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January 8, 2009
Steven J. Reisman Appointed Special Representative For 360networks In Missing Funds Investigation


NEW YORK, January 8, 2009 – Curtis, Mallet-Prevost, Colt & Mosle LLP partner Steven J. Reisman has been appointed to investigate allegations that 360networks and its creditors are owed up to $38.5 million in funds from Dreier LLP. The funds, which should have been in a Dreier LLP client escrow account, were to be shared between the reorganized telecommunications company and its creditors pursuant to the Chapter 11 Plan. Reisman was appointed by Judge Allan L. Gropper of the United States Bankruptcy Court for the Southern District of New York.

The Dreier firm collapsed into bankruptcy in December 2008 after Marc Dreier, founder of the 250-lawyer firm in Manhattan and its sole equity holder, was arrested in Canada for allegedly impersonating his client in a scheme to fraudulently sell forged debt securities. The Dreier firm had accumulated the roughly $38.5 million in cash from prosecuting preference recovery actions that it brought as counsel to the committee appointed under 360networks' confirmed Chapter 11 Plan.

Reisman has engaged Curtis as his counsel on the matter and will be represented by a group of Curtis lawyers that includes Restructuring and Insolvency Co-Chair Lynn P. Harrison III, Litigation Co-Chair T. Barry Kingham and counsel Jerrold Bregman.

Reisman is Co-Chair of Curtis’ Restructuring and Insolvency practice and participates in a wide range of domestic and international matters involving bankruptcy, restructuring and creditors’ rights on behalf of governmental, public company and private clients. He commonly represents Chapter 11 debtors,

Chapter 11 trustees, secured lenders, governmental entities, creditors’ committees, indenture trustees, liquidators, secured and unsecured creditors (including chairpersons of creditors’ committees), shareholders, distressed investors, defendants in avoidance action and landlords and tenants in bankruptcy cases. Reisman has extensive experience advising investors seeking opportunities in Chapter 11 bankruptcy cases through the purchase of bankruptcy claims, acquisition of assets or as a proponent of a plan of reorganization. He has also worked on several cross-border insolvency proceedings involving Mexico, Canada, Argentina and other countries.

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