2030-000 143535.7 /426748.1
On April 11, 2011, certain creditors of Howrey filed a chapter 7 involuntarypetition in the United States Bankruptcy Court for the Northern District of California entitled
In reHowrey LLP
, Case No. 11-31376 (the “Bankruptcy Case”).B.
On June 6, 2011, the United States Bankruptcy Court for the Northern District of California (the “Bankruptcy Court”) entered an order converting the Bankruptcy Case to a caseunder chapter 11 of the Bankruptcy Code.C.
On October 12, 2011, the Trustee was appointed. In the ensuing months, the Trustee has investigated “Claims” (as that term is defined by 11 U.S.C. § 101(5)) against variouspersons and entities, including the Partners.D.
The Partners believe that any Claims the Trustee could allege against them lackmerit and/or are subject to complete defenses.E.
The Parties wish to avoid the cost and inconvenience of litigation in order toattempt to resolve amicably the Claims the Trustee may hold against the Partners and, to that end,are currently engaged in settlement discussions.F.
The Trustee believes that he may have to initiate Claims against various thirdparties including, without limitation, the Partners, on or before June 6, 2013 (the “FilingDeadline”).G.
To afford the Parties the opportunity, and additional time if necessary, to resolvetheir disputes, the Parties have agreed that any applicable statutes of limitations, statutes of repose,laches periods, or other time-based defenses (including, without limitation, the limitations periodsset forth in 11 U.S.C. §§ 108, 546, 549, and 550, as well as any limitations periods under state lawthat may apply to any Claims) (collectively, the “Limitations Periods”) and defenses to the Claims(including permissive and compulsory counterclaims) that have not expired as of the date an orderapproving this Stipulation is entered by the Bankruptcy Court should be tolled as set forth below. The time during which the Limitations Periods are tolled hereunder is referred to herein as the“Tolling Period.”
Case: 11-31376 Doc# 1068 Filed: 03/20/13 Entered: 03/20/13 08:14:01 Page 2 of62