Posted Jun 08, 2011 01:56 pm CDT
The Howrey law firm’s bankruptcy is taking a new turn.
A statement by the firm’s lead bankruptcy counsel, H. Jason Gold of Wiley Rein, says Howrey concluded that Chapter 11 “will give better order to the wind-down process and provide the clearest and quickest path to satisfying all of the firm’s creditors.”
Howrey is seeking to move the bankruptcy from San Francisco to Washington, D.C., where about five lawyers and 45 other staffers are working on the wind down of its office there, the Am Law Daily says.
The publication cites a declaration (PDF) by former Howrey managing partner and CEO Robert Ruyak, who said Howrey continues to represent clients in several ongoing matters that are being managed or handled in D.C. as part of the wind-down. The D.C. employees are trying to collect about $63 million in outstanding accounts receivable, he said. The firm’s biggest liability is $49 million owed to Citibank.