Meanwhile, wipe out the skillet with a paper towel. Add the butter and melt over moderate heat. Reduce the heat to low. Add the shallots and cook, stirring, until softened, about 4 minutes. Add the garlic and cook until golden, about 3 minutes. Add the brandy and carefully light with a long match. When the flames die down, add the morels. Slowly pour in the reserved morel soaking liquid, stopping when you reach the grit. Simmer over moderately low heat until reduced to about 1/2 cup, about 5 minutes. Add the cream and simmer until thickened slightly, about 5 minutes. Season the sauce with salt and pepper.