SAN FRANCISCO — The parties in the Howrey bankruptcy case have taken a giant step forward in recent weeks, agreeing to work together on a plan for the quick and orderly dissolution of the firm.
Howrey attorney H. Jason Gold, a Washington, D.C., partner with Wiley Rein, outlined a preliminary agreement between Howrey’s estate and the unsecured creditors’ committee at a hearing before Judge Dennis Montali in San Francisco this morning. Speaking by phone from Washington, Gold said the parties are preparing to sign a memo of understanding in the next two months to “provide clarity and minimize costs.” That will allow Howrey enough time to collect on several valuable contingency cases, which Gold estimated would be enough to pay back Citibank in full plus provide for payouts to unsecured creditors.
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