LECG provides updates on its dismantling

The accounting and consulting firm LECG Corporation has recently issued a statement on the current state of the disintegrating company.

The firm announced that it has completed the transition of its European forensics, economics, and tax practices as well as $6 million in liabilities to FTI Consulting, Inc., and that this transaction was worth $25 million. This transaction affected 100 former LECG employees, the company said.

Within the course of days, other LECG practices will also be sold, including a UK-based business consulting practice, an Oregon-based retail securities practice, a legal technology practice and insurance tax and actuarial practices.

LECG has also announced that these transitions, which were made to repay a $30 million debt inherited from an earlier merger, have left just 70 company employees, and they are expected to leave within 30 days, according to the Philadelphia Business Journal. Just three months ago, LECG employed approximately 1,200 people, the news source said.

LECG continues to maintain that the sale of its practice groups is not expected to yield any proceeds for common stockholders after the company's remaining liabilities are satisfied.