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Bankruptcy and Restructuring

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Overview

Bates White consultants have long-established reputations as thought leaders in bankruptcy and restructuring. Our expertise reflects our role as financial advisors and testifying and consulting experts on many of the largest and most complex corporate restructurings in recent history. We combine decades of experience and expertise in financial, economic, and data/statistical analyses; fraud investigations; and industry custom and practice to advise debtors, creditors, courts, trustees, and governments in connection with major bankruptcies, restructurings, dissolutions, and related litigation matters. Our team includes credentialed valuation experts, fraud examiners, economists, and finance professionals.

Bates White experts have provided analysis and opinions that parties and courts have relied on in connection with the resolution of adversary proceedings, plan confirmation, and dissolution proceedings. Our bankruptcy and restructuring practice is further strengthened by our subject matter expertise in private equity and hedge funds, M&A litigation, tax controversy, intellectual property valuation, energy, and environmental and product liability.

Areas of focus include:

  • Corporate, municipal, and investment fund bankruptcies and insolvencies
  • Contested business and securities valuation
  • Financial statement, credit, and solvency analysis
  • Contingent claims estimation and reserves determination
  • Damages and lost profits
  • Reasonableness of settlements and plan confirmation issues
  • Fraud investigations and Ponzi-like schemes
  • Industry custom and practice in bankruptcy and restructuring
  • Distressed M&A/distressed debt investing
  • Credit investing and structured credit/securitizations

SELECTED WORK

Business valuation, claims estimation, and bankruptcy plan review

  • In re The Financial Oversight and Management Board for Puerto RicoRetained by the Financial Oversight and Management Board for Puerto Rico to provide expert testimony in connection with the confirmation of the proposed Title III Joint Plan of Adjustment in the context of the Certified Fiscal Plan for the Commonwealth and the reasonableness of the settlements entered into in connection with the Plan of Adjustment.
  • In re Chesapeake Energy Corporation, et al.Served as financial advisor to the second lien noteholders of Chesapeake Energy to analyze the terms of the proposed plan of reorganization and related rights offering.
  • In re Sears Holding Corporation, et al.—Retained to provide expert written, deposition, and trial testimony relating to claims for diminution in value of collateral and alleged 506(c) surcharges relating to positions held by certain second lien debt holders of the Sears Bankruptcy.
  • In re Altaba, Inc.Retained to provide expert written, deposition, and trial testimony regarding the amount of funds that should be held back as security for claims not yet known to Altaba (successor to Yahoo!) or that might arise subsequent to Altaba’s dissolution.
  • In re The Dolan Company—Engaged as financial advisor and testifying valuation expert for the Official Committee of Equity Security Holders in the Dolan bankruptcy.
  • In re Lehman Brothers Holdings, et al.—Submitted expert reports and testified in federal court. Calculated the value of claims submitted by trustees of mortgage-backed securitizations stemming from underlying mortgages that breached various representations and warranties.
  • In re Plant Insulation Company—Submitted expert reports and testified in federal court on the value of various proposed transactions on behalf of a group of insurers. Analyzed the economic substance of the transactions and valued financial securities that would be created as part of the reorganization including equity, options, and fixed-income securities. 

Industry custom and practice for bankruptcies/restructurings

  • In re Neiman Marcus Group LTD, LLC, et al.—Retained as an expert in an adversary proceeding arising out of the Neiman Marcus bankruptcy in connection with alleged damages incurred by the bankrupt estate and unsecured creditors resulting from certain conduct of a member of the official unsecured Creditors’ Committee who was pursuing an investment opportunity.
  • In re GSC Group, Inc., et al.—Retained as an expert in connection with litigation in the GSC bankruptcy over assumed management contracts for CLOs, private equity, and ABS CDOs, affiliate transfers, and investments made in hedge funds and CLOs.

Investigations and fraud

  • In re Douglas A. Kelley, in his capacity as the court-appointed Chapter 11 Trustee of Debtors Petters Company, Inc. and PL Ltd., Inc. v. Westford Special Situations Master Fund, L.P. et al.Retained as an expert in litigation relating to claw-back claims stemming from the Petters Ponzi scheme. Issues included fraud, Ponzi schemes, solvency, asset tracing, and hedge fund industry custom and practice.
  • In re Fletcher International Ltd.Served as Special Consultant to the bankruptcy trustee, assisting in his overall investigation of the business of Fletcher Asset Management, a registered investment adviser, and Richcourt, a fund of funds.

Team

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