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December 21, 2011

Over Trustee's Objections, Former Howrey Bankruptcy Counsel to be Paid in Full

"In a single declarative sentence, U.S. bankruptcy court judge Dennis Montali captured the essence of what was at issue during a nearly two-hour hearing Wednesday over professional fee applications in the Howrey bankruptcy: 'This is not an ATM machine.'

That observation notwithstanding, the Howrey estate spit out fees in abundance as the sometimes contentious hearing came to a close. Wiley Rein collected one of the largest sums, with Montali approving the full $1.03 million the firm requested for its work as debtor's counsel in the Howrey case from June to October.

By way of background: Howrey entered involuntary Chapter 7 bankruptcy in San Francisco in April, less a month after dissolving. The case was converted to a Chapter 11 proceeding in June; at the urging of the estate's largest creditor, Citibank, it got put in the hands of Chapter 11 trustee Allan Diamond of Diamond McCarthy in October."

Read more here.

December 21, 2011 in Current Affairs | Permalink

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