defunct Archives - Home Safety Tech Pros https://homesafetytechpros.com/tag/defunct/ Home Safety Tech Pros Sun, 02 Mar 2025 02:46:54 +0000 en-US hourly 1 https://wordpress.org/?v=7.0 Co-founder of defunct firm LeClairRyan may be able to avoid tax liability after 4th Circuit decision on his exit https://homesafetytechpros.com/co-founder-of-defunct-firm-leclairryan-may-be-able-to-avoid-tax-liability-after-4th-circuit-decision-on-his-exit/ https://homesafetytechpros.com/co-founder-of-defunct-firm-leclairryan-may-be-able-to-avoid-tax-liability-after-4th-circuit-decision-on-his-exit/#respond Sun, 02 Mar 2025 02:46:54 +0000 https://homesafetytechpros.com/co-founder-of-defunct-firm-leclairryan-may-be-able-to-avoid-tax-liability-after-4th-circuit-decision-on-his-exit/ Home Daily News Co-founder of defunct firm LeClairRyan may… Law Firms Co-founder of defunct firm LeClairRyan may be able to avoid tax liability after 4th Circuit decision on his exit By Debra Cassens Weiss February 12, 2025, 10:44 am CST The co-founder and former CEO of the defunct law firm LeClairRyan may be able to […]

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Law Firms

Co-founder of defunct firm LeClairRyan may be able to avoid tax liability after 4th Circuit decision on his exit

By Debra Cassens Weiss

LeClairRyan

The co-founder and former CEO of the defunct law firm LeClairRyan may be able to avoid tax liability in connection with the firm’s collapse because of a ruling Friday by a federal appeals court. (Photo illustration by Brenan Sharp/ABA Journal)

The co-founder and former CEO of the defunct law firm LeClairRyan may be able to avoid tax liability in connection with the firm’s collapse because of a ruling Friday by a federal appeals court.

The 4th U.S. Circuit Court of Appeals at Richmond, Virginia, ruled for former partner Gary LeClair in a Feb. 7 opinion, Law360 reports.

The Legal Profession Blog published highlights.

The 4th Circuit ruled that LeClairRyan’s operating agreement didn’t bar LeClair from withdrawing as a partner after a vote to dissolve in July 2019. Bankruptcy and federal courts had reached the opposite conclusion, which made LeClair liable for some tax obligations because he was considered a partner on the day that the firm filed for bankruptcy in September 2019.

The firm had included LeClair on a list of equity holders filed with the bankruptcy court. LeClair wanted to amend the list to remove his name.

The 4th Circuit remanded for a determination.

“We leave it to the bankruptcy court on remand to determine whether any equitable considerations warrant denial of the motion to amend despite LeClair’s correct interpretation of the operating agreement,” the appeals court said.

See also:

Too big too soon: How LeClairRyan went under

LeClairRyan bankruptcy trustee targets firm co-founder, compares firm to movie ‘Weekend at Bernie’s’





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Trials & Litigation

Storage company contends it has no obligation to sort through client files allegedly left by defunct law firm

By Debra Cassens Weiss

stack of papers

A records management company is asking a court to declare that it has no obligation to clients of a defunct Pittsburgh law firm that allegedly left more than 7,500 boxes in its warehouse that likely contain numerous client files. (Image from Shutterstock)

A records management company is asking a court to declare that it has no obligation to clients of a defunct Pittsburgh law firm that allegedly left more than 7,500 boxes in its warehouse that likely contain numerous client files.

In a Jan. 29 lawsuit, the Access Information Management Corp. said shuttered firm Rothman Gordon is asking the company to deliver the files to clients, even though the Access Information Management Corp. “has no authority whatsoever to relocate, handle, deliver or otherwise provide the files to any person or entity aside from Rothman.”

Indeed, the suit said, rifling through large unlabeled boxes could expose the Access Information Management Corp. to liability.

Law360 has the story on the suit, which also contends that Rothman Gordon owes the storage company more than $91,000 in unpaid bills, an amount that increases daily.

Rothman Gordon stopped operating in October 2024, but it has not filed articles of dissolution and remains obligated to fulfill its contractual obligations, the suit said. The firm allegedly stopped paying storage fees around June 2023.

The initial contract was between the firm and Business Records Management, a company acquired by the Access Information Management Corp. when it was known as Retrievex.

The firm agreed in the contract that it is the owner of the stored records, and that the storage company can’t destroy “useless records” absent written instruction and payment of the “standard published rates,” the suit said.

The Access Information Management Corp. filed the suit in Pennsylvania state court in Allegheny County, Pennsylvania.

The Access Information Management Corp. is seeking a declaratory judgment regarding its obligations, an injunction requiring Rothman Gordon to take back or destroy the files and to stop telling clients to contact the storage company, and damages of more than $91,000 for the unpaid bills.

Law360 identified the lawyer for Rothman Gordon as Matthew M. Herron of Herron Business Law. He did not immediately respond to an ABA Journal voicemail requesting for comment. Rothman Gordon’s former managing partner, Frank Salpietro, also did not immediately respond to a voicemail message.





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