Case Studies

We invite you to read examples of the results we have achieved on behalf of some of our clients.

Manufacturing

Anchor Manufacturing Group – An Ohio based producer of metal stampings and assemblies.

We were engaged by a major regional bank and we helped them achieve a full recovery.

Our work included analyzing the cash flow forecasts and other information as appropriate to obtain an understanding of the Company's near-term outlook with regard to cash needs and evaluating the Company’s current financial position and operating performance. We also analyzed the Company’s strategic plan and its projected financial statements.

AB Dick – An Illinois-based printing equipment company

Calfee Halter & Griswold, the counsel to the Lender, engaged us as financial advisors to the lender. We helped facilitate a sale to a strategic buyer for a full recovery.

Our work included analyzing the cash flow forecasts and other information as appropriate to obtain an understanding of the Company's near-term outlook with regard to cash needs and evaluating the Company’s current sale agreement, focusing specifically on the probability of the transaction closing. We also evaluated and presented the options available to the Lender in the event the sale did not close.

Amcast Industrial Corporation - A Dayton, Ohio maker of fittings for the construction market and aluminum wheels.

We were engaged by the Company and guided them through the bankruptcy process. We helped facilitate a sale to Highland Capital.

Grove Crane - One of the world’s leading producers of mobile hydraulic cranes.

We were hired by Chase, as the Agent, and helped the bank group achieve a full recovery.

Distribution

Communications Dynamics Inc - One of the largest cable TV parts distributors in the United States.

Dan Scouler served as CRO of Communication Dynamics. At the commencement of his appointment, liquidation was a significant risk. The debt was trading in the 25% to 30% range. We found a stalking horse and successfully leveraged the bankruptcy and auction to yield a net return to the creditors in the 80% range.

Valley Media – One of the largest distributors of recorded music in the United States.

Valley Media’s original professionals had estimated a loss to the secured creditors of $25 million on an outstanding balance of $87 million. Wachovia Bank introduced us into the process and we were subsequently hired by the debtor. Our strategy resulted in almost a full recovery to the secured creditors and several million dollars to the unsecured creditors.

WW Holdings – A door manufacturer/door distributor and installer

Dan Scouler served as Interim CEO. The company was owned by a Hedge Fund. The result we achieved was an Article 9 sale back to the lender and 100% recovery to the owner.

Retail

Ernst Home Centers – A home improvement warehouse chain based in Seattle, Washington.

Dan Scouler was the defacto CRO. The outcome was that the company filed for bankrtupcy, was completely liquidated, and the lenders and sub debt were paid in full.

A home improvement warehouse chain based in Seattle and filed for bankruptcy in 1996.

Wherehouse Entertainment - A major specialty music retailer.

Dan Scouler served as CRO. To avoid being forced into a liquidation, we developed an innovative, no stalking horse, bankruptcy auction. As a result, Wherehouse sold the core remaining stores as a going concern, achieved a full recovery to the secured creditors, and provided the other creditors with a significant return. Wachovia Bank was the Agent.

Financial Services/Real Estate

Mortgage Lenders Network - At the time of its bankruptcy filing in February 2007, one of the 15th largest mortgage originators in the US.

Dan is currently serving as CRO. Thus far we have liquidated $465 million in assets.

MILA - Mortgage loan originator based in Seattle, Washington.

We are currently the financial advisors for the Unsecured Creditor’s Committee. Our duties include evaluating the existence and value of unencumbered assets, performing an analysis of the potential recoveries to the unsecured creditors; reviewing and evaluating the intellectual property rights.

Energy

NUI Corporation - A natural gas utility/telecommunications based in New Jersey.

Dan served as Interim CFO. Fleet Bank was the lender and was subsequently refinanced by Credit Suisse, who sold to a competitor for a full recovery.