Assets
The assets of Dreier LLP and its affiliates have been frozen by court order. A Statement of Financial Affairs, filed on February 16, 2009, with the Southern District of New York U.S.Bankruptcy Court, disclosed that Dreier LLP has $59 million in assets and $42 million in liabilities, some $30 million of which is owed to creditors holding secured claims. In 2008, salaries for contract partners ranged as high as $1 million or more. Dreier, the firm's sole equity partner, received more than $4 million, and $27,000 was paid to his 19-year-old son, Spencer. The figures are based on an unaudited copy of the firm's books and records.
A 10-page list of property filed with the Court some of which includes: 5 bank/investment accounts; Boats: “Seascape,” 2005 Hessen Motor Yacht, 2008 Novorunia Equator Yacht Tender, Yamaha Waverunners (4); Cars: 2007 Aston Martin, DB9 Volante, 2006 BMW 650i convertible, 2000 Mercedes Benz S500 Sedan, 1997 Mercedes Benz SL500 Roadster; More than 100 works of Art: “Chair with Book on Red Carpet," David Hockney; “First Painting with Bottle,” Roy Lichtenstein; “Blue Jackie,” “White Jackie,” “Jackie Profile Looking Down,” Andy Warhol; “Portrait of a Girl,” Pablo Picasso; “Grand Masque,” Henri Matisse; “Big Thief,” Tom Otterness, and a 2006 high-definition, Salma Hayek video by Soho photographer Robert Wilson; Real Estate: New York City condominium 151 E. 58th street; Hamptons homes: East Quogue (2), Sag Harbor; Anguilla, West Indies condominium (2).
After his arrest, Dreier attempted to transfer the two properties in the Hamptons worth a total of US$12.5 million to his son, Spencer. Spencer asked the caretaker of the properties to file papers claiming the father in October signed over interest in the properties as a reward, because the son agreed to spend the summer with him. The caretaker declined to do so.
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