Bankruptcy, Restructuring and Due Diligence
Case Example 1: Interstate Trucking Company
Services Rendered: Chapter 7 Trustee/Accountant to the Trustee
Overview: We recovered over $20 million for the creditors of a nationwide trucking company. As the Chapter 7 trustee, we sold assets and identified approximately $15 million in recoverable transfers. We also verified about 12,000 claims against the estate, and settled numerous lawsuits without protracted litigation.
Case Example 2: Roller Coaster Design and Manufacturing Company
Services Rendered: Accountant to Debtor in Possession
Overview: A roller coaster manufacturing company was spiraling out of control toward Chapter 11 bankruptcy. We identified approximately $1 million in disputed claims and provided expert witness testimony in court leading to the disallowance of these claims. We helped the debtor’s management set up a new accounting system, prepared projected financial statements, and assisted in other aspects of the reorganization plan. The company was successfully reorganized.
Case Example 3: Recreational Vehicle Membership Resort System
Services Rendered: Accountant to Chapter 11 Trustee
Overview: We discovered nearly $1 million in undeposited checks in the vacated offices of a recreational vehicle membership resort system. This company was once again placed in bankruptcy, just a few years after its first bankruptcy reorganization. We assisted the trustee in identifying estate assets, setting up an accounting system, investigating allegations of management fraud, analyzing creditor claims, and supervising operations of the company’s 18 recreational vehicle membership resorts located across the country. We worked with the trustee, the Official Committee of Unsecured Creditors Holding Membership Claims, and legal counsel on a reorganization plan. We compiled scenarios of projected operations and testified concerning the analyses and the feasibility of the plan. The company was successfully reorganized.
Case Example 4: Casino Card RoomsIndustry: Gaming
Services Rendered: Accountant to Canadian Bankruptcy Receiver
Overview: We assisted the court-appointed receiver in the takeover and continued operation of nine casino card rooms in the United States that were owned by a Canadian company. We observed daily operations of each card room and inspected casino disbursements. In addition, we monitored cash levels, security, food and beverage activity, and other aspects of the operations. We reported our observations to the receiver. We also met with potential buyers and provided information needed for their due diligence analysis.
Case Example 5: Real Estate Development and Construction Company
Industry: Real Estate
Services Rendered: Accountant to Unsecured Creditors Committee
Overview:The housing industry downturn beginning in 2007 resulted in bankruptcy for a real estate development and residential construction company (consisting of over 180 related entities). We analyzed transactions, disbursements, tax returns, and other documentation and identified millions of dollars of recoverable preferential payments and fraudulent conveyances and reported our findings to the unsecured creditors’ committee.
Case Example 6: Governmental Service Provider - Multi-State & Multi-Union
Industry: Government Service Provider
Services Rendered: Financial Advisor and Accountant to the Court Appointed Chapter 11 Trustee
Overview: Worked closely with the Trustee, the former debtor-in-possession, labor union representatives, and government agencies to develop a successful turnaround plan that allowed the owners to reassume management control of their company and its 500 employees, and to assume all of the company’s government contracts.