Investor lender Advisory in Court
Bankruptcy & Restructuring Categories
Bankruptcy Advisory
Out-of-court restructuring assignments
There are situations where investors and lenders seek financial advisory assistance as part of their and their counsel’s strategy in a bankruptcy case. Mr. Tittle’s first bankruptcy case in 1986 involved his retention by a secured lender to determine if its borrower, at that point the Debtor, had diverted loan proceeds to non-Debtor entities. He performed forensic accounting and was able to prove that the loan proceeds had in fact been diverted as suspected by the lender. The matter settled prior to his testimony. Since 1986, he has been retained on numerous occasions by investors or lenders to assist with issues in dispute such as valuation, both on a going concern and liquidation basis, accounting issues, recharacterization matters, and contested confirmation proceedings involving both feasibility and interest rate testimony.
Bankruptcy & Restructuring Representative Projects
Ascendant Solutions, Inc., – Financial Advisor to Ascendant Solutions as Plan proponent in the Park Pharmacy bankruptcy case in potential cramdown matter where secured lender objected to confirmation of Plan. Work included due diligence on the Disclosure Statement and the Plan of Reorganization, including the projections, research into interest rate and terms on senior secured debt and rendering of deposition testimony relative to the interest rate in the Plan of Reorganization. Matter settled prior to contested Confirmation Hearing (See also Expert Witness and Dispute Consulting).
Unnamed Secured Creditor (Name Confidential) – Expert witness relative to feasibility and other confirmation issues in connection with the bankruptcy cases of certain fast food restaurant franchisees. Mr. Tittle rendered deposition testimony. The matter settled prior to Mr. Tittle’s testimony at contested Confirmation Hearing.
DB Zwirn/Bernard Loan Investors – Expert witness relative to lease recharacterization issue in the Ecco Drilling Chapter 11 Case. Mr. Tittle prepared a report and rendered trial testimony, indicating that the transactions in question were true leases. Judge issued opinion that the transactions were financing arrangements due to nature of bargain-purchase option (See also Expert Witness and Dispute Consulting).
Verizon Capital Corp., JPMorgan Chase (as successor to Bank One, N.A.), and Union Bank of California – Expert witness in connection with certain creditors’ rights matters regarding Mirant Mid-Atlantic, LLC and its wholly-owned subsidiaries in the Mirant bankruptcy cases. The work included a solvency report on Mirant. Mr. Tittle rendered deposition testimony twice involving valuation and accounting issues relative to lease recharacterization matters (see also Business Valuation and Solvency Opinions and Expert Witness and Dispute Consulting).
Wells Fargo and Bank One – Financial Advisors to secured lenders in Tandycrafts, Inc. Chapter 11 cases with negotiation and structuring of the Plan of Reorganization, operating budgets and projections, cash collateral budgets and extensions, DIP financing terms, valuation issues, industry analyses, and due diligence efforts.
