MIAMI – Butler & Hosch, one of the nation's largest mortgage banking law firms, has closed its doors.
The law firm, which was Orlando-based, had an office in Miami as well as offices in Atlanta, Baton Rouge, Baltimore, Charlotte and Oxford, Mississippi.
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Butler & Hosch filed an assignment for the benefit of creditors -- an action similar to Chapter 7 bankruptcy -- to Florida law firm Michael E. Moecker & Associates.
The firm's CEO and senior partner, Bob Hosch, stepped down from his position and released a statement last week, saying, "The control of the BH companies has been voluntarily placed in the hands of an experienced third-party fiduciary, Mr. Michael Moecker.
Hosch said the firm has been working with outside counsel, Roy S. Kobert, to help guide them through the process.
"After exhausting all plausible remedies, including efforts to solicit additional funding from our existing lender and new strategic partners, we were left with no other alternatives than to engage Mr. Moecker," Hosch said.
He added that while Moecker has complete access to the firm's assets, he would not have sufficient cash on-hand to fund payroll.
"Without BH employees and attorneys there is no ongoing operation," Hosch said. "BH cannot continue to function. To be clear, while I continue to hold out hope that our existing lender and/or strategic partners may provide an infusion of cash today, without it, BH will have no choice but to close its doors immediately.
"Thank you again for your past support and loyalty to BH during its nearly 35-year legacy."