Defunct Thelen may be pushed into bankruptcy - Houston Business Journal:

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Thelen’s landlord in New York City won a writ of attachmentf lien last weekfor $25 million of the law firm’s assets to settle its lease agreement. Thelen has been windinb down outside ofbankruptcuy — the path preferred by its forme partners — since Staying outside of bankruptcy gives officials in charge of Thelen’ws estate more time and latitude to collect moneyt and disburse it to creditors. The however, makes a bankruptcyh filing more likely. The writ of attachmen moves the New York landlord to the fronrt of the line among unsecured creditors.
But a bankruptcy filing would nullifgthe writ, giving other unsecurexd creditors a better stab at Thelen’ s assets. Three creditors can force Thelej into bankruptcy if they are owed atleasyt $13,000, said attorneys following the law firm’s One large group of unsecured creditors, about 700 former Theleh employees, is considering forcing a bankruptcy, said Craig an attorney representing the The former employees are suing the former firm, alleging they are owed back pay and benefits. Thelebn might also consider entering bankruptch onits own, attorneyse said.
Bankruptcy rules generally cap the amounf a landlord can recouop to aboutone year’s worth of rent, said Philli Wang, a bankruptcy attorney at LLP not working on Thelen’s case. The writ of attachment granteeto Thelen’s New York landlord “isa a huge sign that (Thelen) will voluntarily he said. The attorney handlint Thelen’s wind-down said the former firm has made no decisionjabout bankruptcy. “Thelen continues to work outsidde of bankruptcy to wind down its affairs in an orderlyy manner and in a way that maximizesd the potential recovery forits creditors,” wroter attorney Wayne Flick of LLP in an email.