Ed. note: Welcome to our daily feature, Quote of the Day.
I am extremely pleased by the outcome of this process, which facilitated creditor recoveries substantially exceeding those usually achieved in a law firm liquidation. The dedication of Stroock’s winddown team, the diligence of the Firm’s former partners in supporting the collection of accounts receivable and the good faith participation in the process by the overwhelming majority of Stroock’s creditors allowed us to complete the winddown and dissolution of a law firm in only 26 months and helped to maximize the value ultimately delivered to creditors.
— Gary Polkowitz, a Senior Managing Director at Teneo, the global CEO advisory firm, commenting on the completion of the winddown and formal dissolution of Stroock & Stroock & Lavan. Polkowitz served as the nearly 150-year-old firm’s liquidation manager, and as of December 31, 2025, Stroock agreed to settlements with creditors holding over 99% of unsecured claims. Final distributions have now been made to all creditors, who received 55.50% of their agreed claims.
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