- Engaged by Counsel on behalf of the directors and officers of a steel manufacturer involved in one of the largest Chapter 11 bankruptcies in US history. Analyzed pre and post-filing financial results, cash flows, plans of reorganization and asset protection plans filed by the debtor. Rebutted claims for damages including lost cash flows and business value due to alleged breaches of fiduciary duties by the directors and officers brought by the committee of administrative claimants after the debtor was found to be administratively insolvent.
- Engaged by debtor’s counsel in regards to the bankruptcy filing of a retailer of precious coins and metals. Key issues included: (1) determination of claims for extended delivery contracts including pricing precious metals under contracts, (2) analyzing trading operations for futures hedging contracts, and (3) preparation of schedules and review of statements of affairs. Work also included pre-filing assessment of long-term viability, development of potential plans for recovery, assessing adequacy of financial reporting systems and preplanning strategy in connection with decision to file.
- Prepared a damage claim and rebutted expert opinions related to a bankrupt Voice-over-Internet Company. Our analysis included a review of company books and records to dispute a “deepening insolvency” claim brought by the liquidating trust of the bankrupt organization.
- Chief assistant to court-appointed trustee in managing affairs of debtor companies. Key issues included value of open trades, commodities and contracts and treatment of reclamation claims and executory trading contracts. Assisted extensively in restructuring company, testimony in court proceedings for debtor, coordinating affairs with official committees, preference searches, fraudulent conveyance review, and development of Disclosure Statement and Plan of Reorganization. Worked extensively with SEC in plan to convert debt to publicly traded stock. Company plan was successful.
- Investigation of numerous lending transactions in connection with activities of mortgage company officers. Work included coordinating our investigation with a criminal investigation by the State Attorney General’s office. By review of loan documents, appraisal files and other documents provided by receiver, developed narrative summaries of over 40 complex transactions involving numerous projections, front buyers, improper payments and other suspicious acts.
- Assisted creditor’s counsel in determining impact of an 1111(b) election in a single-asset bankruptcy. Key issues included determining feasibility of the plan of reorganization, an appropriate discount rate to apply to the cash flows and whether or not the plan would be confirmable if an 1111(b) were made. The scope of the engagement included expert testimony in bankruptcy court.