Committees
Bankruptcy Counsel, Financial Advisors, Reorganization Consultants, Chapter 11
Serving as an advisor to a Committee in a Chapter 11 case poses interesting challenges. Committees are generally some of the last constituent groups to be formed in a Chapter 11 case and the Committee professionals sometimes have a limited fee budget with which to work. Upon entry into the case, decisions must be made quickly and there is usually a great deal of data and documents to be reviewed (if the data and documents are produced). The members of the Committee are generally information-deprived, particularly compared to other constituents in the case, and one of the first tasks of the advisors is to synthesize the appropriate data and documents and provide accurate and useful information to the Committee as quickly as possible. In order for the Committee to make good decisions, as in all Chapter 11 cases, it is important to have competent bankruptcy counsel to guide the Committee and plot a strategy to maximize the recovery of the constituent group represented by the Committee. Mr. Tittle has many years of experience in serving as financial advisor to Committees and has worked very closely with and at the direction of bankruptcy counsel to assist in maximizing the recovery to the Committee constituency. Working at the direction of counsel, he has led the effort of data and document synthesis as well as the dissemination of accurate and useful information. His efforts, particularly as an expert witness, have contributed to higher recoveries in certain cases. With the formation of TAG, Mr. Tittle has attempted to address the limited fee budget issue as his rates are significantly lower than when he served with international accounting/consulting firms with the national boutiques.
Representative Projects
Unsecured Creditors’ Committee of Daisytek Inc., et al. – Accountants, Reorganization Consultants and Financial Advisors. Consulted on Australian and UK aspects of the bankruptcy of certain international affiliates. From a domestic standpoint, Mr. Tittle performed services with respect to: the debtors’ many proposed Key Employee Retention Plans; cash collateral analyses; creation, development and completion of a detailed, integrated financial model by entity to prepare reorganization and recovery analyses and scenarios; liquidation analyses; attempts to secure DIP and exit financing; evaluation of the auction process and bids received; international issues; financing issues; adequate protection issues; and general bankruptcy matters involving the unsecured creditors. Mr. Tittle rendered testimony on several occasions on hearings regarding cash collateral and financing issues. He also rendered deposition and testimony at a hearing regarding the diminution of the bank’s collateral position, including a liquidation analysis of the Debtors.
Official Committee of Unsecured Creditors of Falcon Products, Inc. – Financial Advisors. He performed due diligence on and assessment of the Debtors’ various business plans, as well as preparation of valuation analyses at various points in time, DIP Budget analyses, and assistance in negotiations of terms for treatment of the Unsecured Creditors’ claims in the Debtors’ Plan of Reorganization. Mr. Tittle testified in Bankruptcy Court regarding one of its valuation analyses.
Official Committee of Unsecured Creditors of Hale-Halsell Company – Financial Advisors. Work included general due diligence; review and critique of the sale processes involving certain assets of the estate, including the Git n’ Go convenience store chain; valuation regarding certain assets of the estate, particularly United Supermarkets of Oklahoma; financial advice and analysis regarding certain other aspects of the bankruptcy proceedings of Hale-Halsell, and participation in Committee meetings.
Official Committee of Unsecured Creditors of The New Power Company, Inc. – Accountants, Reorganization Consultants and Financial Advisors. He performed services with respect to Key Employee Retention Plans; assessment of the Debtor’s business and financial position; cash collateral analyses; analysis and advice regarding the transition and sale of certain of the Debtor’s customers; assistance in the sale and auction process; evaluation of certain transactions New Power entered into with related parties; and advice to the Committee on ways to increase its constituents’ financial recovery.
