Bingham McCutchen, you probably know, was the law firm under which Larry Silverstein drafted the Marital Property Agreement that has been the subject of a great deal of scrutiny. It is widely believed that whichever McCourt loses out in the litigation--and, for the moment, that looks like Frank--will go after Bingham for its role in the circumstances which led us to today. Naturally, and quite understandably, Bingham will not simply acquiesce. Tonight, Claire Papanastasiou, the firm's spokesman, released the following statement:
The Court’s decision turns upon a very technical analysis of complex issues of Massachusetts and California marital property law. These are issues on which the lawyers and the foremost legal experts have differing opinions. The order clearly does not make a finding, nor base its conclusions on any finding, that Larry Silverstein engaged in any misconduct. Instead, the opinion places the focus on the proper question of what did the parties intend in doing their property arrangements in 2004. It is our hope that the McCourts will resolve their differences amicably.No one will disagree that the way Larry Silverstein handled the MPA was something less than best practices. Bingham's potential liability largely hinges on whether its actions, or the actions of its attorneys, proximately caused harm to whoever sues the firm. In other words, would whoever sues Bingham have avoided his fate but for Bingham's actions? The discussion is probably a bit premature until we get through the asset characterization litigation that looks like the next step in the McCourt divorce.
It's a complex issue, and we'll get to it in due time.