More details after the jump.
Digging into the details of the monthly operating report for August:
- As mentioned above, total assets decreased during the month from $53.75 million to $50.45 million. Current assets decreased from $37.4 million to $35.2 million.
- The former law firm had cash receipts of almost $4.4 million during the month. Receipts outpaced disbursements, resulting in an increase in the amount of cash on hand from $5.6 million to $7.1 million (note: there is a slight discrepancy between the balance sheet and the statement of cash flows included in the monthly operating report. The above numbers are from the statement of cash flows. The balance sheet lists ending cash balances of $6.85 million (unrestricted) and $3.72 million (restricted). No explanation of the discrepancy is provided.)
- Accounts receivable decreased from $27.4 million to $23.8 million (both amounts take into account Howrey's allowance for doubtful accounts). As of the end of August, Howrey listed total accounts receivable of $41.8 million, with $40 million being 91 or more days past due. The firm's allowance for doubtful accounts was $17.98 million.
To download a copy of Howrey's monthly operating report for yourself, please visit: http://www.chapter11cases.com/Howrey-LLPfka-Howrey-Simon-Arnold-White-331--Operating-Report-for-Filing-Period-August-2011-Filed-by-Debtor-Howrey-LLP-Attachments-1-Certificate-of-Service-Fountain-Jenny-Entered-09212011-_p_161612.html
To access copies of all major court filings from Howrey's bankruptcy case, please visit: http://www.chapter11cases.com/Howrey-LLPfka-Howrey-Simon-Arnold-White_c_26229.html
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