Hey, I'm trying to think outside the box:
Financial troubles at Ruden McClosky are deepening, with the Fort Lauderdale-based firm suspending all capital payouts to former equity shareholders.Aren't the repayments a contractual obligation? How can you declare a "moratorium" on paying back a debt?
In a letter to about 50 to 60 former equity shareholders Saturday, co-managing partners Michael Krul and Carl Schuster said the firm was declaring a "moratorium" on all capital account repayments. The three-paragraph letter stated the firm would review the situation "later in the year."
The survival of the firm has been a subject of open debate for months. Sources at two law firms that were approached said Ruden has been shopping for merger partners.
Oh well, I don't do transactional work.