. If the answer to any of the

questions is “Yes”, provide a detailed explanation of each item.

Attach additional sheets if necessary.

Yes No Explanation

1Have any assets been sold or transferred outside the normal course of

business this reporting period? X

2Have any funds been disbursed from any account other than a debtor in

possession account this reporting period? X

3Is the Debtor delinquent in the timely filing of any post-petition tax

returns? X

4

Are workers compensation, general liability or other necessary insurance

coverages expired or cancelled, or has the debtor received notice of

expiration or cancellation of such policies?

X

5Is the Debtor delinquent in paying any insurance premium payment?

X

6Have any payments been made on pre-petition liabilities this reporting

period?X Yes, pursuant to court order.

7Are any post petition receivables (accounts, notes or loans) due from

related parties?X

8 Are any post petition payroll taxes past due? X

9 Are any post petition State or Federal income taxes past due? X

10Are any post petition real estate taxes past due?

X Yes, stub period for post

petition occupancy tax.

11 Are any other post petition taxes past due? X

12Have any pre-petition taxes been paid during this reporting period?

X Yes, pursuant to court order.

13 Are any amounts owed to post petition creditors delinquent? X

14 Are any wage payments past due? X

15Have any post petition loans been been received by the Debtor from any

party?X

16 Is the Debtor delinquent in paying any U.S. Trustee fees? X

17Is the Debtor delinquent with any court ordered payments to attorneys or

other professionals?X

18Have the owners or shareholders received any compensation outside of

the normal course of business?X

DEBTOR QUESTIONNAIRE

FORM MOR-7

2/2008

PAGE 10 OF 10



































































































Documents

June monthly operating report.pdf